Allowed

Bank of Baroda v. Vedant Builders and Developers

DRT4 Dec 2025OA/1492/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the Bank of Baroda’s application for recovery of dues. The Court granted a reduced rate of future simple interest and adjudicated the quantified principal amounts payable by the Defendant secured by mortgage.

What did the court decide?

Recovery of Rs. 6,27,966/- plus 8.5% simple interest p.a.; Rs. 1,13,99,975/- plus 9% simple interest p.a.; release of Recovery Certificate; sale of mortgaged property.

Bank of Baroda versus Vedant Builders and Developers — Banking and Recovery | DRT (2025)

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Presented on .. 27.10.2021 Registered on .. 17.11.2023 Decided on .. 04.12.2025 Duration .. Y—M—D 04--01--07

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1492/2023.

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Bank of Baroda,

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A Bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act 1970 having its Head Office at Baroda House, Mandvi, Baroda - 390 006 and having its branch at – Mhatre Bhawan, Opposite New Trimurti Hospital, Chinchpada Pen, Taluka Pen, District Raigad 402 107.

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… Applicant

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Versus

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Mr. Mahendra Nathuram Kumbhar, Proprietor of M/s. Vedant Builders and Developers,

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Age 40 years, Occ. Service,

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R/at : (a) Kumbhar Ali, Near Devi Mandir, Pen, Taluka Pen, District Raigad 402 107.

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(b) Flat No. 301, 3^rd Floor, Bhumi Complex, Raju Pote Marg, Pen, District Raigad 402 107.

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… Defendant

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Sanap ( OA No.1492/2023 ) 1 of 7

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Appearances :-

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For Applicant For Defendant

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Advocate Yogesh Hirve Ex parte.

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Total Claim Amount – Rs.1,20,27,941/-

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JUDGMENT

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(Delivered on 04^th December, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.1,20,27,941/- together with future interest @8.5% per annum for Loan Account No. 04330600002552 and @ 10.55% per annum for Loan Account No. 04330600000201 from the date of Application till realization of the entire dues from the defendant.

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Brief facts of the application are as under :-

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As per the loan applications of the defendant, the applicant Bank sanctioned the following loan facilities to the defendant.

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	Name of facility	Amount	Date of Sanction
1	Term Loan	Rs.9,75,000/-	20.07.2018
2	Overdraft limit	Rs.1,00,00,000/-	06.03.2019

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In order to secure the aforesaid loan facilities, the defendant has executed necessary loan and security

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Sanap ( OA No.1492/2023 ) 2 of 7

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documents in favour of the applicant Bank. The defendant has also executed registered deed of simple mortgage dated 30.03.2019 in respect of -

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(A) all that piece and parcel of Basement (Bhandarghruh) on Ground floor, admeasuring 3500 square feet carpet in the building known as Bhumi Complex situated on land bearing Final Plot No. 69 (Old S.No. 34A, Hissa No.2) at village Pen, Taluka Pen, District Raigad and

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(B) all that piece and parcel of Flat No. 301, 3^rd Floor, admeasuring 659.08 square feet carpet in the building known as Bhumi Complex situated on land bearing Final Plot No. 69 (Old S.No. 34A, Hissa No.2) at village Pen, Taluka Pen, District Raigad, in favour of the applicant Bank.

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The defendant has also executed Acknowledgment of Debts on 08.07.2021 in favour of the applicant Bank and thereby confirmed the balance outstanding in loan account.

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The applicant Bank contended that the defendant committed defaults in payment of installments and failed to regularize the accounts. Therefore, on 01.09.2020, the applicant Bank has classified the account of the

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Sanap ( OA No.1492/2023 ) 3 of 7

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defendant as Non-Performing Asset in accordance with guidelines of Reserve Bank of India. Thereafter, on 28.07.2021, the applicant Bank issued Recall Notice to the defendant. Despite service of Notice, the defendant failed and neglected to pay the outstanding dues of the applicant Bank.

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Hence, this application is filed.

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The defendant failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendant as per Order dated 06.06.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Subhash Kumar Singh, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1-1 to AW-1-26 along with list (Exhibit 7), which corroborates the case of the applicant Bank.

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I have heard arguments of the learned Advocate for the applicant Bank.

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Since the defendant failed to appear and contest the application, I find no reason to disbelieve evidence of the applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.

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Sanap ( OA No.1492/2023 ) 4 of 7

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The applicant Bank has claimed future interest @8.5% per annum for Loan Account No. 04330600002552 and @ 10.55% annum for Loan Account No. per

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04330600000201. Considering the facts of the case, I am of the opinion that if future interest is granted @8.5% per annum (simple) for Loan Account No. 04330600002552 and @9% per annum (simple) for Loan Account No. 04330600000201, it would be just and reasonable rate of interest.

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Hence, I pass the following order.

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O R D E R

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A} Original Application No. 1492/2023 is allowed with costs.

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B} The defendant shall pay to the applicant Bank the sum of Rs.6,27,966/- (Rupees Six Lakhs Twenty Seven Thousand Nine Hundred Sixty Six only) towards Loan Account No. 04330600002552 along with future interest @8.5% per annum from the date of filing of the Original Application i.e. 27.10.2021 till full payment/realization of the amount mentioned in this operative order.

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C} The defendant shall pay to the applicant Bank the sum of Rs.1,13,99,975/- (Rupees One Crore Thirteen Lakhs

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Sanap ( OA No.1492/2023 ) 5 of 7

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Ninety Nine Thousand Nine Hundred Seventy Five only) towards Loan Account No. 04330600000201 along with future interest @9% per annum from the date of filing of the Original Application i.e. 27.10.2021 till full payment/realization of the amount mentioned in this operative order.

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D} The aforesaid adjudicated amount is secured by the valid and subsisting mortgage in respect of –

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E} The applicant Bank is entitled to sell the mortgaged property to recover its dues.

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Sanap ( OA No.1492/2023 ) 6 of 7

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F} Issue Recovery Certificate. G} The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendant.

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Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 04.12.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No.1492/2023 ) 7 of 7

Bank of Baroda v. Vedant Builders and Developers

Case brief

What is this about?

What did the court decide?

Bank of Baroda v. Vedant Builders and Developers

Case brief

What is this about?

What did the court decide?

What the court decided

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