Allowed

Bank of Maharashtra v. M/s Jai Shriram Petroleum

DRT20 Aug 2025OA/165/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application filed by Bank of Maharashtra for recovery of Rs. 23,07,967/- along with future interest at 15% per annum from a respondent firm and its three guarantors, securing the amount via mortgage over three properties.

What did the court decide?

Defendants to pay Rs. 23,07,967/- plus future interest at 15% p.a.; secured by sale of specific mortgaged immovable properties; Recovery Certificate to be issued.

Bank of Maharashtra versus M/s Jai Shriram Petroleum — Contract and Commercial Disputes | DRT (2025)

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Presented on: 26.04.2023 Registered on: 08.03.2024 Decided on: 20.08.2025 Duration: Y M D 02 03 24

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 165/2024

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TOTAL CLAIM AMOUNT – Rs. 23,07,967/-

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Bank of Maharashtra,

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A Body Corporate constituted under the Banking companies (Acquisition and Transfer of Undertakings) Act V of 1970, Having its Head Office at “Lokmangal”, 1501, Shivaji Nagar, Pune-411 005 and branches amongst the other places at Kannad, Tq. Kannad, Dist. Aurangabad through its Authorized Person, Mr. Sachin s/o Balasaheb Kapse, Age: 34 yrs, Occu.: Service, R/o. Kannad, Tq, Kannad, Dist. Aurangabad-431003.

… Applicant

(OA No.165/2024)

Page 1 of 12

[AMBADAS]

Versus

M/s. Jai Shriram Petroleum Through its Proprietor Mrs. Sunanda Sureshbahi Solanke Age: Major, Occ.: Business R/o.: At Andhare Phata, Kannad, Tq. Kannad, Dist Aurangabad 431003

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Mrs. Sunanda Sureshbahi Solanke Age: Major, Occ.: Business R/o.: Gut No. 110 (P), Beside Jai Shriram Petroleum, Village Andhaner, Tq. Kannad Dist. Aurangabad 431003 AND/OR Mrs. Sunanda Sureshbahi Solanke Age: Major, Occ.: Business R/o.: C/O Sudhakar V. Kshirsagar, Row House No. 7, Snehwatika, CIDCO Mahanagar Waluj, Aurangabad 431136

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Mr. Sindhuben Sureshbhai Solanke Age: Major, Occu.: Business, R/o.: 108, Nobalnagar Tenamnet, Near Prathna Vidhyalay, Kubernagar (Naroda), Ahmedabad, Gujarat-382340 AND/OR

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Mr. Sindhuben Sureshbhai Solanke Age: Major, Occu.: Business, R/o.: Plot No. 38(A), Gut No. 101/3A+ 101/3B, Behind Hotel Residency on Agra Highway, Avdhan, Tq. Dhule, Dist. Dhule-424001

(OA No.165/2024)

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[AMBADAS]

Mr. Sureshbhai Babulal Solanke Age: Major, Occu.: Business, R/o.: K-2-108, Nobalnagar Tenamnet, Near Prathna Vidhyalay, Kubernagar (Naroda), Ahmedabad, Gujarat-382340 AND/OR Mr. Sureshbhai Babulal Solanke Age: Major, Occu.: Business, R/o.: Plot No. 34 and 37, Gut No. 101/A+ 101/B, Behind Hotel Residency on Agra Highway, Avdhan, Tq. Dhule, Dist. Dhule-424001

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Mr. Sanjay Bhaskar Rane Age: Major, Occu.: Business, R/o.: Plot No. 34, Samarthnagar-Sakri Road, Dhule, Dist. Dhule-424001 AND/OR Mr. Sanjay Bhaskar Rane Age: Major, Occu.: Business, R/o.: Tahsildar Office, Circle Offices, Tahsildar Karyalay, Dhule-424001

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Mr. Satish Sitaram Bhadane Age: Major, Occu.: Business, R/o.: Plot No. 38, Samarthnagar-Sakri Road, Dhule, Dist. Dhule-424001 AND/OR Mr. Satish Sitaram Bhadane Age: Major, Occu.: Business, R/o.: Talathi Office, Sillod, Tq. Sillod, Dist. Aurangabad

…Defendants

(OA No.165/2024)

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[AMBADAS]

APPEARANCES

For the Applicant For Defendants

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Mr. K. D. Pande -Advocate Ex-parte

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JUDGMENT

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Delivered on 20.08.2025

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The Applicant Bank has filed the present application for the

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recovery of a sum of Rs. 23,07,967/- (Rupees Twenty Three lacs Seven Thousand Nine Hundred and Sixty Seven only), along with further interest from the date of filing of the Original Application, i.e., 26.04.2023, until the date of realization of the entire outstanding dues from the Defendants.

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Brief facts of the application are as under:

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The applicant bank states that, defendant No. 2 being proprietor of Defendant No. 1 approached the applicant bank seeking financial assistance in the form of Cash Credit Facility. Upon scrutiny of the submitted documents, the applicant bank sanctioned a Cash Credit Facility of Rs. 22,00,000/- vide sanction letter dated 13.10.2011. The agreed rate of interest was

(OA No.165/2024)

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[AMBADAS]

@16.75% p.a. with monthly rests. The defendants also agreed to pay an additional interest of 2% by way of liquidated damages in

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case of default in repayment.

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In order to secure the aforesaid loan facilities, the Defendants executed various loan documents in favour of the Applicant Bank. These included sanction letter, deed of hypothecation, demand promissory note of Rs. 22,00,000/-, letter of proprietorship, registered mortgage deed bearing Daybook No. 2313 dated 13.10.2011 etc. Additionally, Defendant No. 3 to 6 stood as guarantors for Defendant No. 1 & 2 and executed a Deed of Guarantee on 13.10.2011 in favour of the Applicant Bank.

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The Applicant Bank further contends that, in order to secure the loan facilities sanctioned to them, the Defendants created first charge over their immovable properties by executing simple mortgage deed bearing daybook no. 2313 dated 13.10.2011 in favour of the applicant bank. The mortgage was created in

(OA No.165/2024)

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[AMBADAS]

respect of the following properties –

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1) Property belonging to Mr. Sureshbhai Salunke:

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i) All that piece and parcel of land bearing Plot No. 34, out of Gut No. 101/A+101/B admeasuring 166.10 sq.mtrs together with the house/ building now standing thereon or to be built/constructed here after, within the limits of village Awdhan Tq & Dist. Dhule which is bounded as under:

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East: Road West: Plot No. 31 North: Plot No. 33 South: Plot No. 35

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ii) All that piece and parcel of land bearing Plot No. 37, out of Gut No. 101/A+101/B admeasuring 166.10 sq.mtrs together with the house/ building now standing thereon or to be built/constructed here after, within the limits of village Awdhan Tq & Dist. Dhule which is bounded as under:

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East: Road West: Plot No. 28 A and 28 B North: Road South: Gut No. 101/3A+3B

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2) Property belonging to Mrs. Sindhuben Sureshbhai Salunke:

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i) All that piece and parcel of land bearing Plot No. 38/A, out of Gut No. 101/A+101/B admeasuring 112 sq.mtrs together with the house/ building now standing thereon or to be built/constructed here after, within the limits of village Awdhan Tq & Dist. Dhule which is bounded as under:

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East: Plot No. 40 West: Road

(OA No.165/2024)

Page 6 of 12

[AMBADAS]

North: Plot No. 38/A South: Gut No. 101/3A+3B

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3) Property belonging to Mrs. Sunanda Sureshbhai Salunke:

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i) All that piece and parcel of land 50 X 200 ft. vacant commercial plot out of Gut No. 110 (Part) admeasuring 37R within the limits of village Andhaner, Tq. Kannad, Dist. Aurangabad which is bounded as under:

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East: Land Gut No. 110 West: National Highway No. 211 North: Land Gut No. 110 South: Land of Gut No. 110

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The applicant bank further states that in order to secure the loan, the defendant also executed deed of Hypothecation, thereby hypothecating machineries, goods, stocks of raw materials, items, inventories, stock in process, semi-finished and finished goods, stores and spares, stock in trade, goods in process, movables in transit, and present and future tangible and intangible assets, vehicles, goodwill, trademark, copyright, patent and etc.

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The applicant bank contended that the defendants have failed to

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keep their promise and commitments agreed by them with

(OA No.165/2024)

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[AMBADAS]

regard to due repayment of the loan amount. The defendants failed to operate the loan account properly and failed to pay the agreed rate of interest as per terms and conditions of the sanction letter. Thereafter, the applicant bank repeatedly made demand of loan amount and called upon the defendants to pay with the agreed rate of interest thereon, but the defendants failed and neglected to pay the same. The loan account of the defendants became irregular and classified as NPA on 21.06.2021. Therefore, on 05.12.2022 the applicant bank issued legal notice to the defendants through their advocate. Despite service of Notices, the defendants failed and neglected to repay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendants failed to appear in matter though they were served through paper publication. Hence, the defendants were proceeded ex-parte as per Order dated 02.04.2025

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Sachin s/o Balasaheb Kapse, Senior Manager of

(OA No.165/2024)

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[AMBADAS]

the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1 to A-18 along with list of documents Exh.5 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 defendants failed to appear and contest the application, I find no reason to disbelieve the unrebutted evidence of the applicant Bank. Therefore, the applicant Bank is entitled for the reliefs as claimed.

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The applicant Bank has claimed charge over immovable properties of the borrowers which are mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @16.75% p.a. on the Cash Credit Facility from the date of filing i.e. 26.04.2023 of this application till realization of the claim amount. However, considering the facts of the case, I am of the opinion that if future

(OA No.165/2024)

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[AMBADAS]

interest is granted @15% per annum (simple), it would be just and reasonable rate of interest.

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ORDER

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(A) Original Application No. 165/2024 is allowed with costs.

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(B) The defendants jointly and severally shall pay to the applicant Bank a sum of Rs. 23,07,967/- (Rupees Twenty Three lacs Seven Thousand Nine Hundred and Sixty Seven only), along with future interest @15% per annum (simple) from the date of filing of the Original Application i.e. 26.04.2023 till full payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by the mortgage of the following immovable properties Vide simple mortgage deed bearing daybook no. 2313 dated 13.10.2011 at Exh. A-9 in list of documents Exh. 5.

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1) Property belonging to Mr. Sureshbhai Salunke:

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i) All that piece and parcel of land bearing Plot No. 34, out of Gut No. 101/A+101/B admeasuring 166.10

(OA No.165/2024)

Page 10 of 12

[AMBADAS]

sq.mtrs together with the house/ building now standing thereon or to be built/constructed here after, within the limits of village Awdhan Tq & Dist. Dhule which is bounded as under:

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East: Road West: Plot No. 31 North: Plot No. 33 South: Plot No. 35

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East: Road West: Plot No. 28 A and 28 B North: Road South: Gut No. 101/3A+3B

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2) Property belonging to Mrs. Sindhuben Sureshbhai Salunke:

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i) All that piece and parcel of land bearing Plot No. 38/A, out of Gut No. 101/A+101/B admeasuring 112 sq.mtrs together with the house/ building now standing thereon or to be built/constructed here after, within the limits of village Awdhan Tq & Dist. Dhule which is bounded as under:

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East: Plot No. 40 West: Road North: Plot No. 38/A South: Gut No. 101/3A+3B

(OA No.165/2024)

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[AMBADAS]

3) Property belonging to Mrs. Sunanda Sureshbhai Salunke:

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East: Land Gut No. 110 West: National Highway No. 211 North: Land Gut No. 110 South: Land of Gut No. 110

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(D) The applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated articles/goods, to recover its dues.

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(E) Issue Recovery Certificate accordingly.

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(F) The Registrar is directed to send the copy of the Judgment and Recovery Certificate to the applicant and defendants.

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(G)

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(G) File be consigned to the record room.

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Sd/-

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Pronounced in open court. Place: Aurangabad Date:. 20.08.2025

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(Dr. J. R. Chauhan) Presiding Officer Debts Recovery Tribunal, Aurangabad

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(OA No.165/2024)

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Page 12 of 12

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[AMBADAS]

Bank of Maharashtra v. M/s Jai Shriram Petroleum

Case brief

What is this about?

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Bank of Maharashtra v. M/s Jai Shriram Petroleum

Case brief

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