Allowed

State Bank of India v. M/s Mayur Constructions,Acting through Its Partner Shri Sandip S/o. Mahadeo Taksande

DRT23 Dec 2025OA/166/2022

Case brief

AI extract

What is this about?

In an ex parte proceeding, the Tribunal ordered the respondents to pay the applicant bank outstanding dues from Cash Credit and FITL loan accounts with simple future interest, declaring charges on mortgaged and hypothecated properties and issuing a recovery certificate.

What did the court decide?

Defendants to pay Rs. 31,85,850.02 and Rs. 2,18,814 with future interest; declaration of charges on properties; issue of Recovery Certificate.

State Bank of India versus M/s Mayur Constructions,Acting… — Banking and Recovery | DRT (2025)

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Page 1 of 5 O.A. No. 166/2022

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PRESENTED ON : 27.04.2022 REGISTERED ON : 12.07.2023

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Exh. No. 15

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BEFORE THE PO, DEBTS RECOVERY TRIBUNAL, NAGPUR

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Delivered by Pankaj Kumar

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O.A. No. 166/2022

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State Bank of India

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: Applicant

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A corporation constituted under the State Bank of India Act, 1955, Stressed Assets Recovery Branch (SARB) 5, Sai Complex, 3^rd Floor, Bharat Nagaar, Amravati Road, Nagpur – 440033,

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Telephone No. 0712 2567345, 0712 2567934, acting through its one of the principal officer i.e. Chief Manager Shri Sanjay S. Rambhad, Aged about 59 years, having authority to file the Original Application which includes the authority to verify & sign the Original Application.

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Versus

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1. M/s Mayur Constructions

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: Defendants

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A partnership concern, acting through its partner Shri Sandip S/o Mahadeo Taksande, Aged about : Major Years, Occupation : Business, Address : Hinganghat Fail, Ward No. 10, Pulgaon, Near Express Highway Road, Pulgaon, Tah. Deoli, Wardha - 442302

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2. Shri Sandip S/o Mahadeo Taksande

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Aged about : 45 Years, Occupation : Business

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Page 2 of 5 O.A. No. 166/2022

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Address : Hinganghat Fail, Ward No. 10, Pulgaon, Near Express Highway Road, Pulgaon, Tah. Deoli, Wardha – 442302

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3. Shri Pandurang S/o Mahadeo Taksande

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Aged about : 43 Years, Occupation : Business Address : Hinganghat Fail, Ward No. 10, Pulgaon, Near Express Highway Road, Pulgaon, Tah. Deoli, Wardha – 442302 Mob : 9890558465

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4. Mrs. Shobha W/o Pandurang Taksande

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Aged about : 42 Years, Occupation : Business Address : Hinganghat Fail, Ward No. 10, Pulgaon, Near Express Highway Road, Pulgaon, Tah. Deoli, Wardha - 442302

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Learned Counsel for Applicant	Adv. Y. Ramani Patro
Defendants Set Exparte On	23.04.2024

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JUDGMENT

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(Delivered on 23^rd Day of December, 2025)

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This is an application filed by the applicant U/s 19 of RDB Act, 1993 against defendants for recovery of aggregate amount of Rs. 35,94,228/- with costs and future interest with monthly rests from the date of filing of O.A. till its realization as under :

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Page 3 of 5 O.A. No. 166/2022

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A. An amount of Rs. 33,75,414.02/- outstanding in Cash Credit Loan Account No. 36109665752 with costs and future interest @9.65% p.a. with monthly rests from the date of filing of O.A. till the date of realization.

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B. An amount of Rs. 2,18,814/- outstanding in FITL Loan Account No. 38809234474 with costs and future interest @7.45% p.a. with monthly rests from the date of filing of O.A. till the date of realization. 2. Though, defendant nos. 1 to 4 were duly served with the suit summons vide Exh. 8, 11 & 12, they failed to cause appearance before this Tribunal to defend their case despite granting several adjournments. Hence, the proceeding against defendant nos. 1 to 4 was set exparte on 23.04.2024.

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The applicant has filed its Claim Affidavit (Exh. 13) alongwith List of Documents (Exh. 14), annexing therewith 8 documents. The original documents therein are marked as Exh. AW-1/1 to AW-1/8. It has been stated in the O.A. as well as in Claim Affidavit that penal interest of Rs. 1,89,564/- has been applied in the Cash Credit Loan Account.

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Heard Learned counsel for the applicant.

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As stated supra, defendants remained exparte. The Evidence Affidavit coupled with the recitals in the documents viz. Exh. AW -1/1 to AW-1/8 marked on behalf of the applicant, clinches the claim of the applicant against defendants. There is no reason to disbelieve the evidence adduced on behalf of applicant. Hence, defendants are liable

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Page 4 of 5 O.A. No. 166/2022

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to pay, jointly and severally, the claim of the applicant with costs and future interest. However, I am not inclined to allow penal interest of Rs. 1,89,564/- applied in Cash Credit Loan Account.

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Hence, it is ordered as under:-

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ORDER

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A] O.A. No. 166/2022 is allowed to the extent as under with costs.

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B] Defendants to pay jointly and severally to the applicant bank an amount of Rs. 31,85,850.02/- (Rupees Thirty One Lakh Eighty Five Thousand Eight Hundred Fifty and Paise Two Only) outstanding in Cash Credit Loan Account No. 36109665752 with simple future interest @9% p.a. from the date of filing of O.A. till its realization.

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C] Defendants to pay jointly and severally to the applicant bank an amount of Rs. 2,18,814/- (Rupees Two Lakh Eighteen Thousand Eight Hundred Fourteen Only) outstanding in FITL Loan Account No. 38809234474 with simple future interest @7.45% p.a. from the date of filing of O.A. till its realization.

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D] It is declared that outstanding dues are secured by mortgaged immovable property of defendant no. 2 as mentioned in Schedule-I annexed to O.A. and as referred in Exh. AW-1/4.

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E] It is also declared that charge of outstanding dues is kept on hypothecated property of defendant no. 1 as described in Schedule-II annexed to O.A. and as referred in Exh. AW-1/2.

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Page 5 of 5 O.A. No. 166/2022

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F] Issue Recovery Certificate accordingly.

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G] The Registrar is directed to send the copy of Judgment and

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Recovery Certificate to the parties to this O.A at once.

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Nagpur (Pankaj Kumar) Presiding Officer Date: 23.12.2025 Debts Recovery Tribunal Nagpur

State Bank of India v. M/s Mayur Constructions,Acting through Its Partner Shri Sandip S/o. Mahadeo Taksande

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/s Mayur Constructions,Acting through Its Partner Shri Sandip S/o. Mahadeo Taksande

Case brief

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What did the court decide?

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