Allowed

Bank of India v. Sandip Asaram Varne

DRT23 Dec 2025OA/168/2025

Case brief

AI extract

What is this about?

In an unopposed Debts Recovery Tribunal application, the Bank of India, supported by unrebutted evidence, sought recovery of dues approx. Rs. 64.47 lakhs. The Court allowed the application, directing payment of principal with future interest at 9% p.a. and confirming the bank's right to sell mortgaged properties.

What did the court decide?

The respondents were directed to pay Rs. 64,47,907.93 plus 9% simple interest from the date of filing; the amounts are secured by specified mortgaged agricultural lands.

Bank of India versus Sandip Asaram Varne — Contract and Commercial Disputes | DRT (2025)

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Presented on: 28.02.2025 Registered on: 12.03.2025 Decided on: 23.12.2025 Duration: Y M D 00 09 25

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 168/2025

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TOTAL CLAIM AMOUNT – Rs. 64,47,907.93/-

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Bank of India

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A Body Corporate constituted under the provisions of Banking Companies (Acquisition and Transfer of Undertakings) Act V of 1970, Having its Head Office at Star House, “C-5”, G-Block, Bandra Kurla Comples, Bandra (East), Mumbai and having branches amongst other places at Lassur Station, Tq. gangapur, Dist. Chh. Sambhajinagar, through its Power of Attorney, Mr. Vitthal Onkar Chavan, Age: 38 yrs., Occ.: Service, R/o. Chh. Sambhajinagar.

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… Applicant

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Versus

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1. Mr. Sandip Asaram Varne, Age: Major, Occ.: Agri., R/o.: At Post Pimpalgaon (Divashi, Tq. Gangapur, Dist. Chh. Sambhajinagar – 423701.

(OA No.168/2025)

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[AMBADAS]

2. Mr. Rajendra Asaram Varne,

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Age: Major, Occ.: Agri., R/o.: At Post Pimpalgaon (Divashi, Tq. Gangapur, Dist. Chh. Sambhajinagar – 423701.

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3. Mr. Balasaheb Asaram Vaarne,

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Age: Major, Occ.: Agri., R/o.: At Post Pimpalgaon (Divashi, Tq. Gangapur, Dist. Chh. Sambhajinagar – 423701.

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4. Mr. Dadasaheb Suklal Baduge,

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Age: Major, Occ.: Agri., R/o.: At Post Pimpalgaon (Divashi, Tq. Gangapur, Dist. Chh. Sambhajinagar – 423701.

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…Defendants

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APPEARANCES

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For the Applicant For Defendants

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Mr. K.D. Pande Advocate Ex-parte

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JUDGMENT Delivered on 23.12.2025

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 64,47,907.93/- (Rupees Sixty Four Lacs, Forty Seven Thousand, Nine Hundred Seven and Ninety Three Paisa only), along with further interest from the date of filing of

(OA No.168/2025)

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[AMBADAS]

the Original Application, i.e., 28.02.2025, 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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That, the Defendant No. 1 to 3 had approached to the Applicant bank and requested to sanction a Term loan facility and Crop Loan facility. Upon considering the request and need of the defendants, the Applicant Bank sanctioned a Term loan of Rs. 13,50,000/- & Crop loan facility of Rs. 5,80,000/- vide sanction letter dated 23.04.2012 on certain terms and conditions. The agreed rate of interest was @ 14.75% p.a. and @ 14.25 p.a. respectively with monthly rests. The defendants also agreed to pay an additional interest by way of liquidated damages @ 2% p.a. in 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, including the sanction letter, demand promissory notes,

(OA No.168/2025)

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[AMBADAS]

registered mortgage deed bearing daybook no. 2154 dated

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02.05.2012. Additionally Defendant No. 4 stood as guarantor for

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Defendant No.1 to 3 and executed a Deed of Guarantee dated

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23.04.2012 in favour of the Applicant Bank.

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The Applicant Bank further contends that, in order to secure the Loan sanctioned to them, the Defendant No. 1 to 3 created first charge over their immovable properties by executing a registered mortgage deed bearing daybook no. 2154 dated 02.05.2012, in favour of the Applicant Bank. The mortgage was created in respect of the following property –

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i) All that piece and parcel of Agricultural land, admeasuring 0 H 62 R out of Gat No. 142, situated at Village Pimpalgaon (Divshi), Tq. Gangapur, Dist. Aurangabad, which is bounded as under: East :- Road,

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West :- Land of Balasaheb Asaram, South:- Land of A. K. Tribhuvan, North: - Shiv.

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ii) All that piece and parcel of Agricultural land, admeasuring 01 H 62 R out of Gat No. 142, situated at Village Pimpalgaon (Divshi), Tq. Gangapur, Dist. Aurangabad, which is bounded as under: East :- Land of Sandip Asaram, West :- Land of Yamunabai Asaram,

(OA No.168/2025)

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[AMBADAS]

South:- Land of A. K. Tribhuvan, North: - Shiv.

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ii) All that piece and parcel of Agricultural land, admeasuring 01 H 64 R out of Gat No. 142, situated at Village Pimpalgaon (Divshi), Tq. Gangapur, Dist. Aurangabad, which is bounded as under: East :- Land of Yamunabai Asaram, West :- Land of Madhukar Laxman, South:- Land of A. K. Tribhuvan, North: - Shiv.

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The applicant bank contended that the defendants have failed to keep their promise and commitments agreed by them with 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 defendant became irregular and classified as NPA on 31.03.2017. Therefore on 08.02.2025 the applicant bank issued legal notice to the defendants through their advocate. Despite service of Notices, the

(OA No.168/2025)

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[AMBADAS]

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. Hence, the defendants were proceeded ex-parte as per Order dated 08.12.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-04 of Mr. Vitthal Onkar Chavan, POA of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1 to A-27 as per list of documents Exh.05 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.

(OA No.168/2025)

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[AMBADAS]

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 @14.75%per annum from the date of filing i.e. 28.02.2025 of this application till realization of the claim amount. However, considering the facts of the case, I am of the opinion that if future interest is granted @ 9% per annum (simple) on outstanding amount, it would be just and reasonable rate of interest.

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ORDER

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(A) Original Application No. 168/2025 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 64,47,907.93/- (Rupees Sixty Four Lacs, Forty Seven Thousand, Nine Hundred Seven and Ninety Three Paisa only), along with future interest

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@ 9% per annum (simple) from the date of filing of the

(OA No.168/2025)

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[AMBADAS]

O.A. i.e. 28.02.2025 till full payment/realization of the amount mentioned in this operative order.

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following immovable properties vide registered mortgage deed bearing daybook no. 2154 dated 02.05.2012 at Exh. A-11 in list of documents Exh. 5.

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iii) All that piece and parcel of Agricultural land, admeasuring 01 H 64 R out of Gat No. 142, situated at Village Pimpalgaon (Divshi), Tq. Gangapur, Dist. Aurangabad, which is bounded as under:

(OA No.168/2025)

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[AMBADAS]

East :- Land of Yamunabai Asaram, West :- Land of Madhukar Laxman, South:- Land of A. K. Tribhuvan, North: - Shiv.

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(D) The applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated articles/goods etc., 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) File be consigned to the record room.

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Sd/-

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Pronounced in open court. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:.23.12.2025 Debts Recovery Tribunal, Aurangabad

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(OA No.168/2025)

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[AMBADAS]

Bank of India v. Sandip Asaram Varne

Case brief

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Bank of India v. Sandip Asaram Varne

Case brief

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