Allowed

State Bank of India v. Gautam Kisan Arak

DRT4 Sept 2025OA/187/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the applicant bank's application for recovery of a home loan defaulting at 28,73,026/- plus interest. The application proceeded in the absence of borrowers. The court adjudicated the claim with future interest at 12% secured by mortgaged agricultural land.

What did the court decide?

Recovery certificate issued. Defendants to pay Rs. 28,73,026 plus future interest at 12% simple from filing date. Charge secured over mortgaged agricultural land.

State Bank of India versus Gautam Kisan Arak — Specific Performance | DRT (2025)

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Presented on: 15.05.2023 Registered on: 30.11.2023 Decided on: 04.09.2025 Duration: Y M D 02 03 19

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 187/2023

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TOTAL CLAIM AMOUNT – Rs. 28,73,026/-

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STATE BANK OF INDIA,

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State Bank of India State Bank of India body

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corporate constituted under the Banking Companies

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(Acquisition & Transfer of Undertaking) Act, 1955,

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having its Central Office at Madam Kama Road, Mumbai and having one of its Branch at SARB, Aurangabad through its Branch Manager Kavita Vasudeo Khalse, Age: 38 years, Occ.: Service, as a

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Branch Manager, R/o. Aurangabad.

… Applicant

Versus

(OA No.187/2023)

Page 1 of 8

[AMBADAS]

1. Gautam Kisan Arak, Age: Major, Occ.: Agriculture, R/o.: Aditya Nagar, Chalisgaon, Dist. Jalgaon. AND

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Survey No. 307/3/2 plot no. 8, At Chalisgaon dist. Jalgaon.

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2. Nirmala Gautam Arak, Age: Major, Occ.: Agriculture, R/o.: Aditya Nagar, Chalisgaon, Dist. Jalgaon. AND

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Survey No. 307/3/2 plot no. 8, At Chalisgaon dist. Jalgaon.

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…Defendants

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APPEARANCES

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For the Applicant Mr. A.L. Muley Advocate For Defendants Ex-parte

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JUDGMENT Delivered on 04.09.2025

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 28,73,026 /- (Rupees Twenty Eight Lacs, Seventy Three Thousand, Twenty Six only), along with further interest from the date of filing of the Original Application, i.e.,

(OA No.187/2023)

Page 2 of 8

[AMBADAS]

15.05.2023, 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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That, the Defendant 1 & 2 had approached to the Applicant bank and requested to sanction a Home Loan. Upon considering the request and need of the defendants, the Applicant Bank sanctioned a Home loan of Rs. 22,12,000/- lacs vide sanction letter dated 25.06.2018 on certain terms and conditions. The agreed rate of interest was @ 14.92% p.a. with monthly rests. The defendant 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 facility, the Defendant executed various loan documents in favour of the Applicant Bank, including the sanction letter, agreement of housing loan, demand promissory note, letter of undertaking, letter of continuity, registered sale deed vide no. 2138/2018 dated

(OA No.187/2023)

Page 3 of 8

[AMBADAS]

26.06.2018 etc in favour of the Applicant Bank.

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The Applicant Bank further contends that, in order to secure the Housing Loan sanctioned to him, the Defendant No. 1 created first charge over his immovable property by deposit of registered sale deed no. 2138/2018 dated 26.06.2018, in favour

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of the Applicant Bank. The mortgage was created in respect of the following property –

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All that piece & parcel of agriculture land property bearing Survey No. 307/3/2, plot no 8, adm area 121.50 sq.mtr situated at Chalisgaon Dist. Jalgaon in the name of defendant No. 1 i.e. Gautam Kisan Arak which is bounded as under:

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East: - Survey No. 258, West: - 9 mtr road, South: - Plot No. 9, North:- Plot No. 8 part.

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The applicant bank contended that the defendant 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

(OA No.187/2023)

Page 4 of 8

[AMBADAS]

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. Therefore, on 13.04.2023 the applicant bank issued legal Notice to the defendant. 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 court commissioner. Hence, the defendants were proceeded ex-parte as per Order dated 10.04.2024.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Kavita Vasudeo Khalse, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1 to A-11 as per list of documents Exh. 5 which corroborates the case of the applicant Bank.

(OA No.187/2023)

Page 5 of 8

[AMBADAS]

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 property of the borrowers which is mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @ 14.92% per annum with monthly rests on the loan from the date of filing i.e. 15.05.2023 of this application till realization of the claim amount. However, considering the facts of the case, I am of the opinion that if future interest is granted @ 12% 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. 187/2023 is allowed with

(OA No.187/2023)

Page 6 of 8

[AMBADAS]

costs.

(B) The defendant shall pay to the applicant Bank a sum of Rs. 28,73,026 /- (Rupees Twenty Eight Lacs, Seventy Three Thousand, Twenty Six only), along with future interest @ 12% per annum (simple) from the date of filing of the Original Application i.e. 15.05.2023 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 mortgaged of the following immovable property vide registered sale deed no. 2138/2018 dated 26.06.2018, at Exh. A-7 in list of documents Exh. 5.

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East: - Survey No. 258, West: - 9 mtr road, South: - Plot No. 9, North:- Plot No. 8 part.

(OA No.187/2023)

Page 7 of 8

[AMBADAS]

(D) The applicant Bank is entitled to sell the mortgaged immovable property 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) File be consigned to the record room.

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Sd/Pronounced in open court. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:.04.09.2025 Debts Recovery Tribunal, Aurangabad

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(OA No.187/2023)

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Page 8 of 8

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[AMBADAS]

State Bank of India v. Gautam Kisan Arak

Case brief

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State Bank of India v. Gautam Kisan Arak

Case brief

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