Allowed

Bank of Maharashtra v. Chandrakant Laxman Randive

DRT4 Aug 2025OA/219/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the Bank of Maharashtra's application for recovery of ₹49.20 lakhs. The court affirmed the bank's claim despite the defendant's absence and modified future interest rates to 11% for agricultural term loans and 6% for crop loans, securing the debt via mortgage properties.

What did the court decide?

Recovery of Rs. 49,20,162 plus future interest at 11% p.a. for agricultural term loans and 6% p.a. for crop loans from 15.03.2022; secured by mortgage properties; issuance of Recovery Certificate.

Bank of Maharashtra versus Chandrakant Laxman… — Contract and Commercial Disputes | DRT (2025)

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Presented on: 15.03.2022 Registered on: 18.07.2022 Decided on: 04.08.2025 Duration: Y M D 03 04 19

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INTHEDEBTSRECOVERY TRIBUNAL AT AURANGABAD (BeforeShriDr. J. R. Chauhan PresidingOfficer) ORIGINAL APPLICATION No.219/2022

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TOTAL CLAIM AMOUNT – Rs.49,20,162

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Bank of Maharashtra

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A New Bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings Act, 1970 having its Head Office at Lokmangal, 1501 Shivajinagar, Pune 411 002 and a branch at Kallam, Tq Kallam, Dist. Osmanabad Through its Branch Manager, Mr. Yogesh S/o. Bhushan Kandle Age: 37 years, Occu.: Service, Bank of Maharashtra

… Applicant

(OA No.219/2022)

Page 1 of 11

[AMBADAS]

Versus

Chandrakant Laxman Randive Age Adult, Occu Farmer R/o. Khamaswadi, Tq. Kallam, Dist Osmanabad 413507

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Also at;

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House Property – Milakat No. 184 (adm.1000 SqFts) at Village Khamaswadi, tq Kallam, Dist Osmanabad

…Defendant

APPEARANCES

For the Applicant

For Defendant

Mr. V.R. Patil -Advocate

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Ex-parte

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JUDGMENT

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Delivered on 04.08.2025

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The Applicant Bank has filed the present application for the

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recovery of a sum of Rs. 49,20,162 (Rupees Forty Nine Lacs, Twenty Thousand One Hundred and Sixty Two only), along with further interest from the date of filing of the Original Application, i.e., 15.03.2022, until the date of realization of the entire outstanding dues from the Defendant.

¶24

Brief facts of the application are as under:

(OA No.219/2022)

Page 2 of 11

[AMBADAS]

The Applicant Bank states that the Defendant had initially approached the Bank in January 2014 with a request for the sanction of an Agricultural Term Loan. Subsequently, in February 2016, the Defendant again requested the Applicant Bank to sanction another Agricultural Term Loan. Thereafter, in or about the month of February 2017, the Defendant once again approached the Bank with a request for a Crop Loan.

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Upon consideration of the Defendant’s requests and financial requirements, the Applicant Bank sanctioned an Agricultural Term Loan (ATL) of Rs. 12,00,000/-, a further Agricultural Term Loan of Rs. 17,70,000/-, and an additional Crop Loan Facility of Rs. 4,50,000/-. These facilities were sanctioned vide sanction letters dated 16.01.2014, 21.03.2016, and 22.03.2017, respectively, subject to certain terms and conditions. The agreed rate of interest was 13.25% per annum for the ATL with half yearly rests, 12.70% per annum for ATL with quarterly rests and

(OA No.219/2022)

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[AMBADAS]

7.00% p.a. for Crop loan with annual rests. Furthermore, the Defendant agreed to pay additional interest by way of liquidated damages in the event of any default in repayment.

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In order to secure the aforesaid loan facilities, the Defendant executed various loan documents in favour of the Applicant Bank, including sanction letters, hypothecation agreements, and demand promissory notes.

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The Applicant Bank further contends that, in order to secure the ATL loan facility sanctioned to him, the Defendant signed and executed Registered Mortgage dated 13-01-2014 Vide Document No. 139, in favour of the Applicant Bank. The mortgage was

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created in respect of the following immovable properties –

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Agricultural Land adm. 30 R at Gut No. 744 Village Khamaswadi tq. Kallam, Dist Osmanabad East: Self West: Tukaram North: Vijay South: Vasant Shelke

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Agricultural Land adm. 65 R at Gut No. 750 Village

(OA No.219/2022)

Page 4 of 11

[AMBADAS]

Khamaswadi tq. Kallam, Dist Osmanabad East: Laxman Randive West: Dadaorao Jadhav North: Sadhu Randive South: Rambhau Randive

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Agricultural Land adm. 25 R at Gut No. 745 Village Khamaswadi tq. Kallam, Dist Osmanabad East: Dilip Shelke West: Tukaram Shelke North: Vijay South: Vasant Shelke

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To secure the ATL facility of Rs. 17.70 Lacs sanctioned to him, the defendant further signed and executed Registered Mortgage dated 19.03.2016 vide Document No. 827, in favour of the Applicant Bank The mortgage was created in respect of the following properties –

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Agricultural Land adm. 30 R at Gut No. 744 Village Khamaswadi tq. Kallam, Dist Osmanabad East: Self West: Tukaram North: Vijay South: Vasant Shelke

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Agricultural Land adm. 65 R at Gut No. 750 Village Khamaswadi tq. Kallam, Dist Osmanabad East: Laxman Randive West: Dadaorao Jadhav North: Sadhu Randive South: Rambhau Randive

(OA No.219/2022)

Page 5 of 11

[AMBADAS]

Agricultural Land adm. 25 R at Gut No. 745 Village Khamaswadi tq. Kallam, Dist Osmanabad East: Dilip Shelke West: Tukaram Shelke North: Vijay South: Vasant Shelke

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House Property – Milakat No. 184 (adm. 1000 Sq Fts) at Village Khamaswadi, tq Kallam, Dist Osmanabad East: Road West: Shelke Farm North: Manik Randive South: Narayan Randive

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Further more to secure the Crop loan facility availed by him, the loan was secured by way of declaration/mortgage U/s. 5 (1) of the Maharashtra provision of facilities for agriculture credit Act 1974 on 22-03-2017 as per following immovable property:-

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Agricultural Land adm. 65 R at Gut No. 750 Village Khamaswadi tq. Kallam, Dist Osmanabad East: Laxman Randive West: Dadaorao Jadhav North: Sadhu Randive South: Rambhau Randive

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The applicant bank contended that the defendant has failed to keep his promise and commitments agreed by him with regard to due repayment of the loan amount. The defendant failed to operate the loan account properly and failed to pay the agreed

(OA No.219/2022)

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[AMBADAS]

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 defendant to pay with the agreed rate of interest thereon, but the defendant failed and neglected to pay the same. The loan account of the defendant became irregular and classified as NPA 31.03.2019. Therefore on 10.09.2019 the applicant bank issued legal notice to the defendant through his advocate. Despite service of Notices, the defendant failed and neglected to repay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendant failed to appear in matter though he was given sufficient opportunities to submit written statement. Hence, the right of defendant to file the written statement stands closed as per Order dated 28.08.2023.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Yogesh s/o Bhushan Kandle Branch Manager of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1 to A-17 along with list of

(OA No.219/2022)

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[AMBADAS]

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 defendant failed to file written statement 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 borrower which are mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @13.25 p.a., @ 12.70% p.a. & @7.00% per annum on the loans from the date of filing i.e. 15.03.2022 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 @11% per annum on ATL loans and 6 % per annum (simple) on Crop Loan

(OA No.219/2022)

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[AMBADAS]

(simple), it would be just and reasonable rate of interest.

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ORDER

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(A) Original Application No.219/2022 is allowed with costs.

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(B) The defendant shall pay to the applicant Bank a sum of Rs. 49,20,162 (Rupees Forty Nine Lacs, Twenty Thousand One Hundred and Sixty Two only), along with future interest @11 % per annum (simple) on both the ATL loans and @ 6 % per annum (simple) on crop loan from the date of filing of the Original Application i.e. 15.03.2022 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 bearing document nos. 139 & 827 vide mortgage deeds Exh. A-3, A-7 and A 13 in list of documents Exh.5

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Agricultural Land adm. 30 R at Gut No. 744 Village Khamaswadi tq. Kallam, Dist Osmanabad

(OA No.219/2022)

Page 9 of 11

[AMBADAS]

East: Self West: Tukaram North: Vijay South: Vasant Shelke

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Agricultural Land adm. 65 R at Gut No. 750 Village Khamaswadi tq. Kallam, Dist Osmanabad East: Laxman Randive West: Dadaorao Jadhav North: Sadhu Randive South: Rambhau Randive

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Agricultural Land adm. 25 R at Gut No. 745 Village Khamaswadi tq. Kallam, Dist Osmanabad East: Dilip Shelke West: Tukaram Shelke North: Vijay South: Vasant Shelke

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House Property – Milakat No. 184 (adm. 1000 Sq Fts) at Village Khamaswadi, tq Kallam, Dist Osmanabad East: Road West: Shelke Farm North: Manik Randive South: Narayan Randive

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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.

(OA No.219/2022)

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[AMBADAS]

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

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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:.04.08.2025

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

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(OA No.219/2022)

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Page 11 of 11

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[AMBADAS]

Bank of Maharashtra v. Chandrakant Laxman Randive

Case brief

What is this about?

What did the court decide?

Bank of Maharashtra v. Chandrakant Laxman Randive

Case brief

What is this about?

What did the court decide?

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