Allowed

State Bank of India v. Geeta Laxmikant Moralwar

DRT3 Sept 2025OA/246/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of Rs. 29,03,052/-. The court ordered payment of the principal sum plus future interest at 9% p.a. and granted the bank the right to sell the mortgaged property to recover dues.

What did the court decide?

Order allowing the application, directing payment of Rs. 29,03,052/- with 9% p.a. future interest, and granting right to sell mortgaged property via Recovery Certificate.

State Bank of India versus Geeta Laxmikant Moralwar — Contract and Commercial Disputes | DRT (2025)

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Presented on: 15.05.2023 Registered on: 28.12.2023 Decided on: 03.09.2025 Duration: Y M D 02 03 18

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No.246/2023

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TOTAL CLAIM AMOUNT – Rs. 29,03,052/-

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STATE BANK OF INDIA,

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State Bank of India State Bank of India body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertaking) Act, 1955, having its Central Office at Madam Kama Road, Mumbai and having one of its Branch at SARB, Aurangabad through its City Case Officer Kavita Vasudeo Khalse, Age: 38 years, Occ.: Service, as a City Case Officer, R/o. Aurangabad.

… Applicant

(OA No.246/2023)

Page 1 of 8

[AMBADAS]

Versus

Geeta Laxmikant Moralwar, Age: Major, Occ.: Agriculture, R/o.: House no. 25, Dwarka Nagari, Karegaon Road, Parbhani AND Plot No. 27, R H No. 27/2532 Gut No. 39, 40, 41, 42, Dwarka Nagar, Karegaon Dist. Parbhani.

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…Defendant

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

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JUDGMENT Delivered on 03.09.2025

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 29,03,052 /- (Rupees Twenty Nine Lacs, Three Thousand, Fifty Two only), along with future interest from the date of filing of the Original Application, i.e., 15.05.2023, until the date of realization of the entire outstanding dues from the Defendant.

(OA No.246/2023)

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[AMBADAS]

Brief facts of the application are as under:

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That, the Defendant had approached to the Applicant bank and requested to sanction a Home Loan. Upon considering the request and need of the defendant, the Applicant Bank sanctioned a Home loan of Rs. 20,78,000/- lacs vide sanction letter dated 29.12.2014 on certain terms and conditions. The agreed rate of interest was @ 10.25% 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. 7588/2014 dated 31.12.2014 etc., in favour of the Applicant Bank.

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The Applicant Bank further contends that, in order to secure the

(OA No.246/2023)

Page 3 of 8

[AMBADAS]

Housing Loan sanctioned to her, the Defendant created first

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charge over her immovable property by deposit of registered

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sale deed vide no. 7588/2014 dated 31.12.2014, in favour of the

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Applicant Bank. The mortgage was created in respect of the

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following property –

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All that piece & parcel of agriculture land property bearing Gut No. 39,40,41,42,43., plot no 27, Gram panchayat property no. 2532, adm are 121.81 sq.mtr situated at Tukadi Gram Panchayat Mouje Karegaon Dist. Parbhani in the name of defendant No. 1 i.e. Geeta Laxmikant Moralwar which is bounded as under:

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East: - 7.50 mtr road, West: - Plot No. 31,32 South: - Plot No. 24 North:- Plot No. 27 part

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

(OA No.246/2023)

Page 4 of 8

[AMBADAS]

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. Therefore, on 13.04.2023 the applicant bank issued legal Notice to the defendant. 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 served through Court Commissioner. Hence, the defendant was proceeded ex-parte as per Order dated 21.01.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Kavita Vasudeo Khalse, City Case Officer of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1 to A-7 as per 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.

(OA No.246/2023)

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[AMBADAS]

Since the defendant 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 borrower which is mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @ 10.25% 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 @ 9% 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. 246/2023 is allowed with costs.

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(B) The defendant shall pay to the applicant Bank a sum of

(OA No.246/2023)

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[AMBADAS]

Rs. 29,03,052 /- (Rupees Twenty Nine Lacs, Three Thousand, Fifty Two only), along with future interest

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@9 % per annum (simple) from the date of filing of the O.A. 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. 7588/2014 dated 31.12.2014, at Exh. A-4 in list of documents Exh. 5.

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East: - 7.50 mtr road, West: - Plot No. 31,32 South: - Plot No. 24 North:- Plot No. 27 part

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

(OA No.246/2023)

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[AMBADAS]

(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 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:.03.09.2025

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

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(OA No.246/2023)

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Page 8 of 8

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[AMBADAS]

State Bank of India v. Geeta Laxmikant Moralwar

Case brief

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State Bank of India v. Geeta Laxmikant Moralwar

Case brief

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