Allowed

Bank of Baroda v. M/s Kalyani Print and Packing

DRT2 Sept 2025OA/25/2024

Case brief

AI extract

What is this about?

Original application filed by Bank of Baroda for recovery of Rs. 39,28,070/- with future interest against defaulting borrower and guarantors. Tribunal allowed application ex-parte, awarded modified future interest at 10% p.a., and ordered sale of mortgaged property.

What did the court decide?

Defendants to jointly and severally pay Rs. 39,28,070/- with future interest at 10% p.a. simple; sale of mortgaged properties directed for recovery.

Bank of Baroda versus M/s Kalyani Print and Packing — Banking and Recovery | DRT (2025)

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Presented on: 26.09.2023 Registered on: 06.01.2024 Decided on: 02.09.2025 Duration: Y M D 01 11 06

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD

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(Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 25/2024

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TOTAL CLAIM AMOUNT – Rs. 39,28,070/-

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Bank of Baroda , Bank of Baroda with effect from 1^st

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April 2019 in terms of Gazette of India No. GSR No. 2E dated 2^nd January 2019 issued by Ministry of Finance, Government India, body Corporate and

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constituted under the Banking Companies (Acquisition of Undertaking) Act, 1970, having its Head Office at Mandvi, Baroda, Gujarat & having one of its Branch at Kopargaon, Tq. Karjat, Dist. Ahmednagar Through its Chief Manager, Deepakraj Jambharunkar, Age: yrs, Occ.: Service, as a Chief Manager at Recovery Department Regional Office Bank of Baroda At Aurangabad R/o. Aurangabad

… Applicant

(OA No.25/2024)

Page 1 of 9

[AMBADAS]

Versus

M/s. Kalyani Print and Packing Prop. Kalyani Kiran Mali Age: Major, Occu.: Business R/o.: Om Nagar, Old Takli Road, Maharashtra.

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Chandrakant Karbhari Mali Age: 77 years, Occu.: Business R/o.: Niwara Housing Society, Tal. Kopargaon, Dist. Ahmednagar Maharashtra

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3. Aruna Chandrakant Mali Age: 73 years, Occu.: Retired R/o.: Niwara Housing Society, Tal. Kopargaon, Dist. Ahmednagar Maharashtra

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Shivkumar Jagnnath Sonekar Age: 56 years, Occu.: Business R/o.: Near Bus Stand, Saptarshi Mala, Kopargaon, Dist. Ahmednagar Maharashtra

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Shivkumar Jagnnath Sonekar Age: 37 years, Occu.: Business R/o.: At Suryagaon Post, Tal. Yeola, Dist. Nashik, Maharashtra

…Defendants

(OA No.25/2024)

Page 2 of 9

[AMBADAS]

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

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JUDGMENT

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Delivered on 02.09.2025

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 39,28,070/- ( Rupees Thirty Nine Lacs, Twenty Eight Thousand, Seventy only), along with future interest from the date of filing of the Original Application, i.e., 26.09.2023, 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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The Applicant Bank states that the Defendants No. 1 had approached and requested the Applicant Bank for Cash Credit Facility & Term loan facility. Upon considering the request and financial needs of the Defendant, the Applicant Bank sanctioned

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Cash Credit Facility of Rs. 14,25,000/- & Term loan facility of Rs.

(OA No.25/2024)

Page 3 of 9

[AMBADAS]

33,25,000/- vide sanction letter dated 20.03.2021 on certain

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terms and conditions. The agreed rate of interest for the aforesaid loan facilities was @ 10.80% p.a. with yearly rests. The Defendants also agreed to pay additional interest @ 2% by way of liquidated damages in the event of any 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. These included sanction letter, demand promissory notes, letter of undertaking, registered mortgage deed vide its registration no. 1428/2021 dated 23.03.2021 & hypothecation agreement. Additionally defendant No. 2 to 5 stood as guarantors for defendant No. 1 and executed deed of guarantee on 21.03.2021 in favour of the Applicant Bank

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The Applicant Bank further contends that, in order to secure the aforesaid loan facility, the Defendant No. 1 created first charge over his immovable property by executing registered mortgage

(OA No.25/2024)

Page 4 of 9

[AMBADAS]

deed vide its registration no. 1428/2021 dated 23.03.2021 in

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favour of the Applicant Bank. The mortgage was created in

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respect of the following property-

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All that piece and parcel Survey No. 204/46, Block No. Z-3, situated at Niwara Housing Society, owner Chandrakant Karbhari Mali, admeasuring 38.61 H.R. which is bounded as under:

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East: Block No. Y-1 South: Internal Road West: Block No. Z 1 North: Block No. Z 4

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All that piece and parcel Survey No. 204/46, Block No. Z-1, situated at Niwara Housing Society, owner Aruna Chandrakant Mali, admeasuring 38.61 H.R. which is bounded as under:

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East: Block No. Y-1 South: Internal Road West: Block No. Y 1 North: Block No. Z 4

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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

(OA No.25/2024)

Page 5 of 9

[AMBADAS]

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 defendants became irregular and classified as NPA. Therefore on 03.09.2023 the applicant bank issued legal notice to the defendants through their advocate. Despite service of Notices, 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 09.05.2024.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Deepak Jambharunkar, Chief 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 documents Exh.5 which corroborates the case of the applicant

(OA No.25/2024)

Page 6 of 9

[AMBADAS]

Bank.

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 borrower which is mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @10.80% p.a. from the date of filing i.e. 26.09.2023 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 @ 10 % per annum (simple), it would be just and reasonable rate of interest.

(OA No.25/2024)

Page 7 of 9

[AMBADAS]

ORDER

(A) Original Application No. 25/2024 is allowed with costs.

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(B) The defendants shall jointly and severally pay to the applicant Bank a sum of Rs. 39,28,070/- ( Rupees Thirty Nine Lacs, Twenty Eight Thousand, Seventy only), along with future interest @ 10 % per annum (simple) from the date of filing of the Original Application i.e. 26.09.2023 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 mortgage of the following immovable property bearing registration no. 1428/2021 vide registered mortgage deed dated 23.03.2021 at Exh A-15 in list of documents Exh. 5.

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All that piece and parcel Survey No. 204/46, Block No. Z-3, situated at Niwara Housing Society, owner Chandrakant Karbhari Mali, admeasuring 38.61 H.R. which is bounded as under:

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East: Block No. Y-1 South: Internal Road West: Block No. Z 1 North: Block No. Z 4

(OA No.25/2024)

Page 8 of 9

[AMBADAS]

All that piece and parcel Survey No. 204/46, Block No. Z-1, situated at Niwara Housing Society, owner Aruna Chandrakant Mali, admeasuring 38.61 H.R. which is bounded as under:

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East: Block No. Y-1 South: Internal Road West: Block No. Y 1 North: Block No. Z 4

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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:.02.09.2025 Debts Recovery Tribunal, Aurangabad

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(OA No.25/2024)

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Page 9 of 9

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[AMBADAS]

Bank of Baroda v. M/s Kalyani Print and Packing

Case brief

What is this about?

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Bank of Baroda v. M/s Kalyani Print and Packing

Case brief

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