Allowed

Bank of Maharashtra v. M/s Tanvi Agro Agency

DRT11 Sept 2025OA/258/2024

Case brief

AI extract

What is this about?

In an Original Application before the Debts Recovery Tribunal, the Bank of Maharashtra sought recovery of Rs. 2,33,12,654.44 from borrower M/s. Tanvi Agro Agency and guarantors. The defendants appeared but failed to contest the claim. The Tribunal allowed the application, directing repayment of the principal sum with future interest at 9% p.a. secured by mortgaged properties.

What did the court decide?

Recovery of Rs. 2,33,12,654.44 plus future interest @ 9% p.a. jointly and severally from defendants; secured by charge on mortgaged properties.

Bank of Maharashtra versus M/s Tanvi Agro Agency — Contract and Commercial Disputes | DRT (2025)

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Presented on: 15.09.2023 Registered on: 08.04.2024 Decided on: 11.09.2025 Duration: Y M D 01 11 26

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 258/2024

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TOTAL CLAIM AMOUNT – Rs. 2,33,12,654.44/-

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Bank of Maharashtra ,

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A Body Corporate and constituted under the Banking Companies (Acquisition of Undertaking) Act 5 of 1970, & Having its Head Office at “Lokmangal”, 1501, Shivaji Nagar, Pune-411 005 and Zonal Office at Pushpak Plaza Ganesh Nagar, Ausa Road, Latur, District Latur 413531. Branch at Latur Main Branch, Sonwane Building, Near Kamdar petrol pump, Main road, Latur-413512. Through its Authorized officer, Shri. Kishor Diliprao Aradwad, Age: Major, Occ.: Service, Working as Chief Manager, Latur Main Branch, Latur-413512.

… Applicant

(OA No.258/2024)

Page 1 of 9

[AMBADAS]

Versus

M/s. Tanvi Agro Agency, Through it’s proprietor, Mr. Arun Naganath Phuleboyne, Age: Major, Occ.: Business, R/o.: Gat No. 167, Plot No. 22, G.p. No. 948, Situated at Vilasrao Deshmukh Chowk, Bori, Tal. Dist. Latur-413512. AND Sr. No. 13/4/1, Plot No. 19, LMC property No. R-9-154/44/6A/26/1, old Situated at Baldawa Nagar, LIC colony, Shambu Raje chowk, Latur, Tal. Dist. Latur-413512.

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2. Mr. Manoi Naganath Phuleboyne, Age: Major, Occ.: Business, R/o.: Gat No. 167, Plot No. 22, G.p. No. 948, Situated at Vilasrao Deshmukh Chowk, Bori, Tal. Dist. Latur-413512.

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3. Mr. Dayanand Maruti Ghuge, Age: Major, Occ.: Business, Khadgaon Road, Sambhaji Nagar, Main Road, Latur-413512. APPEARANCES For the Applicant For Defendants

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…Defendants

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Mr. Atul A. Mishra -Advocate Ex-parte

(OA No.258/2024)

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[AMBADAS]

JUDGMENT

Delivered on 11.09.2025

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 2,33,12,654.44/- ( Rupees Two Crores, Thirty Three Lacs, Twelve Thousand, Six Hundred Fifty Four and Forty Four Paisa only), along with future interest from the date of filing of the Original Application, i.e., 15.09.2023, until the date of realization of the entire outstanding dues from the Defendants. Brief facts of the application are as under:

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The Applicant Bank states that the defendant No. 1 approached the bank to sanction a Cash Credit Facility. Upon considering the request and financial needs of the Defendant, the Applicant Bank sanctioned a Cash Credit Facility of Rs. 2,20,00,000/- vide sanction letter dated 20.11.2021 on certain terms and conditions. The agreed rate of interest for the aforesaid loan was @RRLR 6.80 % + BSS 0.50% + 1/25% = 8.55% p.a. with monthly rests. The Defendants also agreed to pay additional interest by

(OA No.258/2024)

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[AMBADAS]

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 Defendants executed various loan documents in favour of the Applicant Bank. These included sanction letter, demand promissory note, registered mortgage deed bearing daybook no. 9417/2021 dated 24.11.2021 & hypothecation agreements etc. Additionally, Defendant Nos. 2 & 3 stood as guarantors for defendant No. 1 and executed deed of guarantee dated 20.11.2021 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 created first charge over his immovable property under daybook no. 9417/2021 dated 24.11.2021 in favour of the Applicant Bank. The mortgage was created in respect of the following properties-

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All that piece and parcel of residential property situated at Gat No. 167, Plot No. 22, G.p. No. 948, admeasuring 223.04 Sq. Mtr., Vilasrao Deshmukh Chowk, Bori Tal. Dist. Latur 413512, which

(OA No.258/2024)

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[AMBADAS]

is bounded as under:

North: Land of Owner in same Gat No. East: Land of Owner in same Gat No. West: Plot of Madan Malwade South: Bori Mshirabad Road

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All that piece and parcel of Sr. No. 13/4/1, Plot No. 19, LMC property No. R-9-154/44/6A/26/A, old admeasuring 234.57 sq Mtr., Baldawa Nagar, LIC colony Shambu Raje Chowk, Latur, Tal. Dist. Latur 413512, owned by aurn naganath phuleboyane, which is bounded as under:

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North: Road wide 20 ft, East: 40 ft wide road, West: Plot No. 16, South: Plot No. 18.

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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

(OA No.258/2024)

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[AMBADAS]

defendants became irregular and classified as NPA on 30.04.2023. Therefore, on 06.05.2023 the applicant bank issued

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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 appeared in matter but failed to submit written statement. Hence, the right of defendants to file written statement stands closed and the defendants were proceeded exparte as per Order dated 25.04.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Shri Kishor Diliprao Aradwad, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents as Annexure A-1 to A-12 along with 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

(OA No.258/2024)

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[AMBADAS]

applicant Bank.

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 properties of the borrowers which are mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @10.75% p. a. on outstanding amount from the date of filing i.e. 15.09.2023 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 @ 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. 258/2024 is allowed with

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costs.

(OA No.258/2024)

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[AMBADAS]

(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 2,33,12,654.44/- (Rupees Two Crores, Thirty Three Lacs, Twelve Thousand, Six Hundred Fifty Four and Forty Four Paisa only), along with future interest @ 9% per annum (simple) from the date of filing of the O.A. i.e. 15.09.2023 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 properties bearing daybook no. 9417/2021 vide registered mortgage deed dated 24.11.2021 at Annexure A-7 in list of documents Exh. 5

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All that piece and parcel of residential property situated at Gat No. 167, Plot No. 22, G.p. No. 948, admeasuring 223.04 Sq. Mtr., Vilasrao Deshmukh Chowk, Bori Tal. Dist. Latur 413512, which is bounded as under:

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North: Land of Owner in same Gat No. East: Land of Owner in same Gat No. West: Plot of Madan Malwade South: Bori Mshirabad Road

(OA No.258/2024)

Page 8 of 9

[AMBADAS]

All that piece and parcel of Sr. No. 13/4/1, Plot No. 19, LMC property No. R-9-154/44/6A/26/A, old (95071055) admeasuring 234.57 sq Mtr., Baldawa Nagar, LIC colony Shambu Raje Chowk, Latur, Tal. Dist. Latur 413512, owned by Arun Naganath phuleboyane, which is bounded as under: North: Road wide 20 ft, East: 40 ft wide road, West: Plot No. 16, South: Plot No. 18.

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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.

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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. Place: Aurangabad Date:.11.09.2025

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

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(OA No.258/2024)

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Page 9 of 9

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[AMBADAS]

Bank of Maharashtra v. M/s Tanvi Agro Agency

Case brief

What is this about?

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Bank of Maharashtra v. M/s Tanvi Agro Agency

Case brief

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