Allowed

State Bank of India v. Chandrakant Ramdas Khule

DRT14 Oct 2025OA/26/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of dues aggregating approximately 45.56 lakhs. The court validated the equitable mortgage created over the respondent's immovable property and awarded principal amount plus interest.

What did the court decide?

The respondent ordered to pay Rs. 45,56,097.39/- along with future interest @ 8% per annum. Bank entitled to sell mortgaged property and issue Recovery Certificate.

State Bank of India versus Chandrakant Ramdas Khule — Insolvency and Bankruptcy | DRT (2025)

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Presented on: 01.01.2025 Registered on: 10.01.2025 Decided on: 14.10.2025 Duration: Y M D 00 10 13

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 26/2025

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TOTAL CLAIM AMOUNT – Rs. 45,56,097.39/-

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STATE BANK OF INDIA

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A body corporate constituted under the provisions of

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State Bank of India Act, 1955 (23 of 1955) having it’s

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one of Local Head office at Synergy, Bandra-Kurla

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Complex, Bandra (E), Mumbai, & Branches amongst the other places at RACPC, Chh. Sambhajinagar & having Stressed Asses Recovery Branch (SARB) at Plot No. 79, N-5, CIDCO Chh. Sambhajinagar -431003 through is Authorized Officer, Mr. Ravikiran Babli

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Rawool (Manager & CCO), Age: 39 yrs., Occu.: Service,

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R/o. CIDCO Chh. Sambhajinagar.

… Applicant

(OA No.26/2025)

Page 1 of 9

[AMBADAS]

Versus

Mr. Chanrakant Ramdas Khule, Age: Major, Occ.: Service, R/o.: At Plot No. 38, Matoshri, Niwas, 1^st Floor, Vishnu Nagar, Near Mitra Nagar, Behind Akashwani, Chh. Sambhajinagar, Dist. Chh. Sambhajinagar.

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…Defendant

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APPEARANCES

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For the Applicant Mr. K. D. Pande Advocate For Defendant Ex-parte

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JUDGMENT

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Delivered on 14.10.2025

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 45,56,097.39/- (Rupees Forty Five Lacs, Fifty Six Thousand, Ninety Seven and Thirty Nine Paisa only), along with further interest from the date of filing of the Original Application, i.e., 01.01.2025, until the date of realization of the entire outstanding dues from the Defendant.

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Brief facts of the application are as under:

(OA No.26/2025)

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[AMBADAS]

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. 21,40,000/- and Funding of Home Loan Insurance Cover (Suraksha Loan) of Rs. 2,04,000/- vide arrangement letter dated 27.11.2015 on certain terms and conditions. The agreed rate of interest was @ 8.85% 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. That, thereafter, the defendant approached to the applicant bank for sanctioning of a Top-Up Home Loan facility and upon considering the application of the defendant, the applicant bank sanctioned a Top-Up Home Loan of Rs. 20,00,000/- vide it’s Arrangement Letter dated 16.11.2018 on certain terms and conditions. The agreed rate of interest was @ 9.40% p.a. with monthly rests. The defendants also agreed to pay an additional

(OA No.26/2025)

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[AMBADAS]

interest by way of liquidated damages @ 2% p.a. in case of default

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in repayment.

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That, thereafter, the defendant again approached to the applicant bank through Yono App./ Internet Banking and requested to sanction Personal Loan facility and upon considering the application of the defendant, the applicant bank sanctioned a Yono Insta Top-Up Home Loan of Rs. 1,07,000/- vide it’s Arrangement Letter dated 19.07.2019 on certain terms and conditions.

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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 the arrangement letters, agreement of housing loan, registered sale deed bearing daybook no. 257 dated 20.01.2016, 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 them, the Defendant created an

(OA No.26/2025)

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[AMBADAS]

equitable mortgage over his immovable property by deposit of a

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registered sale deed bearing daybook no. 257 dated 20.01.2016,

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in 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 & parcel of Flat No. 504 admeasuring 66.20 sq.mtrs. Ajinkyatara, Sainik Vihar, Gut No. 49/P, Behind Vision City, Opp. Kanchanwadi, Aurangabad, which is bounded as under:

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East: - Side Margin, West: - Staircase & Flat No. 503 South:- Flat No. 505 North: - Side Margin.

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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 rate of interest as per terms and conditions of the agreement 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

(OA No.26/2025)

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[AMBADAS]

and classified as NPA on 12.09.2023. Therefore, on 18.06.2024 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 RPAD. Hence, the defendant was proceeded ex-parte as per Order dated 29.03.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Ravikiran Babli Rawool, Manager & CCO of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1 to A-22 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.

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Since the defendant failed to appear and contest the application, I find no reason to disbelieve the unrebutted evidence of the

(OA No.26/2025)

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[AMBADAS]

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 @ 8.95% per annum with monthly rests from the date of filing i.e. 01.01.2025 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 @ 8 % per annum (simple) on outstanding amount, it would be just and reasonable rate of interest.

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ORDER

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(A) Original Application No. 26/2025 is allowed with costs.

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(B) The defendant shall pay to the applicant Bank a sum of Rs. 45,56,097.39/- (Rupees Forty Five Lacs, Fifty Six Thousand, Ninety Seven and Thirty Nine Paisa only), along with future interest @ 8 % per annum (simple) on

(OA No.26/2025)

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[AMBADAS]

outstanding amount from the date of filing of the O.A. i.e. 01.01.2025 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 equitable mortgage of the following immovable property vide deposit registered sale deed bearing daybook no. 257 dated 20.01.2016 at Exh. A-15 in list of documents Exh. 5.

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All that piece & parcel of Flat No. 504 admeasuring 66.20 sq.mtrs. Ajinkyatara, Sainik Vihar, Gut No. 49/P, Behind Vision City, Opp. Kanchanwadi, Aurangabad, which is bounded as under:

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East: - Side Margin, West: - Staircase & Flat No. 503 South:- Flat No. 505 North: - Side Margin.

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(D) The applicant Bank is entitled to sell the mortgaged immovable property, to recover its dues.

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(E) Issue Recovery Certificate accordingly.

(OA No.26/2025)

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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. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:. 14.10.2025 Debts Recovery Tribunal, Aurangabad

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(OA No.26/2025)

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Page 9 of 9

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[AMBADAS]

State Bank of India v. Chandrakant Ramdas Khule

Case brief

What is this about?

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State Bank of India v. Chandrakant Ramdas Khule

Case brief

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What did the court decide?

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