Allowed

Bank of Maharashtra v. Vijay Shivaji vadak

DRT19 Sept 2025OA/281/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's application for recovery of an outstanding term loan of Rs. 23,56,246/- with future interest at 10% p.a., secured by the sale of mortgaged properties and hypothecated articles.

What did the court decide?

Payment of Rs. 23,56,246/- with future interest @ 10% p.a. (simple); recovery secured by sale of mortgaged properties; issue of Recovery Certificate.

Bank of Maharashtra versus Vijay Shivaji vadak — Execution and Attachment | DRT (2025)

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Presented on: 02.02.2023 Registered on: 27.03.2024 Decided on: 19.09.2025 Duration: Y M D 02 07 17

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 281/2024

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TOTAL CLAIM AMOUNT – Rs. 23,56,246/-

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Bank of Maharashtra , A Body Corporate constituted

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under the Banking Companies (Acquisition and Transfer of Undertakings) Act V of 1970, Having its Head Office at 1501, Lokmangal, Shivaji Nagar, Pune-

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and branch amongst other places at Asset Recovery Branch, Zonal Office Cidco Aurangabad, Through its Chief Manager, Mr. Hariom Trivedi s/o Shitlakant Trivedi, Age: 46 years, Occ.: Service as Chief Manager with Bank of Maharashtra, Asset Recovery Branch, Cidco Aurangabad, R/o.: Aurangabad.

… Applicant

Versus

(OA No.281/2024)

Page 1 of 9

[AMBADAS]

Vijay Shivaji Vadak, Age: Major, Occupation: Agriculture, R/o.: 743, Gorwadi, Nimgaonjali, Taluka Sangamner District Ahmednagar. AND CTS No. 836/3 and 838, Nimgaonjali, Taluka Sangamner District Ahmednagar-413714. 2. Shobha Shivaji Vadak, Age: Major, Occupation: Agriculture, R/o.: 595, Nimgaonjali, Taluka Sangamner District Ahmednagar. AND CTS No. 838 and 844, Nimgaonjali, Taluka Sangamner District Ahmednagar-413714.

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Balasaheb Gopinath Jondhale, Age: Major, Occupation: Agriculture, R/o.: At Post Nimgaonjali, Taluka Sangamner District Ahmednagar.

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Suryabhan Dada Palole, Age: Major, Occupation: Agriculture, R/o.: At Post Nimgaonjali, …Defendants Taluka Sangamner District Ahmednagar.

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APPEARANCES

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For the Applicant Mr. P.N. Kapadia -Advocate For Defendants Ex-parte

(OA No.281/2024)

Page 2 of 9

[AMBADAS]

JUDGMENT Delivered on 19.09.2025

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The Applicant Bank has filed the present application for the

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recovery of a sum of Rs. 23,56,246/- (Rupees Twenty Three Lacs, Fifty Six Thousand, Two Hundred and Forty Six only), along with future interest from the date of filing of the Original Application, i.e., 02.02.2023, 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 Defendant No. 1 & 2 had approached and requested the Applicant Bank seeking financial assistance for the purpose of construction of poly house. Upon considering the request and financial needs of the Defendants, the Applicant Bank sanctioned Term loan facility of Rs. 16 lacs vide, sanction letter dated 20.02.2014 on certain terms and conditions.

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The agreed rate of interest was @ 13.25% p.a. with monthly rests.

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The Defendants also agreed to pay additional interest @2% by

(OA No.281/2024)

Page 3 of 9

[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 notes, registered mortgage deed bearing daybook no. 874/2014 dated 24.02.2014 and hypothecation agreement etc. Additionally defendant No. 3 & 4 stood as guarantors for defendant no. 1 & 2 and executed deed of guarantee on 26.02.2014 in favour of the

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Applicant Bank.

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The Applicant Bank further contends that, in order to secure the aforesaid loan facility, the Defendants executed mortgage deed bearing daybook no. 874/2014 dated 24.02.2014 in respect of

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following properties:

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i) All that piece and parcel of property land bearing Gut No. 836/3 and 838 adm. 34 R and 82 R, respectively situated at village nimgaonjali Taluka Sangamner, District Ahmednagar, belonging to defendant No. 1.

(OA No.281/2024)

Page 4 of 9

[AMBADAS]

ii) All that piece and parcel of property land bearing Gut No. 838 adm. 41 R and Gut No. 844 adm. 1 H 27 R, situated at village Nimgaonjali Taluka Sangamner, District Ahmednagar, belonging to defendant No. 2.

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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 defendants became irregular and classified as NPA on 30.11.2019. Therefore on 14.02.2022 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.

(OA No.281/2024)

Page 5 of 9

[AMBADAS]

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 26.08.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Hariom Trivedi s/o Shitlakant Trivedi, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1to 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 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.

(OA No.281/2024)

Page 6 of 9

[AMBADAS]

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 @13.25% p.a. from the date of filing i.e. 20.02.2014 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.

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ORDER

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(A) Original Application No. 281/2024 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of 23,56,246/- (Rupees Twenty Three Lacs, Fifty Six Thousand, Two Hundred and Forty Six only), along with future interest @ 10 % per annum (simple) from the date of filing of the Original

(OA No.281/2024)

Page 7 of 9

[AMBADAS]

Application i.e. 20.02.2023 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. Vide mortgage deed bearing daybook no. 874/2014 dated 24.02.2014 at Exh. A-7 in the list of documents Exh. 5

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All that piece and parcel of municipal house no. 758, CTS i) All that piece and parcel of property land bearing Gut No. 836/3 and 838 adm. 34 R and 82 R, respectively situated at village nimgaonjali Taluka Sangamner, District Ahmednagar, belonging to defendant No. 1.

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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.

(OA No.281/2024)

Page 8 of 9

[AMBADAS]

(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:.19.09.2025

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

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(OA No.281/2024)

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Page 9 of 9

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[AMBADAS]

Bank of Maharashtra v. Vijay Shivaji vadak

Case brief

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Bank of Maharashtra v. Vijay Shivaji vadak

Case brief

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