Allowed

Union Bank of India v. M/S Adityashree Construction

DRT26 Nov 2025OA/298/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed Union Bank of India's original application for recovery of Rs. 3.23 crores against defaulting borrowers. The court ordered payment of principal and future interest at 10% per annum and directed sale of mortgaged properties.

What did the court decide?

Payment of Rs. 3,23,83,346.17 with future interest at 10% p.a., sale of mortgaged properties, and issue of Recovery Certificate.

Union Bank of India versus M/S Adityashree… — Contract and Commercial Disputes | DRT (2025)

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Presented on: 01.05.2023 Registered on: 22.04.2024 Decided on: 26.11.2025 Duration: Y M D 02 06 25

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 298/2024

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TOTAL CLAIM AMOUNT – Rs. 3,23,83,346.17/-

¶4

UNION BANK OF INDIA, a Body Corporate under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970, having its Registered Office at, 239, Vidhan Bhavan Marg, Nariman Point Mumbai-40021. And having branches amongst the other places at CIDCO, Aurangabad through its Power of Attorney, Mr. Lalit s/o Baldevrao Dande, (Branch Manager), Age: 38 yrs., Occ.: Service, R/o. CIDCO, Aurangabad 431003.

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… Applicant

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Versus

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1. M/s. Adityashree Construction, R/o.: Shop No. 1, Rajasarthi Complex, Connaught Place, Town Centre, CIDCO, Aurangabad-431001.

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2. Mr. Sunil Sahebrao Manekar

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Age: Major, Occ.: Business, R/o.: Plot No. 22, Lane No.2, Manewada Road, Near Gajanan Mandir, Tej Nagar, Parvatinagar, Nagpur-440027.

[AMBADAS]

(OA No.298/2024)

Page 1 of 14

AND/OR Mr. Sunil Sahebrao Manekar Age: Major, Occ.: Business, R/o.: Plot No. 4 & 5, Ward No. 2, Khasra No. 84 P.H. No. 76, Bori (Butibiri), Nagpur-440027. AND/OR Mr. Sunil Sahebrao Manekar Age: Major, Occ.: Business, R/o.: Municipal House No. 6788/a/45, Plot No. 45 & 46, Sant Dnyaneshwar Gruha Nirman Sahakari Sanstha, CTS No. 389, Manewada, Tq. and Dist. Nagpur 440027.

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3. Mr. Kiran Ravindra Wadhi

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Age: Major, Occ.: Business, R/o.: Plot No. 242/243, Shivanand Sector B, N-1, CIDCO, Aurangabad 431003. AND/OR Mr. Kiran Ravindra Wadhi Age: Major, Occ.: Business, R/o.: Office No. 01, Block No. 9, Rajsarthi Apartment, Near Nawal Beauty Shop, Cannought Place, CIDCO, Aurangabad 431003. AND/OR Mr. Kiran Ravindra Wadhi Age: Major, Occ.: Business, R/o.: Plot No. 3, 6 & 7, Gut No. 24, Village Hirapur, Tq. and Dist. Aurangabad 431001. 4. Mrs. Vandan Kiran Wadhi Age: Major, Occ.: Business, R/o.: Plot No. 242/243, Shivanand Sector B, N-1, CIDCO, Aurangabad 431003. AND/OR

(OA No.298/2024)

Page 2 of 14

[AMBADAS]

Mrs. Vandan Kiran Wadhi Age: Major, Occ.: Business, R/o.: Shop No. 3, Rajsarthi Apartment, Survey No. 78 & 79, Cannought Place, CIDCO, Aurangabad 431003. AND/OR Mrs. Vandan Kiran Wadhi Age: Major, Occ.: Business, R/o.: Flat No. 02, Mahalaxmi Supreme, CTS No. 15840/07, Garkheda Parisar, Garkheda, Aurangabad 431005.

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5. Mrs. Arpanna Sunil Manekar Age: Major, Occ.: Business, R/o.: Plot No. 22, Lane No.2, Manewada Road, Near Gajanan Mandir, Tej Nagar, Parvatinagar, Nagpur-440027. AND/OR

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Mrs. Arpanna Sunil Manekar Age: Major, Occ.: Business, R/o.: Municipal House No. 6788/a/45, Plot No. 45 & 46, Sant Dnyaneshwar Gruha Nirman Sahakari Sanstha, CTS No. 389, Manewada, Tq. and Dist. Nagpur 440027. AND/OR

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Mrs. Arpanna Sunil Manekar Age: Major, Occ.: Business, R/o.: Plot No. 35, Shanti Kunj, Manewada Ring Road, Galli No. 2, Near Mahalle Hall, Mahakali Nagar, Besa, Mhalginagar, Nagpur 440034.

…Defendants

(OA No.298/2024)

Page 3 of 14

[AMBADAS]

APPEARANCES

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

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JUDGMENT

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Delivered on 26.11.2025

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 3,23,83,346.17/- (Rupees Three Crores, Twenty Three Lacs, Eighty Three Thousand, Three Hundred Forty Six and Seventeen Paisa only), along with future interest from the date of filing of the Original Application, i.e., 01.05.2023, 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. 2 & 3 on behalf of defendant No. 1 had approached and requested the Applicant Bank for Cash Credit Facility for their business purpose. Upon considering the request and financial needs of the Defendants, the

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Applicant Bank Sanctioned Cash Credit Facility for their business

(OA No.298/2024)

Page 4 of 14

[AMBADAS]

purpose worth Rs. 5,00,00,000/- (Five crores only) vide sanction letter dated 15.09.2017 on certain terms and conditions. The agreed rate of interest for the aforesaid loan facility was @13.50% p.a. with monthly rests. The Defendants also agreed to pay additional interest by way of liquidated damages in the event of any default in repayment.

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That, thereafter the defendants have approached the bank seeking financial assistance. The applicant bank after scrutinizing and verifying the request of the defendants, the applicant bank has enhanced the said Cash Credit Facility for their business to the extent of Rs. purpose (renewal/enhancement) 1,80,00,000/-, Working Capital Term Loan facility of Rs. 3,00,00,000/- & a FITL facility of Rs. 45,00,000/- vide sanction letter on certain terms and conditions. The agreed rate of interest for the aforesaid loan facilities was @ 13%, @ 13.10% & @ 13.10% p.a. respectively with monthly rests. The Defendants also

(OA No.298/2024)

Page 5 of 14

[AMBADAS]

agreed to pay additional interest by way of liquidated damages in

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the event of any default in repayment.

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In order to secure the aforesaid loan facilities, the Defendants executed various loan documents in favour of the Applicant Bank. These included sanction letters, letters of consent, letters of undertaking, demand promissory notes, letters of continuity, deeds of hypothecation and sale deeds bearing day book nos. 2158, 4205, 5727, 4619 & 5151 dated 01.02.2014, 30.06.2015, 01.10.2014, 07.06.2010 & 25.09.2019 etc. Additionally defendant no. 2 to 5stood as guarantors for defendant no. 1 and executed

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deeds of guarantee 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 Defendants created first charge over their immovable properties under sale deeds bearing day book nos. 2158, 4205, 5727, 4619 & 5151 dated 01.02.2014,

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30.06.2015, 01.10.2014, 07.06.2010 & 25.09.2019 in favour of the

(OA No.298/2024)

Page 6 of 14

[AMBADAS]

Applicant Bank. The mortgage was created in respect of the

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following properties-

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1. Property Owned By Mr. Sunil Sahebrao Manekar & Mrs. Aparna Sunil Manekar:

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i) All that piece and parcel of property bearing Municipal House No. 6788/a/45, Plot No. 45 to the extent of 139.35 sq.mtrs., out of Sant Dnyaneshwar Gruha Nirman Sahakari Sanstha, Khasra No. 15/1/G, CTS No. 389, Ward No. 14, situated at Manewada, Tq. and Dist. Nagpur 440027, which is bounded as under:

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East: Plot No. 46, West: Plot No. 44, South: Open Land, North: Road.

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ii) All that piece and parcel of property bearing Municipal House No. 6788/a/45, Plot No. 46 to the extent of 132.98 sq.mtrs., out of Sant Dnyaneshwar Gruha Nirman Sahakari Sanstha, Khasra No. 15/1/G, CTS No. 389, Ward No. 14, situated at Manewada, Tq. and Dist. Nagpur 440027, which is bounded as under:

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East: Plot No. 47, West: Plot No. 45, South: Open Land, North: 9 mtrs., wide Road.

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2. Property Owned By Mr. Sunil Sahebrao Manekar:

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All that piece and parcel of property bearing, Plot No. 4 & 5 admeasuring 560.21 Sq.mtrs., & 575.25 Sq.mtrs of Ward No. 2,

(OA No.298/2024)

Page 7 of 14

[AMBADAS]

Khasra No. 84 P.H. No. 76, situated at Bori (Butibiri), Tq. and Dist. Nagpur 440027, which is bounded as under:

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East: Plot No. 06 to 11, West: 15 mtr. Wide Road, South: Khasara Boundary, North: Road.

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3. Property Owned By Mrs. Vandana Kiran Wadhi:

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All that piece and parcel of property bearing, Shop No. 3 admeasuring 24.40 sq.mtrs., in “Rajsarthi Apartment” out of Survey No. 78 and 79, within the local limits of Aurangabad Municipal Corporation, Aurangabad, which is bounded as under:

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East: Office/Shop No. 1 and 2, West: Office/Shop No. 4, South: Open Land, North: Corridor.

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4. Property Owned By Mr. Kiran R. Wadhi:

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East: Land of Mahesh Agrawal, Gut No. 25, West: Land of Sakharam s. Bansode, Gut No. 24, South: Land of SK Kader SK Sandu, Gut No. 29, North: Remaining Land of Aba Sampat Bansode.

(OA No.298/2024)

Page 8 of 14

[AMBADAS]

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 25.10.2022. Therefore on 06.03.2023 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 defendant Nos. 2 to 5 appeared in matter but failed to file written statement, whereas defendant no. 1 failed to appear in matter though duly served. Hence, the right of defendant Nos. 2 to

(OA No.298/2024)

Page 9 of 14

[AMBADAS]

5 to file written statement stands closed and defendant no. 1 was proceeded ex-parte as per order dated 05.08.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Lalit s/o Baldevrao Dande, Branch Manager of the applicant Bank, and has produced on record the original loan transaction documents as Annexure, A-1 to A-69 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.

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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.

(OA No.298/2024)

Page 10 of 14

[AMBADAS]

The applicant Bank has claimed future interest @ 13%, @ 13.10% & @13.10% p.a. on the loans from the date of filing i.e. 01.05.2023

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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) 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. 298/2024 is allowed with

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costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 3,23,83,346.17/- (Rupees Three Crores, Twenty Three Lacs, Eighty Three Thousand, Three Hundred Forty Six and Seventeen Paisa only), along with future interest @10% per annum (simple) from the date of filing of the O.A. i.e. 01.05.2023 till full payment/realization of the amount mentioned in this operative order.

(OA No.298/2024)

Page 11 of 14

[AMBADAS]

(C) The aforesaid adjudicated amount is secured by the mortgage of the following immovable property vide documents Exh. A-24 to A-28, A-50, A-52 to A-54 in list of documents Exh. 5.

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1. Property Owned By Mr. Sunil Sahebrao Manekar & Mrs. Aparna Sunil Manekar:

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2. Property Owned By Mr. Sunil Sahebrao Manekar:

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All that piece and parcel of property bearing, Plot No. 4 & 5 admeasuring 560.21 sq.mtrs., & 575.25 Sq.mtrs of

(OA No.298/2024)

Page 12 of 14

[AMBADAS]

Ward No. 2, Khasra No. 84 P.H. No. 76, situated at Bori (Butibiri), Tq. and Dist. Nagpur 440027, which is bounded as under:

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East: Plot No. 06 to 11, West: 15 mtr. Wide Road, South: Khasara Boundary, North: Road.

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3. Property Owned By Mrs. Vandana Kiran Wadhi:

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4. Property Owned By Mr. Kiran R. Wadhi:

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All that piece and parcel of property bearing, Plot No. 3, 6 and 7 admeasuring 118.520 sq.mtrs., 111.747 sq. mtrs.,and 124.890 sq. mtrs., respectively out of Gut No. 24, situated at Village Hirapur, Tq. and Dist. Aurangabad, which is bounded as under: East: Land of Mahesh Agrawal, Gut No. 25, West: Land of Sakharam s. Bansode, Gut No. 24, South: Land of SK Kader SK Sandu, Gut No. 29, North: Remaining Land of Aba Sampat Bansode.

(OA No.298/2024)

Page 13 of 14

[AMBADAS]

(D) The applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated articles/goods

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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:. 26.11.2025 Debts Recovery Tribunal, Aurangabad

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(OA No.298/2024)

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Page 14 of 14

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[AMBADAS]

Union Bank of India v. M/S Adityashree Construction

Case brief

What is this about?

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Union Bank of India v. M/S Adityashree Construction

Case brief

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