The Debts Recovery Tribunal allowed the bank's application for recovery of loan dues of Rs. 26,59,006/- along with costs and future interest.
Allowed the application with costs. Ordered the defendant to pay Rs. 26,59,006/- plus future interest at 10% p.a. from 08.08.2023 and directed issuance of a Recovery Certificate.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Presented on: 08.08.2023 Registered on: 22.05.2024 Decided on: 17.09.2025 Duration: Y M D 01 08 25
IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Shri Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No.350/2024
TOTAL CLAIM AMOUNT – Rs. 26,59,006/-
STATE BANK OF INDIA
A body corporate constituted under the State Bank of India Act, 1955, having its local Head Office at, Bandra Kurla Complex, Mumbai and one of its branch At SMEC Branch at Nanded, through one of its officer i.e. Chief Manager, Shri. Baburao S/o. Govindrao Sonkamble, Age: 55 Years, Occupation: Service as Chief Manager, State Bank of India, Branch at SMEC
… Applicant
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Branch, Nanded and having Authority to file the Application which includes the authority
to sign and verify the application.
Versus
M/s. MAX NX COLLECTION,
… Defendant
Through its Proprietor,
Jayshri Hemant Jangid,
R/o: Tiranga Chowk, Near Waghala Municipal Corporation, Vazirabad, Taluka And
Dist. Nanded-431602.
M. No.99735374343.
And
Plot No.69, New Kautha, Kautha, Nanded,
Taluka and District Nanded-431603.
M. No.99735374343.
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APPEARANCES
For the Applicant Mr. Arun Rakh - Advocate For Defendant Ex-parte
J U D G M E N T Delivered on (17.09.2025)
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Arrangement Letter dated 29.09.2020 executed by Defendant on certain terms & conditions.
The agreed rate of interest for the Cash Credit loan facility was @9.65% p.a. with monthly rests.
Description of Hypothecated Assets Nature of the Stocks, Book Debts, Receivables:-
Hypothecation of stocks located at shops/godowns or any
other places including Goods in transit and receivables within 90 days.
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Exhibit-4 of Mr. Baburao S/o Govindrao Sonkamble, Chief Manager of the applicant bank and has produced on record the original loan transaction documents as per Annexure A-I to A-V along-with List of documents Exh.5 which corroborates the case of the applicant Bank.
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Hence, I pass the following order.
ORDER
(A) Original Application No. 350/2024 is allowed with
(B) The Defendant shall pay to the Applicant Bank a sum of Rs. 26,59,006/- (Rs. Twenty Six Lakhs, Fifty Nine Thousand, and Six Only), along-with future interest at @10% per annum (simple) from the date of filing of the Original Application, i.e., 08.08.2023, till full payment/ realization of the said amount.
Description of Hypothecated Assets Nature of the Stocks, Book Debts, Receivables:-
Hypothecation of stocks located at shops/godowns or any other places including Goods in transit and
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receivables within 90 days.
(F) The Registrar is directed to send the copy of the Judgment and Recovery Certificate to the applicant and Defendant.
(G) File be consigned to the record room.
Sd/-
(Dr. J. R. Chauhan) Place : Aurangabad Presiding Officer Date : 17.09.2025 Debts Recovery Tribunal, Aurangabad
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2 issues framed by the court
Whether the Debt Recovery Tribunal ought to allow the recovery application filed by the bank against the defendant.
Whether future interest beyond the agreed rate is reasonable in the facts of the present case.
State Bank of India
Dr. J. R. Chauhan
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
