Allowed

Bank of Maharashtra v. Shreeram Samarth Enterprises Prop. Abhijit Prakash Mahajan

DRT17 Dec 2025OA/390/2023

Case brief

AI extract

What is this about?

In this recovery application, the Debts Recovery Tribunal allowed the Bank of Maharashtra's claim against the defendant ex-parte. The court confirmed the loan default, adjusted penal interest, and decreed payment of the reduced principal sum with future interest at 9% p.a.

What did the court decide?

Defendant to pay Rs.24,62,047/- along with future interest at 9% per annum from the date of filing. Recovery Certificate issued.

Bank of Maharashtra versus Shreeram Samarth Enterprises Prop… — Banking and Recovery | DRT (2025)

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Presented on .. 25.01.2022 Registered on .. 21.03.2023 Decided on .. 17.12.2025 Duration .. Y—M—D 03--10--22

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 390/2023.

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Bank of Maharashtra, Having head office at 1501, Shivajinagar, Lokmangal, Pune 411005 and branch office at – Pawar Building, 1257, Deccan Gymkhana, Pune.

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… Applicant

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Versus

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Mr. Shriram Samarth Enterprises, Prop. Abhijit Prakash Mahajan,

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Survey No. 25, Near Savali Dhaba, Panna Chambers, 501B, Nanded Phata, Sinhgad Road, Pune 411 043 And – Flat No. 506, Y Building, Akruti Country Woods Cluster B4 S No. 45, Tilekar Nagar, Katraj 411 048.

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… Defendant

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Appearances :-

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For Applicant Advocate Priti Bhat. For Defendant Ex parte.

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Total Claim Amount – Rs.24,66,561/-

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Sanap ( OA No. 390/2023 ) 1 of 4

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JUDGMENT (Delivered on 17^th December, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.24,66,561/- together with future interest at contractual rate from the date of Application till realization of the entire dues from the defendant.

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Brief facts of the application are as under :-

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As per the loan application of the defendant, the

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applicant Bank sanctioned the loan facility of Rs.25,00,000/- to the defendant for purchase of machinery vide Sanction Letter dated 26.03.2018.

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In order to secure the aforesaid loan facility, the defendant has executed necessary loan and security documents in favour of the applicant Bank along with deed of hypothecation.

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The applicant Bank contended that the defendant committed defaults in payment of installments and failed to regularize the accounts. Therefore, on 25.06.2021, the applicant Bank issued legal Notice to the defendant. Despite service of Notice, the defendant failed and neglected to pay the outstanding dues of the applicant Bank.

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Hence, this application is filed.

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Sanap ( OA No. 390/2023 ) 2 of 4

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The defendant failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendant as per Order dated 22.09.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of P.D. Kalaskar, AGM of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1 to AW-7 along with list (Exhibit 7), 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 evidence of the applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.

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The applicant Bank has claimed Penal Interest of Rs.4,337/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.24,66,561/- is reduced to Rs.24,62,047/-.

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The applicant Bank has claimed future interest at the contractual rate of interest. On perusal of the pleadings

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Sanap ( OA No. 390/2023 ) 3 of 4

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and documents produced on record by the applicant Bank, it appears that contractual rate of interest was @10.65% per annum. 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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Hence, I pass the following order.

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O R D E R

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A} Original Application No.390/2023 is allowed with costs. B} The defendant shall pay to the applicant Bank the sum of Rs.24,62,047/- (Rupees Twenty Four Lakhs Sixty Two Thousand Forty Seven only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 25.01.2022 till full payment/realization of the amount mentioned in this operative order.

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C} Issue Recovery Certificate. D} The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendant.

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Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 17.12.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 390/2023 ) 4 of 4

Bank of Maharashtra v. Shreeram Samarth Enterprises Prop. Abhijit Prakash Mahajan

Case brief

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Bank of Maharashtra v. Shreeram Samarth Enterprises Prop. Abhijit Prakash Mahajan

Case brief

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