Allowed

Union Bank of India v. Swati Pandurang Kaulwar

DRT17 Oct 2025OA/505/2024

Case brief

AI extract

What is this about?

In an Original Application filed by Union Bank of India for recovery of outstanding dues of Rs. 27,95,374.85/-, the Debts Recovery Tribunal allowed the application ex-parte. The Tribunal ordered Defendants to pay the sum with future interest at 9% p.a. and enforced the mortgage and hypothecation security.

What did the court decide?

Defendants to pay Rs. 27,95,374.85/- with future interest at 9% p.a. from 26.04.2024; enforcement of mortgage and hypothecation security; issue of Recovery Certificate.

Union Bank of India versus Swati Pandurang Kaulwar — Contract and Commercial Disputes | DRT (2025)

¶1

Presented on: 26.04.2024 Registered on: 09.07.2024 Decided on: 17.10.2025 Duration: Y M D 01 05 21

¶2

IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 505/2024

¶3

TOTAL CLAIM AMOUNT – Rs. 27,95,374.85/-

¶4

Union Bank of India,

¶5

A Body Corporate constituted under the Banking companies (Acquisition and Transfer of Undertakings) Act 1970, Having its Registered office at 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021 & having branches amongst the other places at Shivaji Road, Parbhani through its Authorized Person, Mr. Ganesh S/o. Vishnu Wani (Branch Manager), Age: 34 yrs., Occu.: Service, R/o. Shivaji Road, Parbhani.

… Applicant

Versus

(OA No.505/2024)

Page 1 of 9

[AMBADAS]

1.Mrs. Swati Pandurang Kaulwar, Prop. of M/s. Trisha Industries, Age: Major, Occu.: Business, R/o. At D-85, Dnyaneshwar Nagar, Suyog Colony, Parbhani 431401. AND/OR

¶12

Mrs. Swati Pandurang Kaulwar, Prop. of M/s. Trisha Industries, Age: Major, Occu.: Business, R/o. At Post Boravand Khurd, Tq. And Dist. Parbhani 431401.

¶13

2. Mr. Pandurang Jagannath Kaulwar, Age: Major, Occu.: Business, R/o. At D-85, Dnyaneshwar Nagar, Suyog Colony, Parbhani 431401.

¶14

AND/OR

¶15

Mr. Pandurang Jagannath Kaulwar, Age: Major, Occu.: Business, R/o. At Post Boravand Khurd, Tq. And Dist. Parbhani 431401.

¶16

…Defendants

¶17

APPEARANCES

¶18

For the Applicant For Defendants

¶19

Mr. K. D. Pande -Advocate Ex-parte

(OA No.505/2024)

Page 2 of 9

[AMBADAS]

JUDGMENT

Delivered on 17.10.2025

¶25

The Applicant Bank has filed the present application for the

¶26

recovery of a sum of Rs. 27,95,374.85/- (Rupees Twenty Seven Lacs, Ninety Five Thousand, Three Hundred Seventy Four and Eighty Five Paisa only), along with future interest from the date of filing of the Original Application, i.e., 26.04.2024, until the date of realization of the entire outstanding dues from the Defendants.

¶27

Brief facts of the application are as under:

¶28

The Applicant Bank states that the Defendant No. 1 approached and requested the Applicant Bank for a Term loan facility & Cash Credit Facility. Upon considering the request and financial needs of the Defendant, the Applicant Bank sanctioned a Term loan facility of Rs. 16,50,000/- & Cash Credit Facility of Rs. 7,25,000/vide sanction letter dated 30.09.2020 on certain terms and conditions. The agreed rate of interest for the aforesaid loan was

¶29

@8.55% p.a. with monthly rests. The Defendant also agreed to

(OA No.505/2024)

Page 3 of 9

[AMBADAS]

pay additional interest @2% by way of liquidated damages in the

¶34

event of any default in repayment.

¶35

In order to secure the aforesaid loan facilities, the Defendants executed various loan documents in favour of the Applicant Bank. These included sanction letter, equitable mortgage deed dated 21.09.2020, letter of undertaking, demand promissory note, letter of continuity & hypothecation agreement etc., in favour of the Applicant Bank.

¶36

The Applicant Bank further contends that, in order to secure the aforesaid loan facility, the Defendant No. 2 created first charge over his immovable property by executing equitable mortgage

¶37

deed dated 21.09.2020 in favour of the Applicant Bank. The mortgage was created in respect of the following property-

¶38

All that piece and parcel of property bearing open land admeasuring 0 H 74 R, out of Gut No. 15, situated at Village Boravand Khurd, Tq. And Dist. Parbhani, which is bounded as under:

¶39

East: 15 mtr. Internal road & Gut No. 16, West: Gut No. 14, South: Gut No. 13

(OA No.505/2024)

Page 4 of 9

[AMBADAS]

North: Gut No. 15.

The applicant bank further states that in order to secure the aforesaid loan facility, the defendant No. 1 also executed hypothecation agreement thereby hypothecating plants and machinery.

¶45

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 20.02.2022. Therefore, on 18.11.2023 the applicant bank issued legal notice to the defendants through their advocate. Despite service of Notices, the

(OA No.505/2024)

Page 5 of 9

[AMBADAS]

defendants failed and neglected to repay the outstanding dues of the applicant Bank. Hence, this application is filed.

¶50

¶51

The defendants failed to appear in matter though they were served through paper publication. Hence, the defendants were proceeded ex-parte as per Order dated 24.03.2025.

¶52

The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Ganesh s/o Vishnu Wani, Branch Manager of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1 to A-18 along with list of documents Exh.5 which corroborates the case of the applicant Bank.

¶53

I have heard arguments of the learned Advocate for the applicant Bank.

¶54

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.505/2024)

Page 6 of 9

[AMBADAS]

The applicant Bank has claimed charge over immovable property of the borrowers which is mortgaged in favour of the applicant bank.

¶59

The applicant Bank has claimed future interest @10.25 p. a. on term loan from the date of filing i.e. 26.04.2024 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 @ 9% per annum (simple) on outstanding amount, it would be just and reasonable rate of interest.

¶60

ORDER

¶61

(A) Original Application No. 505/2024 is allowed with

¶62

costs.

¶63

(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 27,95,374.85/- (Rupees Twenty Seven Lacs, Ninety Five Thousand, Three Hundred Seventy Four and Eighty Five Paisa only), along with future interest @ 9% per annum (simple) from the date of filing of the Original Application i.e. 26.04.2024 till full

(OA No.505/2024)

Page 7 of 9

[AMBADAS]

payment/realization of the amount mentioned in this operative order.

¶68

(C) The aforesaid adjudicated amount is secured by the mortgage of the following immovable property by execution of equitable mortgage deed dated 21.09.2020 at Exh. A-13 in list of documents Exh. 5.

¶69

All that piece and parcel of property bearing open land admeasuring 0 H 74 R, out of Gut No. 15, situated at Village Boravand Khurd, Tq. And Dist. Parbhani, which is bounded as under:

¶70

East: 15 mtr. Internal road & Gut No. 16, West: Gut No. 14, South: Gut No. 13 North: Gut No. 15.

¶71

(D) The applicant Bank is entitled to sell the mortgaged immovable property and hypothecated articles/goods, etc., to recover its dues.

¶72

(E)

¶73

(E) Issue Recovery Certificate accordingly.

(OA No.505/2024)

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.

¶78

(G) File be consigned to the record room.

¶79

Sd/-

¶80

Pronounced in open court. Place: Aurangabad Date:.17.10.2025

¶81

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

¶82

(OA No.505/2024)

¶83

Page 9 of 9

¶84

[AMBADAS]

Union Bank of India v. Swati Pandurang Kaulwar

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Swati Pandurang Kaulwar

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Bank of Maharashtra versus Sugriv Jambuwant Ganje

Icici Bank Limited versus Shiraj Ibrahim Shaikh

State Bank of India versus M/s Shri Shivshankar Cellular

Bank of Baroda versus Sunita Himmatsing Kushwah

Hdfc Bank versus Amol Chimnaji Dhavale

Union Bank of India versus Akrur Sukhdev Pimpale