The Debts Recovery Tribunal allowed the applicant bank's original application. The court directed the defendants to pay the outstanding loan amount of Rs. 29,40,007/- along with future interest at 8% per annum, secured by mortgaged property.
Payment of Rs. 29,40,007/- with future interest at 8% p.a. from 26.04.2024; sale of mortgaged property permitted.
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: 26.04.2024 Registered on: 09.07.2024 Decided on: 06.10.2025 Duration: Y M D 01 05 10
IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 506/2024
TOTAL CLAIM AMOUNT – Rs. 29,40,007/-
Union Bank of India,
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
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[AMBADAS]
1.Mrs. Mangal Narayan Chavan, Prop. Of M/s. Yashraj Industries, Age: Major, Occu.: Business, R/o. At Patoda, Post Vaadi, Tq. Pathri, Dist. Parbhani – 431506.
2. Mr. Laxmikant Narayan Chavan, Age: Major, Occu.: Business, R/o. C/o. Bhagwan More, At House No. 74, Yeldarkar Colony, Parbhani, Dist. Parbhani 431401.
…Defendants
APPEARANCES
For the Applicant For Defendants
Mr. K. D. Pande -Advocate Ex-parte
JUDGMENT
Delivered on 06.10.2025
Brief facts of the application are as under:
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[AMBADAS]
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[AMBADAS]
defendant No. 1 and executed deed of guarantee on 22.05.2021 in
favour of the Applicant Bank.
All that piece and parcel of property bearing Plot No. 81/B, House No. 1096 admeasuring 153 sq. mtrs. in Ward No. 04, Gut No. 288 out of survey no. 79/4, situated at Devnandra, Tq. Pathri, Dist. Parbhani, which is bounded as under: East: Plot No. 81/A, West: Plot No. 80, South: Plot No. 90, North: Internal Road.
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.
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[AMBADAS]
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[AMBADAS]
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[AMBADAS]
till realization of the claim amount. However, considering the facts of the case, I am of the opinion that if future interest is granted @ 8% per annum (simple), it would be just and reasonable rate of interest.
ORDER
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[AMBADAS]
All that piece and parcel of property bearing Plot No. 81/B, House No. 1096 admeasuring 153 sq. mtrs. in Ward No. 04, Gut No. 288 out of survey no. 79/4, situated at Devnandra, Tq. Pathri, Dist. Parbhani, which is bounded as under: East: Plot No. 81/A, West: Plot No. 80, South: Plot No. 90, North: Internal Road.
Sd/-
Pronounced in open court. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:.06.10.2025 Debts Recovery Tribunal, Aurangabad
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[AMBADAS]
2 issues framed by the court
Whether the application for recovery of loan amount and interest is maintainable regarding the defaulting borrowers.
What is the appropriate rate of future interest to be awarded in this recovery matter.
Union Bank of India
Mrs. Mangal Narayan Chavan
Mr. Laxmikant Narayan Chavan
Dr. J. R. Chauhan
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
