Allowed

State Bank of India v. Shriram Madhukarrao Kalyankar

DRT20 Aug 2025OA/51/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by State Bank of India for recovery of loan dues of Rs. 38.16 lakhs along with future interest at 9% p.a., held the repayment improbable, and directed the sale of mortgaged property. Future interest was reduced from claimed rate to 9% simple.

What did the court decide?

Defendants to pay Rs. 38,16,371/- with future interest at 9% p.a. simple from 15.02.2023; recovery to be charged on mortgaged property; Recovery Certificate issued.

State Bank of India versus Shriram Madhukarrao Kalyankar — Banking and Recovery | DRT (2025)

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Presented on: 15.02.2023 Registered on: 07.02.2023 Decided on: 20.08.2025 Duration: Y M D 02 06 12

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Shri Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No.51/2024

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TOTAL CLAIM AMOUNT – Rs. 38,16,371/-

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STATE BANK OF INDIA

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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 Stressed Asset Recovery Branch, Aurangabad, District Aurangabad, through one of its officer i.e. City Case Officer, Shri. VEENA TARE, Age: 56 Years, Occupation: Service as City Case Officer, State

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… Applicant

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Bank of India Branch at Stressed Asset

(OA No.51-2024)

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[Ambadas]

Recovery Branch at Aurangabad, District

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Aurangabad, and having Authority to file the application which includes the authority to sign and verify the application.

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Versus

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Shriram Madhukarrao Kalyankar, … Defendants

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Age: 47 Years, Occu.: Business,

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R/o: “Ramalaya”, 1-18-587, Kabranagar

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Bhag, Pawadewadi Naka, Nanded, Dist.

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Nanded. Pin code:- 431605.

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Mob No: 7020942863, 9325289073.

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Anju Shriram Kalyankar,

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Age: 43 Years, Occu: Business & Household,

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R/o: “Ramalaya”, 1-18-587, Kabranagar

(OA No.51-2024)

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Bhag, Pawadewadi Naka, Nanded, Dist.

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Nanded. Pin code:- 431605. Mob No: 7020942863, 9325289073.

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APPEARANCES

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For the Applicant For Defendants

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Mr. Arun Rakh - Advocate Mr. S. R. Kondekar- Advocate

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J U D G M E N T

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Delivered on (20.08.2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs. 38,16,371/- (Rs. Thirty Eight Lacs Sixteen Thousand Three Hundred and Seventy One Only) together with interest @9.20% p.a. plus penal interest @2% with monthly rests upon Home loan and Term Loan facilities from 20.01.2023 till the full realization of the entire dues and

(OA No.51-2024)

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costs from the Defendants.

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Brief facts of the application are as under:

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That the Defendants approached the Applicant Bank and requested the sanction of a Home Loan and Term Loan Facilities. Upon considering the Defendant’s representation, request, and financial needs, the Applicant Bank sanctioned the Loan of Rs. 18,11,000/-(Rs. Eighteen Lakhs Eleven Thousand only) for construction of Home on Plot No. 9 and 10 bearing Survey No. 157/3/1, Purna and Rs. 01,11,430/- (Rs. One Lakh Eleven Thousand Four Hundred and Thirty only) for funding of Home Loan Insurance Cover (Suraksha Loan), Applicant Bank has sanctioned Totally an amount of Rs. 19,22,430/- (Rs. Nineteen Lakh Twenty Two Thousand Four Hundred and Thirty only) vide sanction letter dated 05.09.2011 on certain terms & conditions.

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The agreed rate of interest for the Home Loan and Term Loan Facilities was @9.20% per annum with monthly rests. The Defendants also agreed to pay penal interest at the rate of @2%

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per annum in the event of default in repayment.

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In order to secure the aforesaid Home loan and Term Loan facilities, the Defendants executed loan documents in favour of the applicant bank namely sanction letter, demand promissory note, request letter, hypothecation agreement, letter of undertaking, equitable mortgage etc.

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The applicant bank contended that to secure the home loan and term loan facilities, the Defendants created equitable mortgage of their immovable property by depositing title deed dated 29.09.2011 in favour of the applicant bank in respect of the following property:

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All the pieces and parcel of Residential Plot No. 9 and 10 and construction there on, admeasuring 1600 square feet, Situated at Survey No. 157/3/1, Purna, Taluka Purna (Rly), District Parbhani and bounded as under:

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Boundaries of the Property:

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East :- Plot No. 08, West :- Plot No. 11, South :- Part Survey No. 252, North :- 9 Meter Internal Road.

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The applicant Bank further contended that the Defendants has failed to keep his promises and commitments agreed by him 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 01.06.2017. Therefore on 30.10.2021, the applicant Bank issued legal notice to the Defendants through their Advocate. Despite service of Notice, the Defendants failed and neglected to repay the outstanding dues of the applicant Bank. Hence, this application is filed.

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[Ambadas]

The Defendants failed to filed written statement and their right to file written statement was closed as per Order dated 01.05.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Shri. VEENA TARE, City Case Officer of the applicant bank and has produced on record the original loan transaction documents as Exh. AW-1 to AW-8 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 future interest at @9.20% per annum with monthly rests from 20.01.2023 till the full realization of the entire dues and costs from the Defendants. However, considering the facts of the case, I am of the opinion

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that awarding future interest at @9% per annum (simple), would be just and reasonable.

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Hence, I pass the following order.

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ORDER

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(A) Original Application No.51/2024 is allowed with costs.

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(B) The Defendants shall pay jointly and severally to the Applicant Bank a sum of Rs. 38,16,371/- (Rs. Thirty Eight Lakhs Sixteen Thousand Three Hundred and Seventy One only), along with future interest at @9% per annum (simple) from the date of filing of the Original Application, i.e., 15.02.2023, till full payment/ realization of the said amount.

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(C) The aforesaid adjudicated amount is secured by mortgage of immovable property vide document Exh. AW-4 in list of documents Exh.5. The mortgaged

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property is described as follows:

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Boundaries of the Property:

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East :- Plot No. 08, West :- Plot No. 11 South :- Part Survey No. 252, North :- 9 Meter Internal Road.

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(D) The applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated articles/goods, 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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Place : Aurangabad Date : . 20.08.2025

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

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(OA No.51-2024)

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State Bank of India v. Shriram Madhukarrao Kalyankar

Case brief

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State Bank of India v. Shriram Madhukarrao Kalyankar

Case brief

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