Allowed

Bank of Maharashtra v. M/s Renuka Enterprises

DRT27 Oct 2025OA/567/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application by Bank of Maharashtra for recovery of Rs. 20,87,145 along with future interest. The court, noting the defendants' default and failure to appear, directed payment of the principal plus 10% simple annual interest, granted a recovery certificate, and authorized sale of mortgaged properties.

What did the court decide?

Payment of Rs. 20,87,145 with 10% p.a. simple interest from 28.01.2024; direction to sell mortgaged properties; issue of Recovery Certificate.

Bank of Maharashtra versus M/s Renuka Enterprises — Execution and Attachment | DRT (2025)

¶1

Presented on: 28.01.2024 Registered on: 31.07.2024 Decided on: 27.10.2025 Duration: Y M D 01 08 29

¶2

IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 567/2024

¶3

TOTAL CLAIM AMOUNT – Rs. 20,87,145/-

¶4

Bank of Maharashtra , A Body Corporate constituted

¶5

under the Banking Companies (Acquisition of Undertakings) Act V of 1970, carrying on banking business and Having its Head Office at Lokmangal, 1501 Shivaji Nagar, Pune – 411 005 and Zonal Office at “Mahabank Bhawan”, C-3, N-1, Town Centre, CIDCO, Aurangabad-431003. Branch at Vivekanand Chowk, Tal. & Dis. Latur. Through its Authorized officer, Shri Hariom s/o Shitlakant Trivedi, Age: Major, Occu.: Service, Working as Chief Manager, Asset Recovery Branch, Bank of Maharashtra, at Town Center, CIDCO, Aurangabad.

… Applicant

(OA No.567/2024)

Page 1 of 9

[AMBADAS]

Versus

1. M/s. Renuka Enterprises , Through its Prop. Renuka Prakash Kore, Age: Major, Occupation: Business, Address: Vijay Colony, Samarth Nagar, District Latur-413512.

¶12

2. Mahadevi Gangadhar Waghmare , Age: Major, Occupation: Agriculture, Age: Major, Occupation: Business, Address: Plot No. 89/part out of Sr. No. 70/B/3, And Plot bearing GP No. 1381 out of Sr. No. 70/B/3, Of Village Khadgaon, MCH No. R-1/2215-old, And 1505534 (New), Vaibhav Nagar, Behind Shivaji School, Khadgaon Road, Latur-413512. AND Address: Vijay Colony, Samarth Nagar, District Latur-413512.

¶13

3. Ramesh Gurubasappa Munale, Age: Major, Occupation: Business, Address: Bhairavanath Mandir, Jwal, India Nagar, Latur-413512.

¶14

…Defendants

¶15

APPEARANCES

¶16

For the Applicant For Defendants

¶17

Mr. Atul A. Mishra -Advocate Ex-parte

(OA No.567/2024)

Page 2 of 9

[AMBADAS]

JUDGMENT Delivered on 27.10.2025

¶22

The Applicant Bank has filed the present application for the recovery of a sum of Rs. 20,87,145/- (Rupees Twenty Lacs, Eighty Seven Thousand, One Hundred and Forty Five only), along with future interest from the date of filing of the Original Application, i.e., 28.01.2024, until the date of realization of the entire outstanding dues from the Defendants.

¶23

Brief facts of the application are as under:

¶24

The Applicant Bank states that the Defendant No. 1 had approached and requested the Applicant Bank seeking financial assistance. Upon considering the request and financial needs of the Defendant, the Applicant Bank sanctioned Working Capital (Cash Credit Facility) of Rs. 15 lacs vide, sanction letter dated 19.03.2019 on certain terms and conditions. The agreed rate of interest was @ 11% p.a. with monthly rests. The Defendant also

(OA No.567/2024)

Page 3 of 9

[AMBADAS]

agreed to pay additional interest by way of liquidated damages in the event of any default in repayment.

¶29

¶30

In order to secure the aforesaid loan facility, the Defendant executed various loan documents in favour of the Applicant Bank. These included sanction letter, demand promissory notes, registered sale deeds bearing daybook nos. 805 & 795 dated 17.02.1986 & 10.03.2000 and hypothecation agreement etc. Additionally defendant No. 2 & 3 stood as guarantors for defendant no. 1 and executed deed of guarantee on 20.03.2019 in favour of the Applicant Bank.

¶31

The Applicant Bank further contends that, in order to secure the aforesaid loan facility, the Defendant executed registered sale deeds bearing daybook nos. 805 & 795 dated 17.02.1986 &

¶32

10.03.2000 in respect of following property:

¶33

All that piece and parcel of Plot No. 89/part out of Sr. No. 70/B/3 & Plot bearing GP No. 1381 out of Sr. No. 70/B/3, of Village Khadgaon, MCH No. R-1/2215-old & 1505534 (New), Vaibhav Nagar, Behind Shivaji School, Khadgaon Road, Latur, Totally admeasuring 3060 Sq. Ft., which is bounded as under:

(OA No.567/2024)

Page 4 of 9

[AMBADAS]

North: Part I Road, Part-II Joshi, East: Part I Property No. 1367, Part-II Road, West: Part I Land of Akkarvakar Deshpande, Part-II Land of Akkarvaikar Deshpande, South: Part I Property No. 1380, Part-II Remaining Part of the Same Plot.

¶38

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 02.07.2021. Therefore on 07.01.2022 the applicant bank issued legal notice to the defendants through their advocate. Despite service of Notices, the defendants failed and neglected to repay the outstanding dues of the applicant Bank. Hence, this application is filed.

(OA No.567/2024)

Page 5 of 9

[AMBADAS]

The defendant No. 1 & 2 appeared in matter but failed to file WS. Whereas Defendant No. 3 failed to appear in matter though he was served. Hence, right of defendant No. 1 & 2 to file written statement stands closed and defendant No. 3 was proceeded exparte as per Order dated 22.09.2025.

¶43

The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Hariom Trivedi s/o Shitlakant Trivedi, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents as Exhibit AW-1(1) Annexure A-(2) to A-(18) along with list of documents Exh.5 which corroborates the case of the applicant Bank.

¶44

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

¶45

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.567/2024)

Page 6 of 9

[AMBADAS]

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

¶50

The applicant Bank has claimed future interest @11% p.a. from the date of filing i.e. 28.01.2024 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 @ 10 % per annum (simple), it would be just and reasonable rate of interest.

¶51

ORDER

¶52

(A) Original Application No. 567/2024 is allowed with costs.

¶53

(B) The defendants shall pay jointly and severally to the applicant Bank a sum of 20,87,145/- (Rupees Twenty Lacs, Eighty Seven Thousand, One Hundred and Forty Five only), along with future interest @ 10 % per annum (simple) from the date of filing of the Original Application i.e. 28.01.2024 till full payment/realization of the amount mentioned in this operative order.

(OA No.567/2024)

Page 7 of 9

[AMBADAS]

(C) The aforesaid adjudicated amount is secured by the mortgage of the following immovable properties. Vide sale deeds bearing daybook nos. 805 & 795 dated 17.02.1986 & 10.03.2000 at Annexure A-(10) & A-(11), respectively and mortgage document annexure A-(7), A- (8), A-(9), A-(12) in the list of documents Exh. 5.

¶58

¶59

¶60

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

¶61

(E) Issue Recovery Certificate accordingly.

(OA No.567/2024)

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.

¶66

(G) File be consigned to the record room.

¶67

Sd/-

¶68

Pronounced in open court. Place: Aurangabad Date:.27.10.2025

¶69

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

¶70

(OA No.567/2024)

¶71

Page 9 of 9

¶72

[AMBADAS]

Bank of Maharashtra v. M/s Renuka Enterprises

Case brief

What is this about?

What did the court decide?

Bank of Maharashtra v. M/s Renuka Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Hdfc Bank versus Amol Chimnaji Dhavale

Union Bank of India versus Akrur Sukhdev Pimpale

Bank of Baroda versus Sunita Himmatsing Kushwah

Punjab National Bank versus Trivenibai Batugir Gosavi

Mr Suhas Shankarrao Deshmukh versus State Bank of India

Canara Bank versus Narayan Sudam Matkar