The DRT allowed the bank's application for recovery of a term loan. The court rejected the claimed 12.15% future interest, fixing it at 9% simple interest, and decreed the principal sum secured by mortgaged agricultural property.
Decree for recovery of Rs. 24,88,929.52 including future interest at 9% p.a. (simple) and power to sell mortgaged property.
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: 05.06.2024 Registered on: 06.08.2024 Decided on: 15.09.2025 Duration: Y M D 01 03 10
IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 594/2024
Union Bank of India,
TOTAL CLAIM AMOUNT – Rs. 24,88,929.52/-
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 Main Branch, Parbhani, through it’s Power of Attorney holder, Mr. Md. Elyas Ansari s/o Md. Sahud Ansari, (Chief Manager), Age: 42 yrs., Occ.: Service, R/o. Basmat Road, Parbhani 431401.
… Applicant
(OA No.594/2024)
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Versus
1.Mr. Pramod Prabhakar Wakodkar, Age: Major, Occu.: Agriculture At At Ramkurshna Nagar, Basmath Road, Parbhani, Dist. Parbhani 431401.
AND/OR
Mr. Pramod Prabhakar Wakodkar, Age: Major, Occu.: Agriculture At At Gut No. 297/3, Manwat, Tq. Manwat Dist. Parbhani 431401.
…Defendants
2. Mr. Sudhakar Ganeshrao Patil, Age: Major, Occu.: Agriculture At At Chandra Niwad, Kalyan Nagar, Basmath Road, Parbhani, Dist. Parbhani 431401.
APPEARANCES
For the Applicant Mr. K. D. Pande -Advocate For Defendants Ex-parte
JUDGMENT
Delivered on 15.09.2025
Eighty Eight Thousand, Nine Hundred Twenty Nine and Fifty Two
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Paisa only), along with future interest from the date of filing of the Original Application, i.e., 05.06.2024, until the date of realization of the entire outstanding dues from the Defendants.
Brief facts of the application are as under:
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 note, hypothecation agreement, letter of continuity, interest
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agreement, and letter of undertaking. Additionally, defendant
No. 2 stood as guarantor for defendant No.1. And executed deed of guarantee on 21.04.2016 in favour of the applicant bank.
East: Land of Baburao Hadke West: Land of Halnare South: Land of Dipak Barhate North: Land of Dipak Barhate.
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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 29.12.2020. Therefore, on 26.04.2020 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.
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with list of documents Exh.5 which corroborates the case of the applicant Bank.
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ORDER
(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 24,88,929.52/- (Rupees Twenty Four Lacs, Eighty Eight Thousand, Nine Hundred Twenty Nine and Fifty Two Paisa only), along with future interest @ 9% per annum (simple) from the date of filing of the Original Application i.e. 05.06.2024 till full payment/realization of the amount mentioned in this operative order.
(C) The aforesaid adjudicated amount is secured by the mortgage of the following immovable property vide annexure (Anusuchi) u/s 5 (1) of Maharashtra State Finance Fund Act 1974 dated 13.04.2016 at Exh. A-10 in the list of documents Exh. 5
All that piece and parcel of agricultural land admeasuring 2 H 08 R, out of Gut No. 296/3 situated at Manwat, Tq. Manwat, Dist. Parbhani which is bounded as under:
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East: Land of Baburao Hadke West: Land of Halnare South: Land of Dipak Barhate North: Land of Dipak Barhate.
(D) The applicant Bank is entitled to sell the mortgaged immovable property and hypothecated articles/goods
etc., to recover its dues.
(E) Issue Recovery Certificate accordingly.
(F) The Registrar is directed to send the copy of the Judgment and Recovery Certificate to the applicant and defendants.
(G) File be consigned to the record room.
Sd/Pronounced in open court. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:.15.09.2025 Debts Recovery Tribunal, Aurangabad
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1 issue framed by the court
Whether the bank is entitled to recover the outstanding loan amount and future interest from the borrowers and guarantor.
1 provisions across 1 enactments
Union Bank of India
Mr. Pramod Prabhakar Wakodkar
Mr. Sudhakar Ganeshrao Patil
Dr. J. R. Chauhan
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
