Allowed

Union Bank of India v. Vandana Ravindra Chaudhari

DRT18 Sept 2025OA/599/2024

Case brief

AI extract

What is this about?

In an original application under the Debts Recovery Tribunal, the bank sought recovery of Rs. 4.73 crore plus interest granted as the defendant borrowers defaulted on a term loan borrowed for takeover of housing loans.

What did the court decide?

Order allowing the Original Application; directing respondents to jointly and severally pay Rs. 4,73,06,902.60 with 9% simple interest; issuing Recovery Certificate; authorizing sale of mortgaged prop

Union Bank of India versus Vandana Ravindra… — Contract and Commercial Disputes | DRT (2025)

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Presented on: 25.03.2024 Registered on: 08.08.2024 Decided on: 18.09.2025 Duration: Y M D 01 05 23

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 599/2024

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TOTAL CLAIM AMOUNT – Rs. 4,73,06,902.60/-

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Union Bank of India,

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A Body Corporate and constituted under the Banking companies (Acquisition of Undertaking) Act 1970,

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Having its Central office at Union Bank Bhavan, 239, Vidhan Bhavan Marg, Mumbai-400021. And amongst other branches, one of the branch office at Ghee Bazaar, Nandurbar, Tq. And District Nandurbar, Thorugh its Authorized officer, Shri. Ramesh L. Pawara, Age: Major, Occ.: Service, Working as Chief Manager, Union Bank of India, at Ghee Bazaar,

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Nandurbar, Tq. And District Nandurbar.

… Applicant

(OA No.599/2024)

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[AMBADAS]

Versus

1.Mrs. Vandana Ravindra Chaudhari Age: Major, Occu.: Business R/o.: Flat No. 201, EL Castillo, Plot No. 23, Sector 6, Palm Beach Road, Nerul West, Navi Mumbai, Nerul Node-3, Thane, Maharashtra-400706 AND Plot No. 1 to 159-B, Survey NO. 48/1A, 48/1B and 49, Tokartalao, Nandurbar, Tq. And District Nandurbar

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Mrs. Anita Shirish Chaudhari Age: Major, Occu.: Business R/o.: Chaudhari Galli, Nandurbar, Tq. And District Nandurbar AND Plot No. 1 to 124, Survey Nos. 51/1A/1A, 51/1A/1A/1, 51/1A/1B, 51/1A/2, 51/1A/B and 51/2, Rakaswade, Nandurbar, Tq. And District Nandurbar

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…Defendants

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Mr. Narendra Hiralal Chaudhari Age: Major, Occu.: Business R/o.: Ashish Building, Chaudhari Galli, Nandurbar, Tq. And District Nandurbar.

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Mrs. Pranita Narendra Chaudhari Age: Major, Occu.: Business R/o.: Chaudhari Galli, Nandurbar, Tq. And District Nandurbar.

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Mr. Ravindra Hiralal Chaudhari Age: Major, Occu.: Business R/o.: Chaudhari Galli, Nandurbar,

(OA No.599/2024)

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[AMBADAS]

Tq. And District Nandurbar.

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Mr. Shirish Hiralal Chaudhari Age: Major, Occu.: Business R/o.: Chaudhari Galli, Nandurbar, Tq. And District Nandurbar.

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APPEARANCES

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For the Applicant For Defendants

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Mr. Atul A. Mishra -Advocate Ex-parte

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JUDGMENT

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Delivered on 18.09.2025

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The Applicant Bank has filed the present application for the

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recovery of a sum of Rs. 4,73,06,902.60/- (Rupees Four Crore, Seventy Three Lacs, Six Thousand, Nine Hundred Two and Sixty Paisa only), along with future interest from the date of filing of the Original Application, i.e., 25.03.2024, until the date of realization of the entire outstanding dues from the Defendants.

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Brief facts of the application are as under:

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The Applicant Bank states that the Defendant No. 1 to 6 approached and requested the Applicant Bank for a Term loan

(OA No.599/2024)

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[AMBADAS]

facility for the purpose of Takeover of Housing loan from Indiabulls home loan under union home loan scheme. Upon considering the request and financial needs of the Defendants, the Applicant Bank sanctioned a Term loan facility of Rs. 4,95,25,000/- vide sanction letter dated 21.09.2019 on certain terms and conditions. The agreed rate of interest for the aforesaid loan was @8.75% p.a. with half yearly rests. The Defendant also agreed to pay additional interest @2% by way of liquidated damages in the event of any default in repayment.

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In order to secure the aforesaid loan facility, the Defendants executed various loan documents in favour of the Applicant Bank. These included sanction letter, agreement of housing loan, registered sale deed bearing daybook no. 4819/2013 dated 31.05.2013, letter of undertaking, demand promissory note, letter of continuity etc., in favour of the Applicant Bank.

(OA No.599/2024)

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[AMBADAS]

The Applicant Bank further contends that, in order to secure the aforesaid loan facility, the Defendant No. 1 to 5 created first charge over their immovable property under daybook no. 4819/2013 dated 31.05.2013 in favour of the Applicant Bank. The

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mortgage was created in respect of the following property-

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All that piece and parcel of Flat No. 201, on second floor, admeasuring 3314.98 Sq. Fts., Building known as “EL Castillo”, on plot NO. 23/B & 23/C, Sector C, Nerul Node, Taluka & District Thane, New Mumbai which is bounded as under:

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North: Plot No. 20. South: 15 m wide road East: 15 m wide road West: Plot No. 24.

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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

(OA No.599/2024)

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[AMBADAS]

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 08.09.2023. Therefore, on 25.09.2023 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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The defendants failed to appear in matter though they were served through RPAD. Hence, the defendants were proceeded exparte as per Order dated 11.02.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Ramesh L. Pawara, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents as Annexure A-1 to A-21 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.

(OA No.599/2024)

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[AMBADAS]

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 charge over immovable property of the borrowers which is mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @9.05 p. a. on term loan from the date of filing i.e. 25.03.2024 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), it would be just and reasonable rate of interest.

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ORDER

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(A) Original Application No. 599/2024 is allowed with

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costs.

(OA No.599/2024)

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[AMBADAS]

(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 4,73,06,902.60/- (Rupees Four Crore, Seventy Three Lacs, Six Thousand, Nine Hundred Two and Sixty Paisa only), along with future interest @ 9% per annum (simple) from the date of filing of the O.A. i.e. 25.03.2024 till full payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by the mortgage of the following immovable property bearing daybook no. 4819/2013 agreement of sale dated 31.05.2013 at Annex. A-15 and documents Annexure A- 11 to A-14 in list of documents Exh. 5.

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North: Plot No. 20. South: 15 m wide road East: 15 m wide road West: Plot No. 24.

(OA No.599/2024)

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[AMBADAS]

(D) The applicant Bank is entitled to sell the mortgaged

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immovable property, 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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Sd/-

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Pronounced in open court. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:.18.09.2025 Debts Recovery Tribunal, Aurangabad

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(OA No.599/2024)

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[AMBADAS]

Union Bank of India v. Vandana Ravindra Chaudhari

Case brief

What is this about?

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Union Bank of India v. Vandana Ravindra Chaudhari

Case brief

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