Allowed

Union Bank of India v. Vishwanath Ramchandra Waditke

DRT1 Oct 2025OA/640/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Union Bank of India for recovery of Rs. 34.92 lakhs and future interest from borrowers who defaulted on agricultural and crop loans. The bank was granted a mortgage charge over the mortgaged properties.

What did the court decide?

Recovery of Rs. 34,92,741.80 plus future interest at 9% p.a.; charge over mortgaged properties; power to sell.

Union Bank of India versus Vishwanath Ramchandra Waditke — Banking and Recovery | DRT (2025)

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Presented on: 22.06.2024 Registered on: 17.08.2024 Decided on: 01.10.2025 Duration: Y M D 01 03 09

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 640/2024

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TOTAL CLAIM AMOUNT – Rs. 34,92,741.80/-

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Union Bank of India,

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(Erstwhile “Corporation Bank”) 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 Station Road, Dist. Ahmednagar and having it’s Asset Recovery Branch (ARB), at Plot No. 3, 1^st Floor, Sahakar Colony, Shahanoorwadi, Aurangabad, through its Power of Attorney, Mr. Kapil s/o Vijaysingh Bilwal (Law Officer), Age: 37 years, Occ.: Service, R/o. Plot No. 3, 1^st Floor, Sahakar Colony, Shahnoorwadi, Aurangabad 431005.

… Applicant

(OA No.640/2024)

Page 1 of 9

[AMBADAS]

Versus

1. Mr. Vishwanath Ramchandra Waditke, Age: Major, Occu.: Agri., R/o.: At Post Mandave, Tq. Shrirampur, Dist. Ahmednagar 413710.

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2. Mrs. Shantabai Vishwanath Waditke

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Age: Major, Occu.: Agri., R/o.: At Post Mandave, Tq. Shrirampur, Dist. Ahmednagar 413710.

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3. Mr. Prashant Vishwanath Waditke

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Age: Major, Occu.: Agri., R/o.: At Post Mandave, Tq. Shrirampur, Dist. Ahmednagar 413710.

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4. Mr. Nikhil Vishwanath Waditke, Age: Major, Occu.: Agri., R/o.: At Post Mandave, Tq. Shrirampur, Dist. Ahmednagar 413710.

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5. Mr. Gangadhar Muktaji Vitnor,

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Age: Major, Occu.: Agri., R/o.: At Post Mandave, Tq. Shrirampur, Dist. Ahmednagar 413710.

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…Defendants

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APPEARANCES

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For the Applicant For Defendants

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Mr. K. D. Pande -Advocate Ex-parte

(OA No.640/2024)

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[AMBADAS]

JUDGMENT

Delivered on 01.09.2025

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The Applicant Bank has filed the present application for the

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recovery of a sum of Rs. 34,92,741.80/- ( Rupees Thirty Four Lacs, Ninety Two Thousand, Seven Hundred Forty One and Eighty Paisa only), along with future interest from the date of filing of the Original Application, i.e., 22.06.2024, 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 4 approached and requested the Applicant Bank for Agri. Term loan facility (CKFM) facility & Crop Loan (CCCK) facility. Upon considering the request and financial needs of the Defendants, the Applicant Bank sanctioned Agri. Term loan facility (CKFM) facility of Rs. 6,00,000/- lacs & Crop Loan (CCCK) facility of Rs. 12,00,000/- vide sanction letter dated 17.09.2016 on certain

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terms and conditions. The agreed rate of interest for the aforesaid

(OA No.640/2024)

Page 3 of 9

[AMBADAS]

loan facilities was @11.15% p.a. & @ 10.90% p.a. with half yearly rests. The Defendants 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 Defendant No. 1 to 4 executed various loan documents in favour of the Applicant Bank. These included sanction letter, letter of undertaking, hypothecation agreement, demand promissory note, registered mortgage deed bearing day book no. 3123 dated 20.09.2016 etc., in favour of the applicant bank. Additionally defendant No. 5 stood as guarantor for defendant Nos. 1 to 4 and executed deed of guarantee dated 30.09.2016 in favour of the applicant bank.

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The Applicant Bank further contends that, in order to secure the aforesaid loan facility, the Defendants created first charge over their immovable property under registered mortgage deed bearing day book no. 3123 dated 20.09.2016 in favour of the

(OA No.640/2024)

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[AMBADAS]

Applicant Bank. The mortgage was created in respect of the

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following properties-

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i) All that piece & parcel of agricultural land admeasuring 1 H 67 R out of Gut No. 126, situated at Village Mandave, Tq. Shrirampur, Dist. Ahmednagar which is owned & possessed by defendant No. 1 and is bounded as per record of rights.

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ii) All that piece & parcel of agricultural land admeasuring 1 H 45 R out of Gut No. 65, situated at Village Kadit (Kd.), Tq. Shrirampur, Dist. Ahmednagar which is owned & possessed by defendant No. 1 and is bounded as per record of rights.

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iii) All that piece & parcel of agricultural land admeasuring 1 H 37 R out of Gut No. 120, situated at Village Mandave, Tq. Shrirampur, Dist. Ahmednagar which is owned & possessed by defendant No. 1 and is bounded as per record of rights.

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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 rate of interest thereon, but the defendants failed and neglected

(OA No.640/2024)

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[AMBADAS]

to pay the same. The loan account of the defendants became irregular and classified as NPA on 30.03.2020. Therefore, on 22.05.2024 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 duly served. Hence, the defendants were proceeded ex-parte as per Order dated 06.03.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Kapil Vijaysingh Bilwal, Power of Attorney Holder of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1 to A-28 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.640/2024)

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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 properties of the borrowers which are mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @12.50 p. a. on outstanding amount from the date of filing i.e. 22.06.2024 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. 640/2024 is allowed with costs.

(OA No.640/2024)

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[AMBADAS]

(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 34,92,741.80/- ( Rupees Thirty Four Lacs, Ninety Two Thousand, Seven Hundred Forty One and Eighty Paisa only), along with future interest @ 9% per annum (simple) on outstanding amount from the date of filing of the O.A. i.e. 22.06.2024 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 properties. Vide simple mortgage deed bearing daybook no. 3123 dated 20.09.2016 at Exh. A-10 in the list of documents Exh. 5.

(OA No.640/2024)

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[AMBADAS]

(D) The applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated articles/goods etc., 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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Pronounced in open court. Place: Aurangabad Date:.01.10.2025

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

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(OA No.640/2024)

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Page 9 of 9

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[AMBADAS]

Union Bank of India v. Vishwanath Ramchandra Waditke

Case brief

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Union Bank of India v. Vishwanath Ramchandra Waditke

Case brief

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