Allowed

State Bank of India v. Tulshiram Abhiman Ajabe

DRT17 Jul 2025OA/664/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Bank's application for recovery of dues arising from a housing loan default. After noting the defendants' failure to appear, the Court directed repayment of the principal sum along with future simple interest at 9% per annum, secured by the mortgaged property, and issued a Recovery Certificate.

What did the court decide?

Recovery of Rs. 27,65,338.46 with future simple interest at 9% p.a. secured by mortgaged property and issuance of Recovery Certificate.

State Bank of India versus Tulshiram Abhiman Ajabe — Banking and Recovery | DRT (2025)

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Presented on: 07.05.2024 Registered on: 22.08.2024 Decided on: 17.07.2025 Duration: Y M D 01 02 10

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Shri Dr. J. R. Chauhan Presiding officer)

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TOTAL CLAIM AMOUNT – Rs.27,65,338.46 PS.

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ORIGINAL APPLICATION No.664/2024

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State Bank of India , A body corporate constituted under the provisions of the State Bank of India Act, 1955 (23 of 1955) having it's one of Local Head office at Synergy, Bandra-Kurla Complex, Bandra (E), Mumbai, & Branches amongst the other places at RACPC, Aurangabad & having Stressed Assets Recovery Branch (SARB) at Plot No. 79, N-5, CIDCO Aurangabad - 431003 through its Authorized Officer, Mr. Nitin Narayan Kamble (Manager &

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[DAK] (OA No.664/2024) Page 1 of 9

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CCO), Age: 42 yrs., Occu.: Service, R/o. CIDCO, Aurangabad.

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… Applicant

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Versus 1. Tulshiram Abhiman Ajabe Age: Major, Occu.: Business, R/o: At House No. A-120, F-8-12, N-6, CIDCO, Near Tuljabhavani Temple, Aurangabad 431003 AND / OR Tulshiram bhiman Ajabe Age: Major, Occu.: Business, R/o: C/o Shri Ram Enterprises, Shop No. 5, Siddhant Complex, Near Kulswamini Mangal Karyalaya, N-6, CIDCO, Aurangabad 431003 2. Jyoti Tulshiram Ajabe Age: Major, Occu.:

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[DAK] (OA No.664/2024) Page 2 of 9

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Service,

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R/o: At House No. A-120, F-8-12, N-6, CIDCO, Near Tuljabhavani Temple, Aurangabad 431003

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Defendants

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APPEARANCES

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For the Applicant Mr. K. D. Pande - Advocate For Defendants Exparte

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JUDGMENT

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(Delivered on 17^th July, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs. 27,65,338.46 PS (Rs. Twenty Seven Lacs Sixty Five Thousand Three Hundred Thirty Eight & Forty Six Ps Only) together with interest 9.50% & 10% per annum with monthly rests upon Housing loan from 14.04.2024 till the full realization of the entire dues and costs from the defendants.

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Brief facts of the application are as under :

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That, the Defendant Nos. 1 & 2 had approached to the Applicant Bank and requested to sanction a Housing Loan

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[DAK] (OA No.664/2024) Page 3 of 9

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facility. Upon considering the representations/requests and need of the defendants, the Applicant Bank sanctioned Housing Loan of Rs. 15,00,000/- and Suraksha Loan facility vide sanction letter dated 17.10.2020 on certain terms & conditions. The agreed rate of interest was @ 7.10 % per annum with monthly rests. Thereafter, Top-Up loan facility of Rs. 6,00,000/- vide arrangement letter dated 27.10.2020 with interest @ 7.75 per annum with monthly rests. The defendants also agreed to pay an additional interest by way of liquidated damages @ 2% p.a. in case of default in repayment.

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In order to secure the aforesaid loan facilities, the defendants executed loan documents in favour of the applicant bank namely arrangement letter, agreement to mortgage, memorandum of loan agreement dated 17.10.2020 and registered assignment deed bearing daybook No.2665 dated 12.06.2018, vide list of documents Exh.5.

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The applicant bank contended that to secure the Housing loan facility, the defendants have created charge and security interest by creating Equitable Mortgage by way of deposit of Title Deeds on 28.11.2020 in favour of the

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[DAK] (OA No.664/2024) Page 4 of 9

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applicant bank in respect of following property.

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All that piece and parcel of Tenament No. 8/12 admeasuring 30 sq. mtrs. Built up area admeasuring 12.89 sq. mtrs and future extended area admeasuring 7.18 sq.mtrs., first-floor built-up area 12.89 sq.mtrs. on Sector No. N-6/F, Survey No. 33/Part, Village Jaswantsingpura, CIDCO, Aurangabad which is bounded as under:

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East : Tenement No. N6/F/08/11 West : Tenement No. N6/F/08/13 South : 3.50 mtr. wide pathway North : Tenement No. N6/F/08/05

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The applicant bank contended that the defendants have failed to keep their promises and commitments agreed by them with regard to due repayment of the loan amount. The defendants failed to operate the loan account properly within a year 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

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[DAK] (OA No.664/2024) Page 5 of 9

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defendants became irregular and classified as nonperforming asset on 13.10.2023. Therefore on 27.04.2024, 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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The defendants failed to appear in the matter though they were duly served through publication, hence the defendants proceeded exparte as per order dated 01.04.2025.

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The applicant Bank has filed Claim Affidavit of Evidence (Exhibit-4) of Nitin Narayan Kamble, Manager & CCO of the applicant Bank and has produced on record the original loan transaction documents as Exh. A-1 to A-23, 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

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[DAK] (OA No.664/2024) Page 6 of 9

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Bank is entitled for reliefs as claimed.

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The applicant Bank has claimed future interest @ 9.50% per annum on Housing and Suraksha Loan and @ 10% per annum on Top-Up with monthly rests compoundable from 14.04.2024 till the full realization of the entire dues and costs from the defendants. However, considering the facts and circumstances 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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Hence, I pass the following order.

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ORDER

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(A) Original Application No.664/2024 is allowed with costs.

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(B) Defendants are ordered and directed to pay jointly and severally to the applicant the aggregate sum of Rs. 27,65,338.46 PS (Rs. Twenty Seven Lacs Sixty Five Thousand Three Hundred Thirty Eight & Forty Six Ps Only) alongwith future interest @ 9% per annum (simple) from 07.05.2024 till full payment/realization of the amount.

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[DAK] (OA No.664/2024) Page 7 of 9

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All that piece and parcel of Tenament No. 8/12 admeasuring 30 sq. mtrs. Built up area admeasuring 12.89 sq. mtrs and future extended area admeasuring 7.18 sq.mtrs., first-floor builtup area 12.89 sq.mtrs. on Sector No. N-6/F, Survey No. 33/Part, Village Jaswantsingpura, CIDCO, Aurangabad which is bounded as under: East : Tenement No. N6/F/08/11 West : Tenement No. N6/F/08/13 South : 3.50 mtr. wide pathway North : Tenement No. N6/F/08/05

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(D) The applicant bank is entitled to sell the mortgaged immovable properties, to recover its dues.

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(E) Issue Recovery Certificate.

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(F) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants.

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[DAK] (OA No.664/2024) Page 8 of 9

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(G) File be consigned to the record room after due compliance.

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

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Place : Aurangabad. Date : 17.07.2025.

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[DAK] (OA No.664/2024) Page 9 of 9

State Bank of India v. Tulshiram Abhiman Ajabe

Case brief

What is this about?

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State Bank of India v. Tulshiram Abhiman Ajabe

Case brief

What is this about?

What did the court decide?

What the court decided

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