Allowed

State Bank of India v. Ashitosh Gaikwad

DRT13 Aug 2025OA/688/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal at Pune allowed an application filed by State Bank of India for recovery of dues amounting to Rs.70,23,355.62 with future interest from defendants who failed to repay housing loans secured by two flats in Chintamani Residency, Pune.

What did the court decide?

Payment of Rs.70,23,356 along with future interest at 8.75% p.a., sale of two mortgaged flats, and issuance of Recovery Certificate.

State Bank of India versus Ashitosh Gaikwad — Insurance | DRT (2025)

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Presented on: 15.06.2022 Registered on: 06.08.2022 Decided on: 13.08.2025 Duration: Y M D 03 01 28

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.688/2022.

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State Bank of India ,

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A Banking Company constituted under the State Bank of India Act, 1955, having its Corporate Office at State Bank Bhavan, Nariman Point, Madam Cama Road, Mumbai-400021 and its Branch at 5^th and 6^th Floor, Shradha Chambers, 386/2, Shankar Sheth Road, Pune-411 037 and Stressed Assets Recovery Branch (SARB) at Vardhaman Building, 2^nd floor, 321/A/3, 7 Loves Chowk, Shankar Sheth Road, Pune-411 042.

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… Applicant

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Versus

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Mr. Ashitosh Rajesh Gaikwad Age adult, Occ.:- Profession R/at S.No.14/2, Shri Samarth Plaza Building Kharadi, Thitenagar, Pune-411 014.

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2. M/s J.P.S. Associates Partnership Firm

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Office – Radhika Avenue, Jagtap Dairy Pimple Nilakh, Pune-27.

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Mr. Sandeep Savalaram Janjire Partner of M/s J.P.S. Associates R/at Harsh Vihar Society, D.P.Road, Aund, Pune-411 007.

(OA No.688/2022)

Page 1 of 7

[ANIL]

Mr. Tanaji Kalyan Pondkhule Partner of M/s J.P.S. Associates R/at S.No.14/4D, Atharva Shubhashree Shivane, Pune-411 023 . … Defendants

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APPEARANCES

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For the Applicant For the Defendants

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Mrs. Nisha Ruikar - Advocate Ex-parte.

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TOTAL CLAIM AMOUNT –Rs.70,23,355.62Ps. JUDGMENT

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(Delivered on 13^th August, 2025)

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Applicant Bank has filed present application for recovery of aggregate sum of Rs.70,23,355.62Ps [ i.e. Rs.35,32,228.17Ps towards Housing Term Loan I + SBI Rin Suraksha and Rs.34,91,127.45Ps for Housing Term Loan II + SBI Rin Suraksha ] together with future interest @8.75% p.a. respectively with monthly rests from 01.01.2021 till repayment/realization of the entire dues from the defendants.

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Brief facts of the application are as under:

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Defendant No.1 approached to the Applicant Bank on

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27.07.2018 and requested for housing loan for purchase of Flat.

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The applicant bank sanctioned Housing Loan of Rs.29,60,000/including funding of Home Loan Insurance cover of Rs.60,000/- on 10.08.2018, on certain terms and conditions.

(OA No.688/2022)

Page 2 of 7

[ANIL]

Defendant has executed necessary loan transaction and security documents in favour of the Applicant Bank as set out in Para No.5.5 the Original Application.

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Defendant No.1 delivered and deposited the documents of Title Deed pertaining to the mortgaged property i.e. Agreement dated 18.07.2018 registered in the office of Sub Registrar Haveli No.3 bearing Registration No.9211/2018 executed by Defendant No.1 as purchaser with Defendant Nos.2 to 4 as developer. The mortgaged property is – Flat No.306, 3^rd Floor, Wing-A, Chintamani Residency, admeasuring 416 sq.ft. (38.66 sq. mtrs.) carpet with adjacent terrace 105 sq. ft. (9.75 sq. mtrs.), Gat No.16B, village Kirkatwadi, Taluka Haveli, District Pune, more particularly described in Para No.5.6 of the Original Application.

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Defendant No.4 on behalf of Defendant No.2 has issued No Objection Letter dated 19.07.2018 to the Applicant bank and confirmed that the flat is allotted to Defendant No.1 and Defendant No.2 is not having objection to mortgage the flat with the applicant bank and thereafter, the applicant bank disbursed the loan amount in the account of Defendant No.1.

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Term Loan-I Account No.37871352049 for Housing Loan-I of Rs.29,00,000/- and SBI Rin Suraksha Account No. 37871357693 for Rs.60,000/- is opened for funding.

(OA No.688/2022)

Page 3 of 7

[ANIL]

Defendant No.1 also approached to the Applicant Bank on 27.07.2018 and requested for Home Loan. The applicant bank sanctioned Housing Loan of Rs.29,50,000/- including funding of Home Loan Insurance cover of Rs.60,000/- on 10.08.2018, on certain terms and conditions.

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Defendant has executed necessary loan transaction and security documents in favour of the Applicant Bank as set out in Para No.5.11 the Original Application.

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Defendant No.1 delivered and deposited the documents of Title Deed pertaining to the mortgaged property i.e. Agreement dated 18.07.2018 registered in the office of Sub Registrar Haveli No.3 bearing Registration No.9214/2018 executed by Defendant No.1 as purchaser with Defendant Nos.2 to 4 as developer. The mortgaged property is – Flat No.307, 3^rd Floor, Wing-A, Chintamani Residency, admeasuring 416 sq.ft. (38.66 sq. mtrs.) carpet with adjacent terrace 53 sq. ft. (4.92 sq. mtrs.), Gat No.16B, village Kirkatwadi, Taluka Haveli, District Pune, more particularly described in Para No.5.12 of the Original Application.

(OA No.688/2022)

Page 4 of 7

[ANIL]

Term Loan-II Account No.37871205436 for Housing Loan-II of Rs.29,90,000/- and SBI Rin Suraksha Account No. 37871217237 for Rs.60,000/- is opened for funding.

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Defendant after availing aforesaid Housing Loan failed to regularize the loan facility in spite of repeated requests and demands by the Applicant Bank, therefore, the account of Defendant No.1 was continuously irregular and hence, the account was classified as NPA on 01.01.2021.

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Defendant No.1 failed to repay the loan as per the terms and conditions and Term Loan account was running irregular and defendant No.1 was reluctant to pay the amount. Thereafter, Applicant Bank issued Legal Notice dated 19.01.2022 through Advocate to defendant and thereby demanded outstanding loan amount together with future interest. Despite service of Notice, the defendants failed and neglected to comply with the demand in the said Notice. Hence, this Application .

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The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendants as per order dated 24.04.2025 passed below Application (Exh-1).

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The Applicant Bank has filed Claim Affidavit (Exhibit-08) of Mrs. Jyoti Bandmantri, Chief Manager SARB of the Applicant Bank which supports the case of the applicant elucidated in the application whereas the defendants failed to lead the evidence.

(OA No.688/2022)

Page 5 of 7

[ANIL]

The applicant Bank has produced in evidence the original loan documents at Exhs. AW-1/1 to AW-1/22 which corroborate 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 evidence of the applicant bank. Therefore, Applicant Bank is entitled for reliefs as claimed.

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Applicant Bank has claimed future interest @8.75 p.a. for Term Loan I & Term Loan-II respectively. I am of the opinion that the future interest claimed by the applicant would be just and reasonable, hence, it is to be granted.

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Hence, I pass the following order:-

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ORDER

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(A) Original Application No.688/2022 is allowed with costs.

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(B) Defendant Nos.1 to 4 either jointly or severally shall pay to the Applicant Bank aggregate sum of Rs.70,23,356/ - (Rupees Seventy Lakhs Twenty Three Thousand Three Hundred Fifty Six only) [ i.e. Rs.35,32,228.17Ps towards Housing Term Loan-I alongwith SBI Rin Sureaksha & Rs.34,91,127.45Ps towards Housing Term Loan-II alongwith SBI Rin Suraksha ] with future interest @8.75% p.a. each from the date of filing of the Original Application i.e. 15.06.2022 till payment/ realization of the amount mentioned in this operative order.

(OA No.688/2022)

Page 6 of 7

[ANIL]

(i)- Flat No.306, 3^rd Floor, Wing-A, Chintamani Residency, admeasuring 416 sq.ft. (38.66 sq. mtrs.) carpet with adjacent terrace 105 sq. ft. (9.75 sq. mtrs.), Gat No.16B, village Kirkatwadi, Taluka Haveli, District Pune, AND more particularly described in Para No. 5.6 of the Original Application.

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(ii)- Flat No.307, 3^rd Floor, Wing-A, Chintamani Residency, admeasuring 416 sq.ft. (38.66 sq. mtrs.) carpet with adjacent terrace 53 sq. ft. (4.92 sq. mtrs.), Gat No.16B, village Kirkatwadi, Taluka Haveli, District Pune, more particularly described in Para No.5.12 of the Original Application.

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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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Sd/-

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Place : Pune Date: 13.08.2025

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(Dilip G. Murumkar) Presiding Officer, Debts Recovery Tribunal, Pune.

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(OA No.688/2022)

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Page 7 of 7

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[ANIL]

State Bank of India v. Ashitosh Gaikwad

Case brief

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State Bank of India v. Ashitosh Gaikwad

Case brief

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