Allowed

Bank of Baroda v. Narayan Machindra Autade

DRT17 Dec 2025OA/786/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Bank of Baroda's application for recovery of a term loan of Rs. 33,17,875.72 from the borrowers and guarantor, decreed joint and several liability with future interest at 8% per annum, and secured recovery via the auction of mortgaged properties.

What did the court decide?

Defendants to pay Rs. 33,17,875.72 plus future interest at 8% p.a.; issue of Recovery Certificate; authorization to sell mortgaged properties.

Bank of Baroda versus Narayan Machindra Autade — Municipal and Town Planning | DRT (2025)

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Presented on: 31.08.2024 Registered on: 30.09.2024 Decided on: 17.12.2025 Duration: Y M D 01 03 17

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 786/2024

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TOTAL CLAIM AMOUNT – Rs. 33,17,875.72/-

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Bank of Baroda ,

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Banking Company incorporated under the Banking companies (Acquisition & Transfer of Undertaking) Act, 1970 having its Head Office at Baroda House, Plaza-1, Sayaji Ganj, Mandvi, Vadodara-390006, Gujrat and its branch office at Stressed Asset Recovery Branch, Plot No. 8. Sector-E, CIDCO, N-5, Connaught Place, Chh. Sambhajinagar-Maharashtra-431003, through its Authorized Signatory, Mr. Pradeep Kumar Shrivastava.

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… Applicant

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Versus

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1. Shree Narayan Machindra Autade The Borrower, R/o: - At post Sarala, Taluka Shrirampur, Dist. Ahmednagar, Tal. And Dist. Maharashtra-413709.

(OA No.786/2024)

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[AMBADAS]

2. Smt. Shakuntala Machindra Autade Co- Borrower, R/o: - At post Sarala, Taluka Shrirampur, Dist. Ahmednagar, Tal. And Dist. Maharashtra-413709.

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3. Smt. Kalpana Padmanath Autade Co- Borrower, R/o: - At post Sarala, Taluka Shrirampur, Dist. Ahmednagar, Tal. And Dist. Maharashtra-413709.

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4. Smt. Pushplata Manohar Jagdale The Guarantor, R/o: - At post Sarala, Taluka Shrirampur, Dist. Ahmednagar, Tal. And Dist. Maharashtra-413709.

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APPEARANCES

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…Defendants

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For the Applicant Mr. M.M. Jadhav -Advocate For Defendants Ex-parte

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JUDGMENT

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Delivered on 17.12.2025

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 33,17,875.72/- (Rupees Thirty Three Lacs, Seventeen Thousand, Eight Hundred Seventy Five and Seventy Two Paisa only), along with future interest from the date of filing of the

(OA No.786/2024)

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[AMBADAS]

Original Application, i.e., 31.08.2024, 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 3 had approached and requested the Applicant Bank for financial assistance. Upon considering the request and financial needs of the Defendants, the Applicant Bank sanctioned Term loan facility of Rs. 21,00,000/- for construction of farm house for agricultural Purposes vide sanction letter dated 15.05.2018 on certain terms and conditions. The agreed rate of interest for the aforesaid loan facilities was @8.40% p.a. with monthly rests respectively. 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 Defendants executed various loan documents in favour of the Applicant Bank. These included sanction letter, hypothecation agreement,

(OA No.786/2024)

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[AMBADAS]

demand promissory note, letter of undertaking, hypothecation agreement, and mortgage deed bearing daybook No. 1884/2018. Additionally defendant No. 4 stood as guarantor for defendant No. 1 and executed deed of guarantee 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 executed mortgage deed bearing daybook No. 1884/2018 in favour of the Applicant Bank.

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The mortgage was created in respect of the following properties-

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i) All that piece and parcel of land bearing at No. 202, adm. 1.79 H.R., situated at Village Sarala, Tal. Shrarmpur, Dist. Ahmednagar owned by defendant No. 1., which is bounded as under: East: Gut No. 186, South: Gat No. 199, West: Gut No. 203, North: Gut No. 201, 202 and 205.

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ii) All that piece and parcel of land bearing at No. 200, adm. 1.21 H.R., situated at Village Sarala, Tal. Shrarmpur, Dist. Ahmednagar owned by defendant No. 22., which is bounded as under: East: Gut No. 186, South: Gat No. 199, West: Gut No. 198, North: Gut No. 201, 202 and 205.

(OA No.786/2024)

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[AMBADAS]

iii) All that piece and parcel of land bearing at No. 199, adm. 1.79 H.R., situated at Village Sarala, Tal. Shrarmpur, Dist. Ahmednagar owned by defendant No. 3., which is bounded as under: East: Gut No. 186, South: Gat No. 186 and Malewadi Shiv, West: Gut No. 198, North: Gut No. 200.

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The defendant also executed hypothecation agreement thereby hypothecating stock/book debt/vehicles/ movable machinery, etc., in favor of the applicant bank.

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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 to pay the same. The loan account of the defendants became irregular and classified as NPA on 30.11.2021. Therefore on 26.07.2024 the applicant bank issued legal notice to the defendants through their advocate. Despite service of Notices, the

(OA No.786/2024)

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[AMBADAS]

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 20.01.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Pradeep Kumar Shrivastava, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents as Annexure AW-1/1 to AW-1/26 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 Bank is entitled for the reliefs as claimed.

(OA No.786/2024)

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[AMBADAS]

The applicant Bank has claimed charge over immovable properties & hypothecated properties of the borrowers which are mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @8.40% p.a. on from the date of filing i.e. 31.08.2024 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 @ 8% 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. 786/2024 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 33,17,875.72/- (Rupees Thirty Three Lacs, Seventeen Thousand, Eight Hundred Seventy Five and Seventy Two Paisa only), along with future interest @ 8% per annum (simple) from the date of filing of the Original Application i.e. 31.08.2024 till full

(OA No.786/2024)

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[AMBADAS]

payment/realization of the amount mentioned in this operative order.

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mortgage of the following immovable properties vide documents at AW-1/12 in list of documents Exh. 5.

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ii) All that piece and parcel of land bearing at No. 200, adm. 1.21 H.R., situated at Village Sarala, Tal. Shrarmpur, Dist. Ahmednagar owned by defendant No. 22., which is bounded as under:

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East: Gut No. 186, South: Gat No. 199, West: Gut No. 198, North: Gut No. 201, 202 and 205.

(OA No.786/2024)

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[AMBADAS]

North: Gut No. 200.

(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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Sd/Pronounced in open court. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:. 17.12.2025. Debts Recovery Tribunal, Aurangabad

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(OA No.786/2024)

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[AMBADAS]

Bank of Baroda v. Narayan Machindra Autade

Case brief

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Bank of Baroda v. Narayan Machindra Autade

Case brief

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