Allowed

Bank of Maharashtra v. Narayan Khandoji Budhwant

DRT3 Oct 2025OA/823/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application by Bank of Maharashtra for recovery of Rs. 49,52,028/- with interest from two borrowers who default on a housing loan and failed to appear. The court directed payment and secured the dues via mortgage of specified flats.

What did the court decide?

Defendants to pay Rs. 49,52,028/- with future interest at 9% p.a.; bank entitled to sell mortgaged properties and issue recovery certificate.

Bank of Maharashtra versus Narayan Khandoji Budhwant — Money Laundering | DRT (2025)

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Presented on: 09.10.2024 Registered on: 17.10.2024 Decided on: 03.10.2025 Duration: Y M D 00 11 24

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 823/2024

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TOTAL CLAIM AMOUNT – Rs. 49,52,028/-

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Bank of Maharashtra,

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Bank of Maharashtra a Banking Company, Constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, Having its Head Office at “Lokmangal”, 1501, Shivaji Nagar, Pune and one of its Branche of Bank of Maharashtra, Main Branch, Kranti Chowk Aurangabad, Through its Chief Manager, Somnath Bajrang Sasane, ARB, Zonal Office, at Aurangabad & having Authority to file the Plaint, which include the … Applicant Authority to Sigh & verify the Plaint.

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Versus

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Narayan Khandoji Budhwant, Age: 37 yrs, Occ.: Business R/o.: Plot No. 67, Dev Nandini Nagar, New Pahadsingpura, Nr. Sai Mandir, Dist. Aurangabad.

(OA No.823/2024)

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[AMBADAS]

AND

Flat No. 08, 3^rd Floor, Shriram Residential, Begumpura, Aurangabad. AND

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Flat No. 07, 3^rd Floor, Shriram Residential, Begumpura, Aurangabad.

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Ujwala Pundlikrao Ghuge, Age: 37 yrs, Occ.: Business R/o.: Plot No. 67, Dev Nandini Nagar, New Pahadsingpura, Nr. Sai Mandir, Dist. Aurangabad. AND

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Flat No. 08, 3^rd Floor, Shriram Residential, …Defendants Begumpura, Aurangabad.

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APPEARANCES

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For the Applicant Mr. A. L. Muley -Advocate For Defendants Ex-parte

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JUDGMENT Delivered on 03.10.2025

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 49,52,028/- (Rupees Forty Nine lacs, Fifty Two thousand, and Twenty Eight only), along with further interest from the date of filing of the Original Application, i.e.,

(OA No.823/2024)

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[AMBADAS]

09.10.2024, 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, defendant No. 1 & 2 approached the applicant bank seeking financial assistance in the form of Housing loan. Upon scrutiny of the submitted documents, the applicant bank sanctioned Housing loan of Rs. 21,00,000/- & of Rs. 21,00,000/- vide sanction letter dated 14.09.2016. The agreed rate of interest for aforesaid loan facility was @9.65% p.a. with monthly rests. The defendants also agreed to pay an additional interest @ 2% by way of liquidated damages in case of default in repayment.

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In order to secure the aforesaid loan facilities, the Defendants executed various loan documents in favour of the Applicant Bank. These included sanction letter, deed of hypothecation, demand

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promissory note, title deed bearing filing no. 3695/2016 &

(OA No.823/2024)

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[AMBADAS]

3694/2016 dated 03.10.2016 etc., in favour of the Applicant Bank.

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The Applicant Bank further contends that, in order to secure the loan facilities sanctioned, the Defendants created first charge over their immovable property by executing title deed bearing filing no. 3695/2016 & 3694/2016 dated 03.10.2016. The mortgage

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was created in respect of the following properties:

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A) All that piece and parcel of landed property bearing Flat No. 08, Shriram Residency, Lalmandi, Begumpura, Aurangabad, built up area 50.57 sq. mtr in the name of defendant No. 1 i.e. Narayan Khandoji Budhwant which is bounded as under: East: Side Margin & CTS No. 1750, West: Side Margin, South: Side Margin & Road, North: Lift and Flat No. 7.

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B) All that piece and parcel of landed property bearing Flat No. 07, Shriram Residency, Lalmandi, Begumpura, Aurangabad, built up area 58.15 sq. mtr in the name of defendant No. 1 i.e. Narayan Khandoji Budhwant which is bounded as under: East: Side Margin & CTS No. 1750, West: Side Margin & Road, South: Lift & Flat No. 8 North: Side Margin & CTS No. 1756.

(OA No.823/2024)

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[AMBADAS]

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. Therefore, on 13.09.2024 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 served through paper publication. Hence, the defendants were proceeded ex-parte as per Order dated 27.02.2025.

(OA No.823/2024)

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[AMBADAS]

The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Somnath Bajrang Sasane, Branch Manager 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 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 @ 9.65% p.a. from the date of filing i.e. 09.10.2024 of this application till realization

(OA No.823/2024)

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[AMBADAS]

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) on outstanding amount, it would be just and reasonable rate of interest.

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ORDER

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(A) Original Application No. 823/2024 is allowed with

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costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 49,52,028/- (Rupees Forty Nine lacs, Fifty Two thousand, and Twenty Eight only), along with future interest @ 9% per annum (simple) on outstanding amount from the date of filing of the O.A. i.e. 09.10.2024 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 title deed bearing daybook no. 3695/2016 & 3694/2016 dated 03.10.2016 at Exh. A-14 & A-15 and

(OA No.823/2024)

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[AMBADAS]

documents Exh. A-6 to A-11 in the list of documents Exh.

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East: Side Margin & CTS No. 1750, West: Side Margin, South: Side Margin & Road, North: Lift and Flat No. 7.

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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 accordingly.

(OA No.823/2024)

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[AMBADAS]

(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. Place: Aurangabad Date:. 03.10.2025

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

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(OA No.823/2024)

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[AMBADAS]

Bank of Maharashtra v. Narayan Khandoji Budhwant

Case brief

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Bank of Maharashtra v. Narayan Khandoji Budhwant

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