Allowed

State Bank of India v. Jayant Ravindra Gajare

DRT14 Oct 2025OA/867/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application filed by State Bank of India for recovery of dues. Upon ex-parte hearing, the court accepted unrebutted evidence of the bank and granted relief for the principal amount, future interest at 8%, sale of mortgaged property, and issuance of a Recovery Certificate.

What did the court decide?

Defendants to pay Rs. 40,62,256.72/- plus 8% future interest; mortgaged property to be securred for sale; Recovery Certificate to be issued.

State Bank of India versus Jayant Ravindra Gajare — Contract and Commercial Disputes | DRT (2025)

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Presented on: 25.10.2024 Registered on: 14.11.2024 Decided on: 14.10.2025 Duration: Y M D 11 00 19

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 867/2024

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TOTAL CLAIM AMOUNT – Rs. 40,62,256.72/-

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State Bank of India

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A Body Corporate constituted under the provisions of

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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 Dhule & having Stressed Assets Recovery Branch (SARB) at Plot No. 79, N-5, CIDCO, Chh. Sambhajinagar-431003, through its Authorized Officer, Mr. Abhay Shridhar Boradkar (Manager), Age: 48 yrs., Occ.: Service, R/o. CIDCO, Chh. Sambhajinagar.

… Applicant

(OA No.867/2024)

Page 1 of 8

[AMBADAS]

Versus

1. Mr. Jayant Ravindra Gajare, Age: Major, Occu.: Business, R/o.: Plot No. 22/A, Wadi Bhokar Road, Vijay Police Colony, Deopur, Dhule, Dist. Dhule-424002.

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2. Mr. Shashank Balkrishna Joshi, Age: Major, Occu.: Business, R/o.: Plot No. 38, Samarth Colony, Pramod Nagar, Sector 2, Dhule, Dist. Dhule-424002.

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3. Mr. Sanjay Sadashiv Chandratre,

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Age: Major, Occu.: Business, R/o.: Plot No. 22, Shreyash Colony, Pramod Nagar, Sector 2, Dhule, Dist. Dhule-424001.

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…Defendants

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APPEARANCES For the Applicant Mr. K. D. Pande Advocate For Defendants Ex-parte

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JUDGMENT Delivered on 14.10.2025

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The Applicant Bank has filed the present application for the

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recovery of a sum of Rs. 40,62,256.72/- (Rupees Forty Lacs, Sixty Two Thousand, Two Hundred Fifty Six and Seventy Two Paisa

(OA No.867/2024)

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[AMBADAS]

only), along with further interest from the date of filing of the Original Application, i.e., 25.10.2024, until the date of realization

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of the entire outstanding dues from the Defendants.

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Brief facts of the application are as under:

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That, the Defendant No. 1 to 3 had approached to the Applicant bank and requested to sanction a Home Loan. Upon considering the request and need of the defendants, the Applicant Bank sanctioned a Home loan of Rs. 45,00,000/- lacs vide arrangement letter dated 14.12.2016 on certain terms and conditions. The agreed rate of interest was @ 8.95% p.a. 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 facility, the Defendants executed various loan documents in favour of the Applicant Bank, including the arrangement letter, agreement of housing loan,

(OA No.867/2024)

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[AMBADAS]

registered mortgage deed bearing daybook no. 5776 dated

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14.12.2016 etc., in favor of the Applicant Bank.

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The Applicant Bank further contends that, in order to secure the Housing Loan sanctioned to them, the Defendants created first charge over their immovable property by depositing registered mortgage deed bearing daybook no. 5776 dated 14.12.2016, in favour of the Applicant Bank. The mortgage was created in respect of the following property –

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All that piece & parcel of Western Part of Plot No. 22, admeasuring 234.53 Sq. mtrs., (total area of Plot is 469.06 sq. mtrs) out of Survey No. 40/2 in Vijay Police Co-operative society, situated at Walwadi, Dhule, Tq. And Dist. Dhule, which is bounded as under:

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East :- Remaining Part of Plot No. 22, West :- Road, North:- Plot No. 23. South: - Road,

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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

(OA No.867/2024)

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[AMBADAS]

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 11.02.2024. Therefore on 19.09.2024 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 duly served. Hence, the defendants were proceeded ex-parte as per Order dated 21.08.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Abhay s/o Shridhar Boradkar, Manager of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1 to A-10 as per list of

(OA No.867/2024)

Page 5 of 8

[AMBADAS]

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 property of the borrowers which is mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @8.95% per annum with monthly rests on the loan from the date of filing i.e. 25.10.2024 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.

(OA No.867/2024)

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[AMBADAS]

ORDER

(A) Original Application No. 867/2024 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 40,62,256.72/- (Rupees Forty Lacs, Sixty Two Thousand, Two Hundred Fifty Six and Seventy Two Paisa only), along with future interest @ 8% per annum (simple) from the date of filing of the O.A. i.e. 25.10.2024 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 mortgaged of the following immovable property vide registered mortgage deed bearing daybook no. 5776 dated 14.12.2016 at Exh. A-7 in list of documents Exh. 5.

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East :- Remaining Part of Plot No. 22, West :- Road,

(OA No.867/2024)

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[AMBADAS]

North:- Plot No. 23 South: - Road

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(D) The applicant Bank is entitled to sell the mortgaged

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immovable property, 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:.14.10.2025 Debts Recovery Tribunal, Aurangabad

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(OA No.867/2024)

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Page 8 of 8

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[AMBADAS]

State Bank of India v. Jayant Ravindra Gajare

Case brief

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State Bank of India v. Jayant Ravindra Gajare

Case brief

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