Allowed

Bank of Maharashtra v. Wasik Ahmed Matin Kazi

DRT1 Aug 2025OA/896/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant Bank's application for recovery of a term and crop loan. The defendants were proceeded ex-parte for non-appearance. The court adjudicated the principal and awarded future interest at 9% simple interest, securing the claim over mortgaged property.

What did the court decide?

Defendants jointly and severally to pay Rs. 39,29,342/- plus future interest at 9% per annum simple interest. First charge created over mortgaged property.

Bank of Maharashtra versus Wasik Ahmed Matin Kazi — Specific Performance | DRT (2025)

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Presented on: 18.11.2024 Registered on: 28.11.2024 Decided on: 01.08.2025 Duration: Y M D 00 08 12

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Shri Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No.896/2024

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TOTAL CLAIM AMOUNT – Rs. 39,29,342/-

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Bank of Maharashtra

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A Body Corporate constituted under the provisions Banking Companies (Acquisition and Transfer of Undertakings) Act V of 1970, Having its Head Office at 1501 Lokmangal, Shivaji Nagar, Pune and branch amongst other places at Tamalwadi Branch, Taluka Tuljapur, District Osmanabad Through its Branch Manager Mr. Bojja Krishna s/o Subbulu Branch, Tamalwadi Branch Taluka Tuljapur, District Osmanabad Maharashtra- 413623

… Applicant

(OA No.896/2024)

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[AMBADAS]

Versus

Wasik Ahmed Matin Kazi Age: Major, Occu.: Agriculture R/o.: Gut No. 645, Kati Taluk Tuljapur Dist. Osmanabad

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Tulshiram Mahadev Bhosle Age: Major, Occu.: Agriculture R/o.: Wadgaon Kati Taluk Tuljapur Dist. Osmanabad

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Mehaboob Mubarak Pathan Age: Major, Occu.: Agriculture R/o.: Wadgaon Kati Taluk Tuljapur Dist. Osmanabad

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…Defendants

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APPEARANCES For the Applicant Mr. P. N. Kapadia - Advocate For Defendants Ex-parte

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J U D G M E N T Delivered on 01.08.2025

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 39,29,342/- (Rupees Thirty Nine Lacs Twenty Nine Thousand Three Hundred and Fourty Two only),

(OA No.896/2024)

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[AMBADAS]

along with further interest from the date of filing of the Original Application, i.e., 18.11.2024, 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 Defendants No. 1 had approached and requested the Applicant Bank for a Term loan facility for grape plantation and other development work etc. Upon considering the request and financial needs of the Defendants, the Applicant Bank sanctioned a Term loan facility of Rs. 16,60,000/- vide sanction letter dated 03.12.2015, on certain terms and conditions. The agreed rate of interest was @ 12.70% per annum with monthly rests. The Defendants also agreed to pay additional interest of @2% way of liquidated damages in the event of any default in repayment.

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The applicant bank states that, the defendant No. 1 again approached to the applicant bank and requested for an

(OA No.896/2024)

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additional loan as and by way of Crop Loan for Rs. 9.90 lacs. Upon considering the request of the defendant No. 1, the applicant bank sanctioned a term loan facility of Rs. 9,90,000/at @7% p.a. to the defendant vide sanction letter 06.09.2017.

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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 letters, request letters, a deed of hypothecations, a demand promissory notes, and deed of declarations bearing no. 117/2015 on 27.11.2024 and 799/2017 on 23.08.2017 Additionally, defendant nos. 2 & 3 stood as guarantors for defendant no. 1 and thereby executed a deed of guarantee dated 03.12.2025. and 06.09.2017 for both the loans in favour of the applicant bank.

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The Applicant Bank further contends that, in order to secure the Term loan Facility and Crop loan sanctioned to them, the Defendants created first charge over their immovable property

(OA No.896/2024)

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by executing a deed of declaration on 27.11.2015 and on

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23.08.2017 which was dully registered with Sub Registrar,

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Tuljapur vide Day Book No. 117/2015 and 799/2017 in favour of the Applicant Bank. The mortgage was created in respect of

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the following property –

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Property bearing land bearing Gut No. 645 admeasuring 2H 28R situated at Kati, Taluka Tuljapur, District Osmanabad which is bounded as under:

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East: Atik Kazi West: Babasaheb Road North: Nakhib Kazi South: Babasaheb Road

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The applicant bank further states that the defendants also hypothecated pipeline, drip and other agricultural equipments etc. to secure the aforesaid loan in favour 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 loans amount. The defendants failed to operate the loan account properly and failed to pay the

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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 defendant became irregular and classified as NPA on 26.03.2021 Therefore on 03.10.2023 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 Court Comissioner. Hence, the defendants were proceeded ex-parte as per Order dated 28.03.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Bojja Krishna s/o. Subbalu, Branch Manager of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1 to A-24 along with list of

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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 its charge over immovable properties of the borrower which are mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @ 14.70% per annum and @ 9 % p.a. on both the loans from the date of filing i.e. 18.11.2024 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 @ 9 % per annum (simple), it would be just and reasonable rate of interest.

(OA No.896/2024)

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ORDER

(A) Original Application No.896/2024 is allowed with costs.

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(B) The defendants jointly and severally shall pay to the applicant Bank a sum of Rs. 39,29,342/- (Rupees Thirty Nine Lacs Twenty Nine Thousand Three Hundred and Forty Two only), along with future interest @ 9 % per annum (simple) from the date of filing of the Original Application i.e. 18.11.2024 till full payment / realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by creating first charge over the immovable property by executing the deed of declaration on 27-11-2015 and 23-08-2017 which were dully registered with Sub Registrar Tuljapur vide Day Book No. 117/2015 and 799/2017 respectively as per details of property:-

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Property bearing land bearing Gut No. 645

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admeasuring 2H 28R situated at Kati, Taluka Tuljapur, District Osmanabad which is bounded as under:

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East: Atik Kazi West: Babasaheb Road North: Nakhib Kazi South: Babasaheb Road

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(D) The applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated articles/goods, 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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Pronounced in open court. Place : Aurangabad Date : . 01.08.2025

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

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(OA No.896/2024)

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[AMBADAS]

Bank of Maharashtra v. Wasik Ahmed Matin Kazi

Case brief

What is this about?

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Bank of Maharashtra v. Wasik Ahmed Matin Kazi

Case brief

What is this about?

What did the court decide?

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