Allowed

Bank of Maharashtra v. Sh. Deepak Yadav and Another

DRT16 Apr 2026OA/1112/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed Bank of Maharashtra's Original Application for recovery of Rs. 27,10,981.00 granted as home loan. Tribunal granted simple interest at 8% p.a. and directed issuance of Recovery Certificate under SARFAESI Act.

What did the court decide?

Recovery of Rs. 27,10,981.00 with simple interest at 8% p.a.; issuance of Recovery Certificate; liberty to enforce through due process.

Bank of Maharashtra versus Sh. Deepak Yadav and… — Contract and Commercial Disputes | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1112/2023

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 14.09.2023

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DATE OF DECISION: 16.04.2026

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Bank of Maharashtra, a Body Corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at ‘Lokmangal’ 1501, Shivaji Nagar, Pune, Maharashtra- 411005 and one of its Branch Office situated at SCF 1011, SBS Nagar, Ludhiana, Punjab being represented through its Chief Manager (Asset Recovery Branch), Ms. Yangchan Dolma

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……..Applicant

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Versus

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Sh. Deepak Yadav, S/o Sh. Amresh Yadav, R/o House no. 940E, Jain Jeevan Colony, Barewal Awana, P.A.U. Ludhiana, Punjab141004

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2^nd Address: House no. 31-32 A, 2^nd Floor, Ferozepur Road, Ludhiana, Punjab- 141012

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3^rd Address: Shop no. 2, Madhuban Enclave, Near Avtar Sweet Shop, Barewal Road, Ludhiana, Punjab- 141012

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Sh. Amresh Yadav, S/o Sh. Mahinder Yadav, R/o House no. 2, Block H, Ferozepur Road, Sarabha Nagar, Ludhiana, Punjab141001

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2^nd Address: House no. 31-32 A, 2^nd Floor, Ferozepur Road, Ludhiana, Punjab- 141012

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3^rd Address: Shop no. 2, Madhuban Enclave, Near Avtar Sweet Shop, Barewal Road, Ludhiana, Punjab- 141012

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….……Defendants

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Advocates:

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Argued by Ms. Harpreet Kaur, Advocate proxy for Sh. Munish Yadav, Advocate for applicant

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None for defendants (already ex-parte vide order dated 19.02.2026)

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993,

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2 OA 1112/2023 BANK OF MAHARASHTRA VS. DEEPAK YADAV AND ANOTHER

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against the defendants for recovery of Rs. 27,10,981.00 (Rupees Twenty Seven Lacs Ten Thousand Nine Hundred Eighty One Only). The Original Application has been filed through Ms. Yangchan Dolma, Chief Manager o f the applicant, who is competent to institute the Original Application vide Resolution dated 22.03.2022, which is Annexure A1 to this OA.

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The brief facts of the OA that the defendants approached the applicant for grant of Home Loan of Rs. 45.00 Lacs vide Loan Application dated 15.12.2021, which is Annexure A2 to this OA.

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The applicant sanctioned the Home Loan of Rs. 41.00 Lacs vide Sanction Letter dated 31.12.2021, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants.

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Defendant no. 1 mortgaged his immovable property i.e. Residential Plot measuring 152 Sq. Yards situated at Village Threekay, Khanna Colony, Arjan Enclave, Ludhiana, Punjab vide Mortgagor’s Declaration for proposed Equitable Mortgage dated 21.01.2022, which is Annexure A7 to this OA and Mortgagor’s Letter of Confirmation of Equitable Mortgage dated 27.01.2022, which is Annexure A8 to this OA.

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Documents executed: Request Letter, DP Note and Facility Agreement of H.L., all dated 31.12.2021, which are Annexure A4 to A6 to this OA; Account Statement along with certificate, which is Annexure A9 to this OA and Unapplied Interest Certificate, which is Annexure A10 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs. 27,10,981.00 which is recoverable and the defendants were served recall notice but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendants were served summons to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte vide order dated 19.02.2026.

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3 OA 1112/2023 BANK OF MAHARASHTRA VS. DEEPAK YADAV AND ANOTHER

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In support of the OA, affidavit of Ms. Yangchan Dolma, Chief Manager, Bank of Maharashtra, h as been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned proxy counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexure A1 to A10 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which was granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs. 27,10,981.00 (Rupees Twenty Seven Lacs Ten Thousand Nine Hundred Eighty One Only) along with interest from the defendants, jointly and severally from the date of filing of the present Original Application till realization of the account.

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In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @12.10%p.a. w.e.f. 19.08.2023 till the realization.

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The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property, undertaking of the defendants, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant simple interest @08.00%p.a. in the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs. 27,10,981.00 (Rupees Twenty Seven Lacs Ten Thousand Nine Hundred

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4 OA 1112/2023 BANK OF MAHARASHTRA VS. DEEPAK YADAV AND ANOTHER

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Eighty One Only) jointly and severally with costs, current and future simple interest @08.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of mortgaged property of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.

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Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 06.05.2026. 15. Copy of this order be given Dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned. Pronounced by me in the open Tribunal . Dated: 16.04.2026

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(MRIDULESH KUMAR SINGH)

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Presiding Officer,

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DRT-III, Chandigarh

Bank of Maharashtra v. Sh. Deepak Yadav and Another

Case brief

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Bank of Maharashtra v. Sh. Deepak Yadav and Another

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