The Debts Recovery Tribunal allowed the applicant bank's original application for recovery of approximately Rs. 25.48 lakhs along with reduced future interest.
Defendants to pay Rs. 25,48,229/- plus future interest at 9% p.a.; rights of sale over hypothecated assets recognized.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Presented on: 03.03.2022 Registered on: 04.05.2022 Decided on: 13.01.2026 Duration: Y M D 03 10 10
IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 112/2022
TOTAL CLAIM AMOUNT – Rs. 25,48,229/-
CANARA BANK,
A Body Corporate constituted under the Banking
companies (Acquisition & Transfer of Undertakings)
Act, 1970, having its Head Office at 112 JC Road,
Bangalore Karnataka State and one of its Branch At
A.P.I. Corner, CIDCO, Aurangabad-03, through its
Attorney Mr. Ravikumar Krishnaiah D.
Versus
… Applicant
1. M/s. Aadhishree Construction, Through its Proprietor Mr. Pradip Popat Mangate Plot No. 12, Yugantar Housing Society, Sector N-9, M-2, Cidco, Aurangabad.
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2. Pradeep Popat Mangate Age: 37 years, Occ.: Business, R/o.: Plot No. 12, Yugantar Housing Society, Sector N-9, M-2, Cidco, Aurangabad.
…Defendants
APPEARANCES
For the Applicant For Defendants
Mr. Sameer J. Pande -Advocate Ex-parte
JUDGMENT
Delivered on 13.01.2026
entire outstanding dues from the Defendants.
Brief facts of the application are as under:
Applicant Bank for Overdraft loan facility. Upon considering the
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request and financial needs of the Defendant, the Applicant Bank sanctioned Overdraft loan facility of Rs. 10,00,000/- on certain terms and conditions. The agreed rate of interest for the aforesaid loan was @10.15% p.a. with monthly rests. The Defendants also agreed to pay additional interest @2% by way of liquidated damages in the event of any default in repayment.
Furthermore, it is submitted that the Defendant No. 2 being proprietor of defendant No. 1 approached the applicant bank and requested to sanction term loan facility. Upon considering the request and financial needs of the Defendants, the Applicant Bank sanctioned term loan facility of Rs. 10,00,000/- on certain terms and conditions. The agreed rate of interest for the aforesaid loan was @10.05% p.a. with monthly rests. 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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Furthermore, it is submitted that the Defendant No. 2 being proprietor of defendant No. 1 approached the applicant bank and requested to sanction Guaranteed Emergency Credit Line Under Covid-19. Upon considering the request and financial needs of the Defendant, the Applicant Bank sanctioned Guaranteed Emergency Credit Line Under Covid-19 of Rs. 1,00,000/- on certain terms and conditions. The agreed rate of interest for the aforesaid loan was @8.05% p.a. with monthly rests. The Defendant also agreed to pay additional interest @2% by way of liquidated damages in the event of any default in repayment.
The applicant bank further states that the Defendant No. 2 being proprietor of defendant No. 1 again approached the applicant bank and requested to sanction Covid FITL. Upon considering the request and financial needs of the Defendants, the Applicant Bank sanctioned Covid FITL of Rs. 60,750/- under the same scheme on certain terms and conditions. The agreed rate of interest for the
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aforesaid loan was @9.15% p.a. with monthly rests. 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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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 18.02.2022 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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documents Exh.5 which corroborates the case of the applicant Bank.
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ORDER
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(G) File be consigned to the record room.
Sd/-
Pronounced in open court. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:.13.01.2026 Debts Recovery Tribunal, Aurangabad
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2 issues framed by the court
Whether the claim for recovery of loan dues and future interest is justified in the absence of respondent appearance.
Whether the rate of future interest claimed should be moderated.
Canara Bank
M/s. Aadhishree Construction
Pradeep Popat Mangate
J. R. Chauhan
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
