Allowed

Axis Bank v. Shrikant Popat Magar

DRT24 Aug 2026OA/125/2025

Case brief

AI extract

What is this about?

In this Debts Recovery Tribunal application, the bank sought recovery of a loan of Rs. 29,25,612/- along with interest. The defendants failed to appear. The Tribunal allowed the application, ordered joint and several payment of the principal and agreed future interest, and sanctioned the sale of mortgaged properties for recovery.

What did the court decide?

Order for payment of Rs. 29,25,612/- plus future interest at 9% p.a. simple, authorization to sell mortgaged properties, and issue of Recovery Certificate.

Axis Bank versus Shrikant Popat Magar — Banking and Recovery | DRT (2026)

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Presented on: 11.08.2024 Registered on: 20.02.2025 Decided on: 24.08.2026 Duration: Y M D 01 00 13

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 125/2025

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TOTAL CLAIM AMOUNT – Rs. 29,25,612/-

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AXIS Bank Ltd.

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A Body Corporate, constituted and established under the Companies Act 1956 and having its Registered Office at “Trishul” 3^rd Floor, Opp. Samartheshwsar Temple, Law Garden, Ellis Bridge, Ahmedabad,

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AND

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Its, Branch office at “Shrivasta”, 65, Sarang Housing Society, New Gajanan Maharaj Mandir, Garkheda, Aurangabad. Through its Authorized Representative Mr. Nitin Bhausaheb Warule, Age: 32 Years, Occ.: Service having his address for communication at c/o. Axis Bank Ltd., “Shrivastava”, 65, Sarang Housing Society, Near Gajanan Maharaj Mandir, Garkheda, Aurangabad.

… Applicant

(OA No.125/2025)

Page 1 of 8

[AMBADAS]

Versus

1. Shrikant Popat Magar, R/o.: Flat No. 07 B-Wing, Sairatan Residency, Near Utsav Hall, Gandharwanagari, Nashik Road, Nashik, Tq. and Dist. Nashik.

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2. Popat Gangadhar Magar, R/o.: Flat No. 07 B-Wing, Sairatan Residency, Near Utsav Hall, Gandharwanagari, Nashik Road, Nashik, Tq. and Dist. Nashik.

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…Defendants

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APPEARANCES

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For the Applicant For Defendants

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Mr. M. D. Narwadkar -Advocate Ex-parte

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JUDGMENT

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Delivered on 24.08.2026

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 29,25,612/- (Rupees Twenty Nine Lacs, Twenty Five Thousand, Six Hundred and Twelve only), along with further interest from the date of filing of the Original Application, i.e., 11.08.2024, until the date of realization of the entire outstanding dues from the Defendants.

(OA No.125/2025)

Page 2 of 8

[AMBADAS]

Brief facts of the application are as under:

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The Applicant Bank submits that Defendants approached the Applicant Bank with a request for financial assistance. Upon due consideration of the said request and the financial requirements of Defendants, the Applicant Bank was pleased to sanction Loan Overdraft Facility of Rs. 19,50,000/- & working capital facility of Rs. 5,00,000/- vide sanction letter dated 23.02.2022. The agreed rate of interest for the aforesaid loan facilities was @10% & @11% p.a respectively. 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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In order to secure the aforesaid loan facilities, the Defendants executed various loan documents in favour of the Applicant Bank. These included sanction letter, registered mortgage deed bearing daybook No. 979/2022 dated 28.02.2022, demand promissory note, deed of hypothecation etc., in favour of the Applicant Bank

(OA No.125/2025)

Page 3 of 8

[AMBADAS]

The Applicant Bank further contends that in order to secure the

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aforesaid loan facility, the Defendants executed registered mortgage deed bearing daybook No. 979/2022 dated 28.02.2022

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in favour of the applicant bank. The mortgage was created in

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respect of the following property:

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Gat No. 215 East: Gat No. 211/2, 212, 213, West: Gat No. 260, 244, South: Gat No. 244, 216, 217, 219, 220, North: Gat No. 260, 214, 213.

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Gat No. 225 East: Gat No. 222, 203, 200, 199, 197, 196 West: Gat No. 220, 227, South: Gat No. 195, North: Gat No. 224.

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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.125/2025)

Page 4 of 8

[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 01.11.2023. Therefore, on 21.06.2024 the applicant bank issued recall Notice to the defendants. 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 14.10.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Nitin S/o. Bhausaheb Warule, Power of Attorney Holder of the applicant Bank, and has produced on record the original loan transaction documents as Annexure A to K along

(OA No.125/2025)

Page 5 of 8

[AMBADAS]

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 did not 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 at contractual rate from the date of filing i.e. 11.08.2024 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) on outstanding amount, it would be just and reasonable rate of interest.

(OA No.125/2025)

Page 6 of 8

[AMBADAS]

ORDER

(A) Original Application No. 125/2025 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 29,25,612/- (Rupees Twenty Nine Lacs, Twenty Five Thousand, Six Hundred and Twelve only), along with future interest @ 9% per annum (simple) from the date of filing of the Original Application i.e. 11.08.2024 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 document at Annexure D in list of documents Exh. 5.

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All that piece and parcel of land to the extent of Gut No. 215 (1.40 HA and Pk 0.08 HA and Gut No. 225 (1.17 HA and .04 HA PK) total 2.69 HA at village Talwada, Tal. Vaijapur, Dist. Aurangabad, which is bounded as under: Gat No. 215 East: Gat No. 211/2, 212, 213, West: Gat No. 260, 244, South: Gat No. 244, 216, 217, 219, 220, North: Gat No. 260, 214, 213.

(OA No.125/2025)

Page 7 of 8

[AMBADAS]

Gat No. 225

East: Gat No. 222, 203, 200, 199, 197, 196 West: Gat No. 220, 227, South: Gat No. 195, North: Gat No. 224.

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(D) The applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated articles/goods etc., 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/-

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Pronounced in open court. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:.24.08.2026 Debts Recovery Tribunal, Aurangabad

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(OA No.125/2025)

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Page 8 of 8

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[AMBADAS]

Axis Bank v. Shrikant Popat Magar

Case brief

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Axis Bank v. Shrikant Popat Magar

Case brief

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