Allowed

Bank of Maharashtra v. Amol

DRT8 Jul 2026OA/1416/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Bank of Maharashtra's application for recovery of dues. After defendants appeared ex-parte, the Court adjusted the claim by deducting penal interest and granted future interest at 9% simple interest, confirming the mortgage as security.

What did the court decide?

Defendants to pay Rs. 22,94,809/- with future interest at 9% p.a.; mortgage property confirmed as security; Recovery Certificate issued.

Bank of Maharashtra versus Amol — Banking and Recovery | DRT (2026)

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Presented on	..	04.08.2022
Registered on	..	94.11.2023
Decided on	..	08.07.2026
Duration	..	Y—M—D
		03--11--04

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1416/2023.

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Bank of Maharashtra,

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A Banking Company Incorporated under the Banking Companies (Acquisition and Transfer of Undertakings) Act V of 1970, having its head office at ―Lokmangal‖, 1501, Shivajinagar, Pune – 5 and branch office at – NIBM Branch, Pune.

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… Applicant

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Versus

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1 Amol Vishwanath Waghmare, Age Adult, Occ. Business,

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2 Sushma Amol Waghmare, Age Adult, Occ. Housewife, Both R/at – (a) Flat No. 3, Kraft Apartments, Behind Mount Carmel High School, Lullanagar, Pune 411040 (b) Flat No. 10, 3^rd Floor, Sant Tukaram Residency, Gat No. 106, Mouje Malinagar, Taluka Haveli, District Pune.

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3 Mandar Sudhir Chaware, Age Adult, Occ. Retired,

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Sanap ( OA No. 1416/2023 ) 1 of 5

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R/at – A-47, Pushpanagari Apartment, Paud Road, Kothrud, Pune 411 038. … Defendants

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Appearances :-

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For Applicant Advocate V.S. Tokekar. For Defendants Ex parte.

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Total Claim Amount – Rs.23,70,945/

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JUDGMENT

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(Delivered on 08^th July, 2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.23,70,945/- together with future interest @10.80% per annum from the date of Application till realization of the entire dues from the defendants.

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Brief facts of the application are as under :-

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As per the loan application dated 02.04.2012 of defendant Nos.1 and 2, the applicant Bank sanctioned and disbursed the Housing loan facility of Rs.9,75,000/for purchase house property to defendant Nos.1 and 2 vide Sanction Letter dated 19.05.2012. Defendant No. 3 stood guarantor for the repayment of loan availed by defendant Nos.1 and 2.

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In order to secure the aforesaid loan facility, the defendants have executed necessary loan and security

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Sanap ( OA No. 1416/2023 ) 2 of 5

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documents in favour of the applicant Bank. Defendant Nos.1 and 2 have also executed deed of simple mortgage dated 26.06.2012 in favour of the applicant Bank in respect of all that piece and parcel of Flat No. 10, Third Floor, Sant Tukaram Residency, admeasuring 747 square feet situated at Gat No. 162, Hissa No. 01, Mouje Malinagar, Taluka Haveli, District Pune.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Therefore, on 01.05.2014, the applicant Bank has classified the account of the defendants as Non-Performing Asset in accordance with guidelines of Reserve Bank of India. Thereafter, on 22.07.2022, the applicant Bank issued legal Notice to the defendants. Despite service of Notice, the defendants failed and neglected to pay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendants as per Order dated 03.11.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Deepak Kumar, Chief Manager and Branch

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Sanap ( OA No. 1416/2023 ) 3 of 5

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Head of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW11 to AW1-11 along with list (Exhibit 7), 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 evidence of the applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.

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The applicant Bank has claimed Penal Interest of Rs.76,136/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.23,70,945/- is reduced to Rs.22,94,809/-.

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The applicant Bank has claimed future interest @10.80% per annum. 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.

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Hence, I pass the following order.

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O R D E R

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A} Original Application No.1416/2023 is allowed with costs.

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Sanap ( OA No. 1416/2023 ) 4 of 5

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B} Defendant Nos.1 to 3 either jointly or severally shall pay to the applicant Bank the sum of Rs.22,94,809/- (Rupees Twenty Two Lakh Ninety Four Thousand Eight Hundred Nine only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 04.08.2022 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 valid and subsisting mortgage in respect of all that piece and parcel of Flat No. 10, Third Floor, Sant Tukaram Residency, admeasuring 747 square feet situated at Gat No. 162, Hissa No. 01, Mouje Malinagar, Taluka Haveli, District Pune, more particularly described in the Schedule of the Original Application.

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D} The applicant Bank is entitled to sell the mortgaged property to recover its dues.

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E} Issue Recovery Certificate.

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F} The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants.

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Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 08.07.2026 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 1416/2023 ) 5 of 5

Bank of Maharashtra v. Amol

Case brief

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Bank of Maharashtra v. Amol

Case brief

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