Allowed

Bank of Maharashtra v. Kashinath Sopan Lipane

DRT10 Mar 2026OA/151/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application by Bank of Maharashtra to recover Rs. 36,74,412/- plus future interest from two defendants who failed to repay a housing loan. The court noted the defendants did not contest the application and granted the bank charge over mortgaged property.

What did the court decide?

Defendants ordered to pay Rs. 36,74,412/- with future interest at 9% p.a. from filing date; bank entitled to sell mortgaged property; Recovery Certificate issued.

Bank of Maharashtra versus Kashinath Sopan Lipane — Execution and Attachment | DRT (2026)

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Presented on: 06.02.2025 Registered on: 06.03.2025 Decided on: 10.03.2026 Duration: Y M D 01 01 04

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 151/2025

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TOTAL CLAIM AMOUNT – Rs. 36,74,412/-

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Bank of Maharashtra,

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(A Government of India Undertaking) having its

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Central Office at Lokmangal, Shivaji Nagar, Pune, and amongst other branches a branch at Savedi, Tq. Ahmednagar, Dist. Ahmednagar, Through its Authorized Officer, Shri. Jyotiranjan Samantaray, Age: 38 years, Occ.: Service as Branch Manager, R/o.:

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Savedi, Tq. and Dist. Ahmednagar.

Versus

… Applicant

(OA No.151/2025)

Page 1 of 8

[AMBADAS]

1. Kashinath Sopan Lipane Age: 50 years, Occupation: Business, R/o. : Row House No. 3, Rajveer Park, Near Shankar Maharaj Math, Nalegaon, Ahmednagar.

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2. Manish Kashinath Lipane

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Age: 45 years, Occupation: Business, R/o. : Row House No. 3, Rajveer Park, Near Shankar Maharaj Math, Nalegaon, Ahmednagar.

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…Defendants

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APPEARANCES

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Mr. Sharad V. Natu -Advocate Ex-parte

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For the Applicant For Defendants

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JUDGMENT

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Delivered on 10.03.2026

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 36,74,412/- (Rupees Thirty Six Lacs, Seventy Four Thousand, Four Hundred and Twelve only), along with further interest from the date of filing of the Original Application, i.e., 06.02.2025, 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:

(OA No.151/2025)

Page 2 of 8

[AMBADAS]

The applicant bank states that Defendant No. 1 & 2 approached the applicant bank seeking financial assistance in the form of Housing loan. Upon scrutiny of the submitted documents, the applicant bank sanctioned Housing loan facility of Rs. 23,50,000/vide sanction letter dated 29.01.2020. The agreed rate of interest for the aforesaid loan facility was @9.55% p.a. with monthly rests. The defendant also agreed to pay an additional interest by way of liquidated damages in case of default in repayment.

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In order to secure the aforesaid loan facility, the Defendants executed various loan documents in favour of the Applicant Bank. These included sanction letter, demand promissory note, housing loan agreement, equitable mortgage deed dated 04.02.2020 etc., in favour of the applicant bank.

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The Applicant Bank further contends that, in order to secure the aforesaid loan facility, the Defendants executed equitable mortgage deed dated 04.02.2020 in respect of following property:

(OA No.151/2025)

Page 3 of 8

[AMBADAS]

All that piece and parcel of Row House Bungalow No. 3, Rajveer Park-C, S. No. 150/151/159/1/159/2, Plot No. 203/204, Nalegaon, Ahmednagar, admeasuring plot area 62.25 Sq. Meter, and built up area of 68.44 Sq. Meter which is bounded as under: East: 9.00 M wide road, West: Plot No. 192, South: 230+204/2, North: Plot No. 230/204/2.

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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 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 11.05.2023. Therefore, on 12.05.2023 the applicant bank issued legal Notice to the defendants. The defendants failed and neglected to repay the

(OA No.151/2025)

Page 4 of 8

[AMBADAS]

outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendants appeared in matter but failed to file written statement. Hence, the right of defendants to file written statement stands closed as per Order dated 16.01.2026.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Shri. Jyotiranjan Samantaray, Manager of the applicant Bank, and has produced on record the original loan transaction documents as Annexure A-1 to A-15 along 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 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.

(OA No.151/2025)

Page 5 of 8

[AMBADAS]

The applicant Bank has claimed charge over immovable property of the borrowers which is mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @9.55%p.a. on the aforesaid loan facility from the date of filing i.e. 06.02.2025 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.

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ORDER

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(A) Original Application No. 151/2025 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 36,74,412/- (Rupees Thirty Six Lacs, Seventy Four Thousand, Four Hundred and Twelve only), along with future interest @ 9% per annum (simple) from the date of filing of the Original

(OA No.151/2025)

Page 6 of 8

[AMBADAS]

Application i.e. 06.02.2025 till full payment/realization of the amount mentioned in this operative order.

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documents at Annexure A-8 to A-10 in the list of

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