Allowed

Bank of Maharashtra v. Sulochanabai Appasaheb Shinde

DRT29 May 2026OA/17/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application filed by Bank of Maharashtra for recovery of a term loan of Rs. 40,72,794 from defaulters Sulochanabai Shinde, Balu Shinde, Prakash Nagare, and Appasaheb Shinde. The court granted future interest at 7% p.a. (reduced from contractual 12.70%) and directed the sale of mortgaged properties for debt realization.

What did the court decide?

Defendants to pay Rs. 40,72,794 with future interest at 7% p.a. simple; recovery certificate issued; mortgaged properties secured and directed for sale.

Bank of Maharashtra versus Sulochanabai Appasaheb Shinde — Banking and Recovery | DRT (2026)

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Presented on: 09.03.2023 Registered on: 31.12.2023 Decided on: 29.05.2026 Duration: Y M D 03 02 20

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Shri Dr. J. R. Chauhan Presiding Officer)

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ORIGINAL APPLICATION No. 17/2024

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TOTAL CLAIM AMOUNT – Rs. 40,72,794/-

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BANK OF MAHARASHTRA,

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A Body Corporate, constituted and established under the Banking Companies (Acquisition & Transfer of Undertakings) Act 1970, having its Head Office at “Lokmangal”, 1501, Shivaji Nagar, Pune- 4110053 and its Branch Office at “Kannad Branch,” at Kannad, Tal. Kannad, Dist. Aurangabad and its Asset Recovery Branch at Mahabank Bhawan, C-3, N-1, Town Centre, CIDCO, Aurangabad– 431003. Through its Branch Manager, Mr. Sachin Balasaheb Kapse, Age: 34 Years, Occupation: Service, having his address for communication at C/o: Bank of Maharashtra, Kannad Branch, Kannad, Dist. Aurangabad.

… Applicant

(OA No. 17-2024)

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[Ambadas]

Versus

Sulochanabai Appasaheb Shinde, Age: 64 Years, Occ. : Agriculturist, R/o: Village Shivrai, Tal. Kannad,

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Dist. Aurangabad- 431103. 2. Balu Appasaheb Shinde, Age: 46 Years, Occ. : Agriculturist, R/o: Village Shivrai, Tal. Kannad, Dist. Aurangabad- 431103. 3. Prakash Ramhari Nagare, Age: 34 Years, Occ. : Agriculturist, R/o: Village Shivrai, Tal. Kannad, Dist. Aurangabad- 431103.

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… Defendants

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Appasaheb Balchand Shinde, Age: 69 Years, Occ. : Agriculturist, R/o: Village Shivrai, Tal. Kannad, Dist. Aurangabad- 431103.

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APPEARANCES

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For the Applicant Mr. Dabholkar M. M. - Advocate For Defendants Ex-parte

(OA No. 17-2024)

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[Ambadas]

J U D G M E N T

Delivered on (29.05.2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs. 40,72,794/- (Rs. Forty Lakhs, SeventyTwo Thousand, Seven Hundred and Ninety-Four Only) together with future interest thereon with monthly rests on Term Loan from 09.03.2023 till the full realization of the entire dues and costs from the Defendants.

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Brief facts of the application are as under:

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That the Defendants approached the Applicant Bank and requested for the sanction of a Term Loan Facility. Upon considering the Defendant’s representations, request and financial needs, the Applicant Bank sanctioned Term Loan facility of Rs. 21,90,000/- for Hi Tech Composite Development project under NHM for Erection of Polyhouse (2000 Sqm.) for Cultivation of Gerbera in Gut No. 147, vide sanction letter dated 12.10.2015 on certain terms & conditions.

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The agreed rate of interest for the Term Loan facility was

(OA No. 17-2024)

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[Ambadas]

@12.70% p.a. with yearly rests.

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In order to secure the aforesaid Term Loan facility, the Defendants executed loan documents in favour of the Applicant Bank namely sanction letter, demand promissory note, request letter, hypothecation agreement, letter of undertaking etc.

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The Applicant Bank contended that to secure the Term Loan facility, the Defendant Nos. 1 and 2 have executed Mortgage Deed dated 05.10.2015 registered at the office of Sub Registrar at Shivrai at Day Book Sr. No. 3841/2015 dated 06.10.2015 of the following properties in favour of the Applicant Bank:

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All that piece and parcels of agricultural land situate being and laying at village Shivrai in the registration Dist. Aurangabad, Sub Reg. Office Kannad, Admeasuring area 00 H 15 Gunthas land Gut No. 01, in the name of Shri. Balu Appasaheb Shinde and bounded as under: East :- Land of Kachru Awahad, West :- Land of Anjanabai Bhausahab, South :- Land of Tukaram Wagh, North :- Land of Appasaheb Balchand.

(OA No. 17-2024)

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[Ambadas]

All that piece and parcels of agricultural land situate being and laying at village Shivrai in the registration Dist. Aurangabad, Sub Reg. Office Kannad, Admeasuring area 00 H 71 Gunthas land Gut No. 02, in the name of Shri. Balu Appasaheb Shinde and bounded as under: East :- Nala, West :- Land of Vasant Fakirrao, South :- Land of Appasaheb Balchand, North :- Land of Sudam Appasaheb.

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All that piece and parcels of agricultural land situate being and laying at village Shivrai in the registration Dist. Aurangabad, Sub Reg. Office Kannad, Admeasuring area 00 H 71 Gunthas land Gut No. 02, in the name of Smt. Sulochanabai Appasaheb Shinde and bounded as under: East :- Nala, West :- Shivrai-Hatnoor Shiv, South :- Land of Radhabai Motiram, North :- Land of Waman Uttam.

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The Applicant Bank further contended that the Defendants have failed to keep their promises and commitments agreed by them

(OA No. 17-2024)

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[Ambadas]

with regard to the 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 Defendants became irregular and classified as NPA on 25.03.2021. Therefore on 19.10.2022, the Applicant Bank issued demand legal notice to the Defendants through their Advocate. Despite service of Notice, the Defendants failed and neglected to repay the outstanding dues of the Applicant Bank. Hence, this application is filed.

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Despite service, the defendants neither appeared nor filed their written statement. Hence, they proceeded ex-parte vide order dated 18.04.2024.

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The Applicant Bank has filed Claim Affidavit at Exhibit-4 of Mr. Sachin Balasaheb Kapse, Officer of the Applicant Bank and has

(OA No. 17-2024)

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[Ambadas]

produced on record the original loan transaction documents as Exh. 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 file written statement 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 future interest at @12.70% p.a. with yearly rests on loan from 09.03.2023 till the full realization of the entire dues and costs from the Defendants. However, considering the facts of the case, I am of the opinion that awarding future interest at @7% per annum (simple) on outstanding amount, it would be just and reasonable.

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Hence, I pass the following order.

ORDER

(OA No. 17-2024)

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[Ambadas]

(A) Original Application No. 17/2024 is allowed with costs.

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(B) The Defendants shall pay jointly and severally to the Applicant Bank a sum of Rs. 40,72,794/- (Rs. Forty Lakhs, Seventy-Two Thousand, Seven Hundred and Ninety-Four Only), along-with future interest at @7% per annum (simple) from the date of filing of the Original Application, i.e., 09.03.2023, till full payment/ realization of the said amount.

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(C) The aforesaid adjudicated amount is secured by an immovable properties mortgaged in favour of the Applicant Bank vide document Exh. A-7, in list of Documents Exh.5. The mortgaged properties are described as follows:

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All that piece and parcels of agricultural land situate Being and laying at village Shivrai in the registration Dist. Aurangabad, Sub Reg. Office Kannad, Admeasuring area 00 H 15 Gunthas land Gut No. 01, in the name of Shri. Balu Appasaheb Shinde

(OA No. 17-2024)

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[Ambadas]

and bounded as under:

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East :- Land of Kachru Awahad, West :- Land of Anjanabai Bhausahab, South :- Land of Tukaram Wagh, North :- Land of Appasaheb Balchand.

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All that piece and parcels of agricultural land situate Being and laying at village Shivrai in the Registration Dist. Aurangabad, Sub Reg. Office Kannad, Admeasuring area 00 H 71 Gunthas land Gut No. 02, in the name of Shri. Balu Appasaheb Shinde and bounded as under:

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East :- Nala, West :- Land of Vasant Fakirrao, South :- Land of Appasaheb Balchand, North :- Land of Sudam Appasaheb.

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All that piece and parcels of agricultural land situate Being and laying at village Shivrai in the Registration Dist. Aurangabad, Sub Reg. Office

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Kannad, Admeasuring area 00 H 71 Gunthas land Gut No. 02, in the name of Smt. Sulochanabai Appasaheb Shinde and bounded as under:

(OA No. 17-2024)

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[Ambadas]

East :- Nala, West :- Shivrai-Hatnoor Shiv, South :- Land of Radhabai Motiram, North :- Land of Waman Uttam.

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(D) The Applicant Bank is entitled to sell the aforesaid 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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(Dr. J. R. Chauhan) Place : Aurangabad Presiding Officer Date : 29.05.2026 Debts Recovery Tribunal, Aurangabad

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(OA No. 17-2024)

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Page 10 of 10

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[Ambadas]

Bank of Maharashtra v. Sulochanabai Appasaheb Shinde

Case brief

What is this about?

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Bank of Maharashtra v. Sulochanabai Appasaheb Shinde

Case brief

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