Allowed

Idbi Bank v. Balasaheb Pandharinath Shelke

DRT12 Aug 2026OA/188/2024

Case brief

AI extract

What is this about?

A Bank applied to recover a Term Loan loan defaults by several respondents, leading to an order for recovery with future interest

What did the court decide?

Respondents to pay Rs 29,78,390/- plus future interest at 9% p.a., with authority to sell mortgaged properties and issue Recovery Certificate.

What the court decided

Idbi Bank versus Balasaheb Pandharinath Shelke — Execution and Attachment | DRT (2026)

¶1

Presented on: 31.07.2023 Registered on: 13.03.2024 Decided on: 12.08.2026 Duration: Y M D 02 08 20

¶2

IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Shri Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 188/2024

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TOTAL CLAIM AMOUNT – Rs. 29,78,390/-

¶4

IDBI BANK LTD.,

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A banking company incorporated and registered under the Companies Act, 1956, and a company within the meaning of Section 2 (20) of the Companies Act, 2013 (18 of and a 2013) banking company duly registered, within the meaning of Banking Regulation Act, 1949, and having its registered office at IDBI Tower, World Trade Centre, Complex, Cuffe Parade, Mumbai400005 and IDBI BANK LIMITED., through one of its Branch at Shrigonda, Varsha Building, Daund- Jamkhed Road, Shrigonda 433701 Maharashtra through its Authorised Officer- Shri. Vijaykumar S/o. Tukaram Nichit. Email: [email protected]. Mob. No: 9096338787.

… Applicant

Versus

(OA No. 188-2024)

Page 1 of 10

[Ambadas]

Mr. Balasaheb Pandharinath Shelke, Age: Major, Occ: Agri, A) R/o: 5 Laxmikrupa Row House Society, Kinetic Chowk, Near Mahadev Mandir, Tq. And Dist. Ahmednagar- 414001. And also; B) R/o: Plot No. 1, Sr. 144/2, Laxmikrupa Housing Society, Kinetic Chowk, Nagar, Tq. And Dist. Ahmednagar- 414001. And also; b) At. Canteen Ahmednagar, Maharashtra- 414001. And also; At. Swami Samarth Canteen No. 03, Maliwada, Swastik Chowk Pune Bus Stand, Ahmednagar- 414001. PAN: AZLPS5140F, Email: [email protected], [email protected], [email protected].

… Defendants

(OA No. 188-2024)

Page 2 of 10

[Ambadas]

Mob: 9420191111.

Mr. Gangaram Eknath Malshikhare, Age: Major, Occ: Agri,

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R/o: Chavarsangvi, Tq. Shrigonda,

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Tq. Ahmednagar, Ahmednagar- .

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Mr. Jagannath S/o. Bapurao Gawade,

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Age: Major, Occ: Agri, R/o: Chavarsangvi, Tq. Shrigonda,

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Tq. Ahmednagar, Ahmednagar- .

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APPEARANCES

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For the Applicant Mr. Pathak Anirudha S- Advocate For Defendants Ex-parte

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J U D G M E N T Delivered on (12.08.2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs. 29,78,390/- (Rs. Twenty-Nine Lakhs, Seventy-Eight Thousand, Three Hundred and Ninety Only)

(OA No. 188-2024)

Page 3 of 10

[Ambadas]

together with future interest with monthly rests upon Term Loan and LNXP account from 17.12.2022 till the full realization of the entire dues and costs from the Defendants.

¶31

Brief facts of the application are as under:

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That the Defendants approached the Applicant Bank and requested the sanction of a Term Loan. Upon considering the Defendant’s representation, request, and financial needs, the Applicant Bank sanctioned Term Loan facility of Rs. 23,00,000/vide sanction letter dated 11.01.2019 on certain terms & conditions.

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The agreed rate of interest for the Term Loan Facility was @12.00% per annum 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, equitable mortgage etc.

(OA No. 188-2024)

Page 4 of 10

[Ambadas]

The Applicant Bank contended that to secure the Term Loan facility, Defendant No. 1 is the principal borrower and Defendant Nos. 2 and 3 are the guarantors of the said loan facility. Defendant No. 1 executed Registered Mortgaged Deed bearing day book No. ANN-1-209/2019 dated 15.01.2019 of the following properties in favour of the Applicant Bank.

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1. All that piece and parcels of immovable property, i.e. NA Gut No. 279/2, Area Adm. 44 R, situated at Kapurwadi,

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Tq. Kapurwadi and Dist. Ahmednagar and also situated within the registration District Ahmednagar. Standing in the name of Defendant No. 1

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(Balasaheb Pandharinath Shelke).

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1. All that piece and parcels of Agricultural Land Gut No. 459, Adm. area 0 H 48 R, situated at Aagadgaon Nagar,

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Dist. Ahmednagar, Standing in the name of

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Mr. Balu Pandharinath Shelke.

(OA No. 188-2024)

Page 5 of 10

[Ambadas]

The Applicant Bank further contended that the Defendants failed to keep their promises and commitments agreed by them 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. The defendant executed debt cum revival letter dated 20.12.2021 in Term Loan. Therefore, the Applicant Bank issued loan recall notice dated 09.09.2020, 05.08.2021 and 15.05.2021 to the Defendants through their Officer. 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 through court commissioner, The defendants neither appeared nor filed WS. Hence, they proceeded ex-parte

(OA No. 188-2024)

Page 6 of 10

[Ambadas]

vide Order dated 10.03.2025.

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The Applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Vijaykumar S/o Tukaram Nichit, AGM of the Applicant Bank and has produced on record the original loan transaction documents as Annex. A-1 to A-17 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 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 future interest at @12.00% per annum with monthly rests 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 @9% per annum (simple), it would be just and

(OA No. 188-2024)

Page 7 of 10

[Ambadas]

reasonable.

Hence, I pass the following order.

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ORDER

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(A) Original Application No. 188/2024 is allowed with costs.

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(B) The Defendants shall pay Jointly and Severally to the Applicant Bank a sum of Rs. 29,78,390/- (Rs. TwentyNine Lakhs, Seventy-Eight Thousand, Three Hundred and Ninety Only) along-with future interest at @9% per annum (simple) from the date of filing of the Original Application, i.e., 31.07.2023, till full payment/ realization of the said amount.

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(C) The aforesaid adjudicated amount is secured by mortgage of immovable properties in favour of the Applicant Bank vide document as Annex. A-6 in list of document Exh.5. The mortgaged properties are described as follows:

(OA No. 188-2024)

Page 8 of 10

[Ambadas]

All that piece and parcels of immovable property,

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i.e. NA Gut No. 279/2, Area Adm. 44 R, situated

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at Kapurwadi, Tq. Kapurwadi and

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Dist. Ahmednagar and also situated within the Registration District Ahmednagar. Standing in

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the name of Defendant No. 1 (Balasaheb Pandharinath Shelke).

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All that piece and parcels of Agricultural Land

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Gut No. 459, Adm. area 0 H 48 R, situated

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at Aagadgaon Nagar, Dist. Ahmednagar, Standing in the name of Mr. Balu Pandharinath Shelke.

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(D) The Applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated articles/goods, to recover its dues.

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(E) Issue Recovery Certificate accordingly.

(OA No. 188-2024)

Page 9 of 10

[Ambadas]

(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) Presiding Officer Debts Recovery Tribunal, Aurangabad

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Place : Aurangabad Date : 12.08.2026

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(OA No. 188-2024)

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Page 10 of 10

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[Ambadas]

Idbi Bank v. Balasaheb Pandharinath Shelke

Case brief

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What the court decided

Idbi Bank v. Balasaheb Pandharinath Shelke

Case brief

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