Allowed

State Bank of India v. Sanjay Ramrao Ruikar

DRT9 Apr 2026OA/19/2024

Case brief

AI extract

What is this about?

In an ex-parte hearing, the Debts Recovery Tribunal allowed the State Bank of India's application for recovery of a home loan default. The court directed the defendant to pay the principal amount of Rs. 26,81,724 with future interest at 8% per annum, secured by the mortgage of two apartments in Nagpur.

What did the court decide?

Recovery of Rs. 26,81,724 with future interest at 8% per annum from 08.06.2023; Sale of mortgaged properties; Issue of Recovery Certificate.

State Bank of India versus Sanjay Ramrao Ruikar — Contract and Commercial Disputes | DRT (2026)

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Presented on: 08.06.2023 Registered on: 01.01.2023 Decided on: 09.04.2026 Duration: Y M D 01 10 01

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 19/2024

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TOTAL CLAIM AMOUNT – Rs. 26,81,724/-

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STATE BANK OF INDIA, A body corporate constituted under the State Bank of India Act, 1955, having its Local Head office at Bandra-Kurla Complex, Mumbai, one of its office at Stressed Assets Recovery Branch (SARB), at CIDCO, Aurangabad and acting through its one of principal officer i.e. Manager Shri. Abhay S/o. Shridhar Boradkar, Age: 48 years, Occupation: Service as CCO State Bank of India, … Applicant SARB, Aurangabad.

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Versus

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Sanjay S/o. Ramrao Ruikar, Age: Major, Occ.: Business, R/o.:- Rajashri Niwas, Srinath Nagar, Taroda Bk. Nanded 431605 AND

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Office At: Hotel City Pride, Airport Road, Nanded. 431605.

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…Defendant.

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APPEARANCES

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For the Applicant For Defendant

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Mr. Sachin S. Katariya -Advocate Ex-parte

(OA No.19/2024)

Page 1 of 8

[AMBADAS]

JUDGMENT Delivered on 09.04.2026

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 26,81,724/- (Rupees Twenty Six Lacs, Eighty One Thousand, Seven Hundred and Twenty Four only), along with further interest from the date of filing of the Original Application, i.e., 08.06.2023, until the date of realization of the entire outstanding dues from the Defendant.

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Brief facts of the application are as under:

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The Applicant Bank states that the Defendant had approached and requested the Applicant Bank for Financial Assistance. Upon considering the request and financial needs of the Defendant, the Applicant Bank sanctioned i) Home Loan of Rs. 28,00,000/- & ii) Funding of Home Loan Insurance of Rs. 1,84,000/- vide sanction letter dated 20.01.2014 on certain terms and conditions. The agreed rate of interest for aforesaid loan facility was @ 10.15% per annum with monthly rests. The Defendant also agreed to pay

(OA No.19/2024)

Page 2 of 8

[AMBADAS]

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 facility, the Defendant executed various loan documents in favor of the Applicant Bank. These included sanction letter, housing loan agreement, letter of undertaking, registered mortgage deed bearing Sr. No. 551/2014 dated 21.01.2014 etc., in favor of applicant bank.

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The Applicant Bank further contends that, in order to secure the aforesaid loan facility, the Defendant created first charge over immovable property by executing registered mortgage deed bearing Sr. No. 551/2014 dated 21.01.2014 in favour of the Applicant Bank. The mortgage was created in respect of the following properties:

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A) All that piece and parcel of Apartment No. 101, covering super Built Up area of 94.760 on first floor, situated at Building Known and style as “Kanvi Apartment” bearing city Survey No. 521 and Sheet No. 684, 685/6,690 situated in layout of the Nagar Viaks Cooperative housing society, Somalwada, Nagpur, which is bounded as under:

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East: Back Side Margin of Plot, West: Scheme Entrance and Main Road, North: Side Margin & Plot No. 190,

(OA No.19/2024)

Page 3 of 8

[AMBADAS]

South: Apartment No. 102.

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B) All that piece and parcel of Apartment No. 201, covering super Built Up area of 94.760 on second floor, situated at Building Known and style as “Kanvi Apartment” bearing city Survey No. 521 and Sheet No. 684, 685/6,690 situated in layout of the Nagar Viaks Co-operative housing society, Somalwada, Nagpur, which is bounded as under:

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East: Back Side Margin of Plot, West: Scheme Entrance and Main Road, North: Side Margin & Plot No. 190, South: Apartment No. 202.

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The applicant bank contended that the defendant has failed to keep his promise and commitments agreed by him with regard to due repayment of the loan amount. The defendant 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 defendant to pay with the agreed rate of interest thereon, but the defendant failed and neglected to pay the same. The loan account of the defendant became irregular and classified as NPA on 28.02.2022. Therefore, on 25.05.2023 the applicant bank issued legal Notice to the defendant. The

(OA No.19/2024)

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[AMBADAS]

defendant failed and neglected to repay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendant failed to appear in matter though he was served through court commissioner. Hence, the defendant was proceeded ex-parte as per Order dated 18.02.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Abhay S/o. Shridhar Boradkar, Manager of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A to T 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 defendant failed to appear and to file the 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.

(OA No.19/2024)

Page 5 of 8

[AMBADAS]

The applicant Bank has claimed charge over immovable properties of the borrower which are mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest at @9.80% with monthly rests from the date of filing i.e. 08.06.2023 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 @ 8% 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. 19/2024 is allowed with costs.

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(B) The defendant shall pay to the applicant Bank a sum of Rs. 26,81,724/- (Rupees Twenty Six Lacs, Eighty One Thousand, Seven Hundred and Twenty Four only),along with future interest @ 8% per annum (simple) from the date of filing of the Original Application i.e. 08.06.2023

(OA No.19/2024)

Page 6 of 8

[AMBADAS]

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 property vide documents at Exh E, I & J in list of documents Exh. 5.

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A) All that piece and parcel of Apartment No. 101, covering super Built Up area of 94.760 on first floor, situated at Building Known and style as “Kanvi Apartment” bearing city Survey No. 521 and Sheet No. 684, 685/6,690 situated in layout of the Nagar Vikas Cooperative housing society, Somalwada, Nagpur, which is bounded as under:

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East: Back Side Margin of Plot, West: Scheme Entrance and Main Road, North: Side Margin & Plot No. 190, South: Apartment No. 102.

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B) All that piece and parcel of Apartment No. 201, covering super Built Up area of 94.760 on second floor, situated at Building Known and style as “Kanvi Apartment” bearing city Survey No. 521 and Sheet No. 684, 685/6,690 situated in layout of the Nagar Vikas Cooperative housing society, Somalwada, Nagpur, which is bounded as under:

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East: Back Side Margin of Plot, West: Scheme Entrance and Main Road, North: Side Margin & Plot No. 190, South: Apartment No. 202.

(OA No.19/2024)

Page 7 of 8

[AMBADAS]

(D) The applicant Bank is entitled to sell the mortgaged immovable properties 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 defendant.

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(G) File be consigned to the record room.

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Sd/Pronounced in open court. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:.09.04.2026 Debts Recovery Tribunal, Aurangabad

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(OA No.19/2024)

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Page 8 of 8

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[AMBADAS]

State Bank of India v. Sanjay Ramrao Ruikar

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State Bank of India v. Sanjay Ramrao Ruikar

Case brief

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