Allowed

Bank of Maharashtra v. Mr. Ramesh Baburao Kaduskar

DRT12 Jan 2026OA/2/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the Bank of Maharashtra's application for recovery of a loan of Rs. 41,76,020/- redirected to mortgaged property from Rs. 13.25% to 10% per annum simple interest and directed issuance of a Recovery Certificate.

What did the court decide?

Defendants shall pay Rs. 41,76,020/- with future interest @ 10% p.a. (simple) from 18.04.2023. Mortgage property is secured. Recovery Certificate to be issued.

Bank of Maharashtra versus Mr. Ramesh Baburao… — Contract and Commercial Disputes | DRT (2026)

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Presented on: 18.04.2023 Registered on: 30.12.2023 Decided on: 12.01.2026 Duration: Y M D 02 08 24

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 2/2024

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TOTAL CLAIM AMOUNT – Rs. 41,76,020/-

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Bank of Maharashtra ,

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A bank constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act-V of 1970 having its Head Office at “Lokmangal”, 1501, Shivajinagar, Pune-411 005, and Branches amongst

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the other places at Sangamner, Tq. Sangamner, Dist. Ahmednagar & having its Asset Recovery Branch (ARB) at C-3, N-1, Zonal Office, CIDCO, Aurangabad through its Authorized Person, Mr. Hariom s/o Shitlakant Trived (Chief Manager), Age: 47 yrs., Occ.:

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Service, R/o.: CIDCO, Aurangabad.

… Applicant

(OA No.2/2024)

Page 1 of 8

[AMBADAS]

Versus

1. Mr. Ramesh Baburao Kaduskar Age: Major, Occ.: Agriculture, R/o.: 416-1, Khalwadi, Jorve Road, Nimgaon Jali, Tq. Sangamner, Dist. Ahmednagar-413714.

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2. Mr. Sudam Ramesh Kaduskar

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Age: Major, Occ.: Agriculture, R/o.: 415, Naik Vasti, Nimgaon Jali, Tq. Sangamner, Dist. Ahmednagar-413714.

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3. Mr. Vijay Shivaji Vadak Age: Major, Occ.: Agriculture, R/o.: 473, Gorawadi, Nimgaon Jali, Tq. Sangamner, Dist. Ahmednagar-413714.

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4. Mr. Namdeo Karbhari Dengale (deceased) Through his legal heirs, Mr. Ramesh Namdev Dengale, Age: Major, Occ.: Agriculture, R/o.: At post, Nimgaon Jali, Tq. Sangamner, Dist. Ahmednagar-413714.

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…Defendants

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APPEARANCES

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For the Applicant For Defendants

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Mr. K. D. PANDE -Advocate Ex-parte

(OA No.2/2024)

Page 2 of 8

[AMBADAS]

JUDGMENT Delivered on 12.01.2026

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 41,76,020/- (Rupees Forty One Lacs, Seventy Six Thousand, Twenty only), along with future interest from the date of filing of the Original Application, i.e., 18.04.2023, 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:

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The Applicant Bank states that the Defendant No. 1 & 2 had approached and requested the Applicant Bank seeking financial assistance. Upon considering the request and financial needs of the Defendants, the Applicant Bank sanctioned Term Loan Facility of Rs. 23,00,000/- vide, sanction letter dated 09.03.2015 on certain terms and conditions. The agreed rate of interest was

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@ 13.25% p.a. with half yearly rests. The Defendants also agreed

(OA No.2/2024)

Page 3 of 8

[AMBADAS]

to pay additional interest 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 Defendants executed various loan documents in favour of the Applicant Bank. These included sanction letter, demand promissory note, registered simple mortgage deed bearing daybook No. 2112 dated 12.03.2015 and hypothecation agreement etc. Additionally defendant No. 3 & 4 (Now deceased) stood as guarantors for defendant no. 1 & 2 and executed deed of guarantee on 13.03.2015 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 mortgage deed bearing daybook No. 2112 dated 12.03.2015 in respect of following property:

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All that piece and parcel of agricultural land admeasuring 1 H 52 R out of Gut No. 170/1, situated at village Nimgaon Jali, Tq. Sangamner, Dist. Ahmednagar, which is bounded as under: East: Gut No. 170/2 West: Gut No. 173,

(OA No.2/2024)

Page 4 of 8

[AMBADAS]

South: Gut No. 171, North: Road.

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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 defendants became irregular and classified as NPA on 30.03.2021. Therefore on 03.03.2023 the applicant bank issued legal notice to the defendants through their advocate. Despite service of Notices, the defendants failed and neglected to repay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendants failed to appear in matter though defendant No. 1 to 3 have been served through court commissioner, while LR’s of defendant No. 4 have been served through RPAD. Hence the

(OA No.2/2024)

Page 5 of 8

[AMBADAS]

defendants were proceeded ex-parte as per Order dated 18.12.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Hariom Trivedi s/o Shitlakant Trivedi, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents as Annexure A-1 to A-16 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 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 charge over immovable property of the borrower which is mortgaged in favour of the applicant bank.

(OA No.2/2024)

Page 6 of 8

[AMBADAS]

The applicant Bank has claimed future interest @13.25% p.a. from the date of filing i.e. 18.04.2023 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 @ 10% 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. 2/2024 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of 41,76,020/- (Rupees Forty One Lacs, Seventy Six Thousand, Twenty only), along with future interest @ 10% per annum (simple) from the date of filing of the Original Application i.e. 18.04.2023 till full payment/realization of the amount mentioned in this operative order.

(OA No.2/2024)

Page 7 of 8

[AMBADAS]

documents at Annexure A-6 in the list of documents Exh.

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(D) The applicant Bank is entitled to sell the mortgaged immovable property 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)

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(G) File be consigned to the record room.

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Sd/-

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Pronounced in open court. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:.12.01.2026 Debts Recovery Tribunal, Aurangabad

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(OA No.2/2024)

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Page 8 of 8

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[AMBADAS]

Bank of Maharashtra v. Mr. Ramesh Baburao Kaduskar

Case brief

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Bank of Maharashtra v. Mr. Ramesh Baburao Kaduskar

Case brief

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