Allowed

Bank of India v. Kabir Vasanti Shekhar

DRT17 Aug 2026OA/204/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by Bank of India for recovery of a principal sum of Rs. 39.43 lakhs along with future interest at 9% p.a. and sale rights over mortgaged properties as the defendants failed to contest the application.

What did the court decide?

Recovery of Rs. 39,43,356.89 with future interest @ 9% p.a., sale of mortgaged properties, and issue of Recovery Certificate.

Bank of India versus Kabir Vasanti Shekhar — Banking and Recovery | DRT (2026)

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Presented on: 12.03.2025 Registered on: 05.04.2025 Decided on: 17.08.2026 Duration: Y M D 01 05 05

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 204/2025

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TOTAL CLAIM AMOUNT – Rs. 39,43,356.89/-

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Bank of India,

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A Body Corporate constituted under the provisions of Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, Having its Head Office at Star House, “C-5”, G-Block, Bandra Kurla Comples, Bandra (East), Mumbai and branches amongst the other places at Jalgaon, Dist. Jalgaon, through its Power of Attorney, Mr. Vitthal Onkar Chavan, Age: … Applicant 38 yrs., Occ.: Service, R/o. Chh. Sambhajinagar.

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Versus

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1. Mr. Kabir Vasanti Shekhar Prop. of M/s. Sonalkar’s Academy Age: Major, Occ.: Business, R/o.: At 159, Sonalkar Complex, Shani Peth, Jalgaon, Dist. Jalgaon 425001.

ALSO AT

(OA No.204/2025)

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[AMBADAS]

Mr. Kabir Vasanti Shekhar Prop. of M/s. Sonalkar’s Academy Age: Major, Occ.: Business, R/o.: At 28, Hareshwar Nagar, Opp. Bank of Baroda, Ring Road, Jalgaon, Dist. Jalgaon 425001.

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2. Mrs. Vasanti Manohar Dighe

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Age: Major, Occ.: Business, R/o.: At 159, Sonalkar Complex, Shani Peth, Jalgaon, Dist. Jalgaon 425001. ALSO AT Mrs. Vasanti Manohar Dighe Age: Major, Occ.: Business, R/o.: At 159, Sonalkar Complex, Shani Peth, Jalgaon, Dist. Jalgaon 425001.

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…Defendants

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APPEARANCES

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For the Applicant Mr. K.D. Pande Advocate For Defendants Ex-parte

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JUDGMENT

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Delivered on 17.08.2026

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 39,43,356.89/- (Rupees Thirty Nine Lacs, Forty Three Thousand, Three Hundred Fifty Six and Eighty Nine Paisa only), along with further interest from the date of filing of

(OA No.204/2025)

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[AMBADAS]

the Original Application, i.e., 12.03.2025, 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:

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That, the Defendant No. 1 had approached to the Applicant bank and requested to sanction Term loan facility. Upon considering the request and need of the defendants, the Applicant Bank Sanctioned Term loan of Rs. 42,00,000/- vide sanction letter dated 19.03.2018 on certain terms and conditions. The agreed rate of interest was @ 11.10% p.a. with monthly rests. The defendants also agreed to pay an additional interest by way of liquidated damages @ 2% p.a. in case of default in repayment. Thereafter the defendant No. 1 again approached to the Applicant bank and requested to sanction Term loan facility due to impact of COVID-19 pandemic. Upon considering the request and need of the defendants, the Applicant Bank Sanctioned Term loan of Rs. 12,00,000/- under GECL Scheme vide sanction letter dated

(OA No.204/2025)

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[AMBADAS]

06.12.2021 on certain terms and conditions. The agreed rate of

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interest was @ 7.50% p.a. with monthly rests. The defendants

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also agreed to pay an additional interest by way of liquidated

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damages @ 2% p.a. 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, including the sanction letter, demand promissory notes, Equitable mortgage deed dated 21.03.2018. Additionally Defendant No. 2 stood as guarantor for Defendant No. 1 and executed a Deed of Guarantee dated 20.03.2018 in favour of the

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Applicant Bank.

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The Applicant Bank further contends that, in order to secure the Loan sanctioned to them, the Defendants created first charge over their immovable property by executing a Equitable mortgage deed dated 21.03.2018, in favour of the Applicant Bank. The

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mortgage was created in respect of the following property –

(OA No.204/2025)

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[AMBADAS]

All that piece and parcel of land and construction thereon situated at CTS No. 2118/1/2/6 First Floor, West Side part admeasuring 107.44 sq. meters in Kirti Complex, Beside Bank of India, M.G. Road, Jalgaon, Dist. Jalgaon, which is bounded as under:

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East :- Floor Lobby, Lift, thereafter built-up area of Amar Talreja and others, West :- Staircase of Building and adjacent CTS No. 2118/1/2/4, South: - CTS No. 2118/1/2/5, North: - Adjacent CTS No. 2118/1/2/1.

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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 28.09.2024. Therefore on 05.02.2025 the applicant bank issued legal notice to the defendants through their advocate. Despite service of Notices, the

(OA No.204/2025)

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[AMBADAS]

defendants failed and neglected to repay the 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 defendants were proceeded with NO WS as per Order dated 20.04.2026.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-04 of Mr. Vitthal Onkar Chavan, POA of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1 to A-28 as per list of documents Exh.05 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.

(OA No.204/2025)

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[AMBADAS]

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

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The applicant Bank has claimed future interest @11.10%, @7.50% per annum plus penal interest @ 2% on the loans from the date of filing i.e. 12.03.2025 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) on total outstanding amount, it would be just and reasonable rate of interest.

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ORDER

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(A) Original Application No. 204/2025 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 39,43,356.89/- (Rupees Thirty Nine Lacs, Forty Three Thousand, Three Hundred Fifty Six and Eighty Nine Paisa only), along with future interest @ 9% per annum (simple) from the date of

(OA No.204/2025)

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[AMBADAS]

filing of the Original Application i.e. 10.05.2025 till full payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by mortgaged of the following immovable properties vide documents at Exhibit A-7 to A-11 & A-20 to A-23 in list

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of documents Exh. 5.

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East :- Floor Lobby, Lift, thereafter built-up area of Amar Talreja and others,

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West :- Staircase of Building and adjacent CTS No. 2118/1/2/4,

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South: - CTS No. 2118/1/2/5, North: - Adjacent CTS No. 2118/1/2/1.

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

(OA No.204/2025)

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[AMBADAS]

(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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Pronounced in open court. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:.17.08.2026 Debts Recovery Tribunal, Aurangabad

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(OA No.204/2025)

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[AMBADAS]

Bank of India v. Kabir Vasanti Shekhar

Case brief

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Bank of India v. Kabir Vasanti Shekhar

Case brief

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