The Debts Recovery Tribunal allowed the Bank of India's application for recovery of dues totaling Rs. 26,72,332/- and future interest from Rajashree Deepak Joshi who failed to repay sanctioned cash credit facilities.
Mandated payment of Rs. 26,72,332/- plus future interest at 9% p.a. and entitlement to sell hypothecated assets.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Presented on: 12.02.2025 Registered on: 11.04.2025 Decided on: 22.05.2026 Duration: Y M D 01 03 10
IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 220/2025
TOTAL CLAIM AMOUNT – Rs. 26,72,332/-
Bank of India
A Body Corporate constituted under the provisions of Banking Companies (Acquisition and Transfer of Undertakings) Act V of 1970, Having its Head Office at Star House, “C-5”, G-Block, Bandra Kurla Comples, Bandra (East), Mumbai and branch amongst other places at Garkheda Branch, Plot No. 5, Jyoti Complex, Ulkanagari, Garkheda Parisar, Chhatrapati Sambhajinagar-431005, Through its Chief Manager & Power of Attorney Holder, Mr. Vitthal Onkar Chavan, Age: 38 yrs., Occ.: Service at SMEUC Garkheda, R/o.: Garkheda Chh. Sambhajinagar.
… Applicant
(OA No.220/2025)
Page 1 of 8
[AMBADAS]
Versus
Rajashree Deepak Joshi, Prop. M/s. Majesty Manufacturing Plot No. 4, Food Park, 5 Star Shendra MIDC, Chhatrapati Sambhajinagar-431007. And Plot No. 166, Flat No. 1, Sumangal Residency, Ulkanagari Chhatrapati Sambhajinagar 431112.
…Defendant
APPEARANCES For the Applicant For Defendant
Ms. Anjali H. Dhat Advocate Ex-parte
JUDGMENT Delivered on 22.05.2026
(OA No.220/2025)
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[AMBADAS]
Brief facts of the application are as under:
Furthermore, the defendant again approached the applicant bank to enhance the said loan facility. Upon considering the request
(OA No.220/2025)
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[AMBADAS]
and need of the defendant, the Applicant Bank enhanced the Cash
Credit facility of Rs. 9,50,000/- to Rs. 25,00,000/- vide sanction letter dated 29.11.2022. The agreed rate of interest was @ 10.75% p.a. with monthly rests. The defendant also agreed to pay an additional interest by way of liquidated damages @ 2% p.a. in case of default in repayment.
In order to secure the aforesaid loan facilities, the Defendant executed various loan documents in favour of the Applicant Bank, including the sanction letters, demand promissory notes, hypothecation agreements etc., in favour of the Applicant Bank.
(OA No.220/2025)
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[AMBADAS]
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 19.09.2024. Therefore, on 19.10.2024 the applicant bank issued legal notice to the defendant through their advocate. Despite service of Notices, the defendant failed and neglected to repay the outstanding dues of the applicant Bank. Hence, this application is filed.
(OA No.220/2025)
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[AMBADAS]
documents as Exh. A-1 to A-15 as per list of documents Exh.05 which corroborates the case of the applicant Bank.
(OA No.220/2025)
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[AMBADAS]
ORDER
(B) The defendant shall pay to the applicant Bank a sum of Rs. 26,72,332/- (Rupees Twenty Six Lacs, Seventy Two Thousand, Three Hundred and Thirty Two only), along with future interest @ 9% per annum (simple) from the date of filing of the Original Application i.e. 12.02.2025 till full payment/realization of the amount mentioned in this operative order.
(OA No.220/2025)
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[AMBADAS]
Sd/-
Pronounced in open court. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:.22.05.2026 Debts Recovery Tribunal, Aurangabad
(OA No.220/2025)
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[AMBADAS]
1 issue framed by the court
Whether the applicant bank is entitled to recover the outstanding loan amount of Rs. 26,72,332/- from the defaulting borrower.
Bank of India
Rajashree Deepak Joshi
Dr. J. R. Chauhan
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
