Allowed

Bank of Maharashtra v. Madhukar Laxman Borade (Deceased)

DRT5 Jan 2026OA/222/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal, Aurangabad allowed an original application filed by Bank of Maharashtra for recovery of Rs. 24 lakhs against borrowers who defaulted on a home loan. The court granted the claim, ordered sale of mortgaged property, and issued a recovery certificate.

What did the court decide?

Claim allowed; defendants to pay principal and future interest; charge enforced against mortgaged property; recovery certificate issued.

Bank of Maharashtra versus Madhukar Laxman Borade (Deceased) — Banking and Recovery | DRT (2026)

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Presented on: 02.03.2025 Registered on: 15.04.2025 Decided on: 05.01.2026 Duration: Y M D 00 10 03

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 222/2025

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TOTAL CLAIM AMOUNT – Rs. 24,56,475/-

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Bank of Maharashtra ,

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A Body Corporate constituted under the Banking Companies (Acquisition of Undertaking) Act, 5 of 1970, carrying on business & Having its Head Office at “Lokmangal”, 1501, Shivaji Nagar, Pune-411 005 and Zonal Office at “Mahabank Bhawan”, C-3, N-1, Town Centre, CIDCO, Aurangabad-431003. Branch at Jalgaon Road, Branch, Near New Bus Stand, Jalgaon425001. Through its Authorized Officer, Shri. Somnath Bajrang Sasane, Age: Major, Occ.: Service, Working as Chief Manager, Asset Recovery Branch, Bank of Maharashtra, at Town Centre, CIDCO, Aurangabad.

… Applicant

(OA No.222/2025)

Page 1 of 8

[AMBADAS]

Versus

1. Madhukar Laxman Boraade, (Deceaesed) Through its legal heirs.

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1 A. Ushabai Madhukar Borade

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Age: Major, Occupation: Housewife Address: Tenement No. D-28/09, sector N-12, Sr. No. 19/, Type A-11, 8^th housing scheme, Situated at N-12, CIDCO, Aurangabad

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1 B. Sumit Madhukar Borade

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Age: Major, Occupation: Service Address: Tenement No. D-28/09, sector N-12, Sr. No. 19/, Type A-11, 8^th housing scheme, Situated at N-12, CIDCO, Aurangabad

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1 C. Rohit Madhukar Borade

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Age: Major, Occupation: Service Address: Tenement No. D-28/09, sector N-12, Sr. No. 19/, Type A-11, 8^th housing scheme, Situated at N-12, CIDCO, Aurangabad

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1 D. Diksha Madhukar Borade

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Age: Major, Occupation: Service Address: Tenement No. D-28/09, sector N-12, Sr. No. 19/, Type A-11, 8^th housing scheme, Situated at N-12, CIDCO, Aurangabad

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2. Ushabai Madhukar Borade

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Age: Major, Occupation: Housewife …Defendants Address: Tenement No. D-28/09, sector N-12, Sr. No. 19/, Type A-11, 8^th housing scheme, Situated at N-12, CIDCO, Aurangabad

(OA No.222/2025)

Page 2 of 8

[AMBADAS]

APPEARANCES

For the Applicant For Defendants

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Mr. Atul A. Mishra -Advocate Ex-parte

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JUDGMENT

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Delivered on 05.01.2026

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 24,56,475/- (Rupees Twenty Four Lacs, Fifty Six Thousand, Four Hundred and Seventy Five only), along with future interest from the date of filing of the Original Application, i.e., 02.03.2025, 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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The Applicant Bank states that the Defendant No. 1 ( now deceased) & 2 had approached and requested the Applicant Bank to sanction Term Loan Facility for purchase of house. Upon considering the request and financial needs of the Defendants, the Applicant Bank sanctioned Term Loan Facility of Rs. 20,18,000/-

(OA No.222/2025)

Page 3 of 8

[AMBADAS]

vide, sanction letter dated 07.07.2016 on certain terms and

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conditions. The agreed rate of interest for aforesaid loan facility

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was @8% p.a. with monthly rests. The Defendants also agreed to pay additional interest @2% by way of liquidated damages in the

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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, deed of assignment bearing daybook no. 4687-2016, housing loan agreement etc., in favour of the Applicant Bank.

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The Applicant Bank further contends that, in order to secure the aforesaid loan facilities, the Defendants executed, deed of assignment bearing daybook no. 4687-2016 in respect of following property:

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All that piece and parcel of Tenement No. D-28/09, sector N-12, Sr. No. 19/, Type A-11, 8^th housing scheme, Situated at N-12, CIDCO, Aurangabad, which is bounded as under: East: N-12-D-28/04,

(OA No.222/2025)

Page 4 of 8

[AMBADAS]

West: 3.50 M. W. Pathway, South: N-12-D-28/10, West: N-12-D-28/10.

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The applicant bank contended that the defendants have failed to

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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 26.03.2021. Therefore on 20.01.2023 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 LR’s of defendant No. 1 and defendant No. 2 failed to appear in matter though they were duly served. Hence, the LR’s of

(OA No.222/2025)

Page 5 of 8

[AMBADAS]

defendant No. 1 and defendant No. 2 were proceeded ex-parte as per Order dated 18.11.2025

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Shri. Somnath Bajrang Sasane, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents as Exh. AW-1(1) to AW-1(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 borrowers which is mortgaged in favour of the applicant bank.

(OA No.222/2025)

Page 6 of 8

[AMBADAS]

The applicant Bank has claimed future interest @8% p.a. from the date of filing i.e. 02.03.2025 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 @ 7% 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. 222/2025 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 24,56,475/- (Rupees Twenty Four Lacs, Fifty Six Thousand, Four Hundred and Seventy Five only), along with future interest @ 7% per annum (simple) from the date of filing of the Original Application i.e. 02.03.2025 till full payment/realization of the amount mentioned in this operative order.

(OA No.222/2025)

Page 7 of 8

[AMBADAS]

documents at Exh. AW-1(9) to AW-1(13) in the list of documents Exh. 5

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All that piece and parcel of Tenement No. D-28/09, sector N-12,

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Sr. No. 19/, Type A-11, 8^th housing scheme, Situated at N-12, CIDCO, Aurangabad, which is bounded as under: East: N-12-D-28/04, West: 3.50 M. W. Pathway, South: N-12-D-28/10, West: N-12-D-28/10.

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(D) The applicant Bank is entitled to sell the mortgaged immovable property 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) File be consigned to the record room.

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Sd/-

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Pronounced in open court. Place: Aurangabad Date:.05.01.2026

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(Dr. J. R. Chauhan) Presiding Officer Debts Recovery Tribunal, Aurangabad

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(OA No.222/2025)

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Page 8 of 8

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[AMBADAS]

Bank of Maharashtra v. Madhukar Laxman Borade (Deceased)

Case brief

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Bank of Maharashtra v. Madhukar Laxman Borade (Deceased)

Case brief

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