Allowed

Bank of Maharashtra v. M/S Satyam Trading Company

DRT6 Jan 2026OA/238/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Bank of Maharashtra for recovery of Rs. 26,62,550/- principal along with future interest @ 9% p.a., as defendants were absent and evidence remained unrebutted.

What did the court decide?

Recovery of Rs. 26,62,550/- with future interest @ 9% p.a.; secured by mortgage; directed sale of mortgaged property and issuance of Recovery Certificate.

Bank of Maharashtra versus M/S Satyam Trading Company — Banking and Recovery | DRT (2026)

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Presented on: 15.03.2025 Registered on: 17.04.2025 Decided on: 06.01.2026 Duration: Y M D 00 09 21

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 238/2025

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TOTAL CLAIM AMOUNT – Rs. 26,62,550/-

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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

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1970, carrying on business & Having its Head Office at “Lokmangal”, 1501, Shivaji Nagar, Pune-411 005

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and Branch at Rahuri, Taluka Rahuri, District Ahmednagar. Through its Authorized officer, Shri. Prashant Ashok Salve, Age; Major, Occu: Service, Working as Sr. Manager, Branch at Rahuri, Taluka

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Rahuri, Dist. Ahmednagar.

… Applicant

Versus

(OA No.238/2025)

Page 1 of 8

[AMBADAS]

1. M/s. Satyam Trading Company, Through its Proprietor, Sonam Avinash Mehetre, Age: Major, Occupation: Business, Address: Gokul Colony, Guldagad Estate, Rahuri Bk, Taluka Rahuri, District Ahmednagar-413705.

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2. Machchindranath Ravannath Mehetre,

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Age: Major, Occupation: Housewife, Address: Gokul Colony, Guldagad Estate, Rahuri Bk, Taluka Rahuri, District Ahmednagar-413705.

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APPEARANCES

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…Defendants

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For the Applicant For Defendants

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Mr. Atul A. Mishra -Advocate Ex-parte

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JUDGMENT Delivered on 06.01.2026

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 26,62,550/- (Rupees Twenty Six Lacs, Sixty Two Thousand, Five Hundred and Fifty only), along with future interest from the date of filing of the Original Application, i.e., 15.03.2025, until the date of realization of the entire outstanding dues from the Defendants.

(OA No.238/2025)

Page 2 of 8

[AMBADAS]

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 to sanction Cash Credit Facility. Upon considering the request and financial needs of the Defendants, the Applicant Bank sanctioned Cash Credit Facility of Rs. 25,00,000/- vide, sanction letter dated 27.08.2014 on certain terms and conditions. The agreed rate of interest for aforesaid loan facility was @13.65% p.a. with monthly rests. The Defendants also agreed to pay 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 Defendants executed various loan documents in favour of the Applicant Bank. These included sanction letter, deed of hypothecation, demand promissory note, sale deeds bearing daybook nos. 2129/1990 & 2675/2003 dated 13.03.1990 & 06.10.2003, Housing loan agreement etc., in favour of the Applicant Bank.

(OA No.238/2025)

Page 3 of 8

[AMBADAS]

The Applicant Bank further contends that, in order to secure the

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aforesaid loan facilities, the Defendants executed sale deeds

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bearing daybook nos. 2129/1990 & 2675/2003 dated 13.03.1990

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& 06.10.2003 in respect of following properties:

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i) All that piece and parcel of Plot No. 10/2, CTS No. 424/2/10/2, admeasuring 96 Sq. Mtrs., situated at Village Rahuri, Taluka Rahuri, District Ahmednagar. Bounded as follows.

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East: 6 meters Internal Road, West: Plot No. 4 North: Plot No. 10 (P) South: Plot No. 9

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ii) All that piece and parcel of Milkat No. 239, CTS No. 75, admeasuring 14.08 Sq. Mtrs., situated at Village Rahuri, Taluka Rahuri, District Ahmednagar. Bounded as under:

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East: Property of Shri D Pansare, West: Property of Shri. Udawant, North: Property of Shri Virkar South: Main 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

(OA No.238/2025)

Page 4 of 8

[AMBADAS]

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 31.08.2024. Therefore on 21.09.2024 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 they were served through RPAD. Hence, the defendants were proceeded exparte as per Order dated 12.09.2025

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Shri. Prashant Ashok Salve, Senior Manager of the applicant Bank and has produced on record the original loan transaction documents as Exh. AW-1(1) to AW-1(14) along with

(OA No.238/2025)

Page 5 of 8

[AMBADAS]

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.

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The applicant Bank has claimed future interest @ 12% p.a. from the date of filing i.e. 15.03.2025 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), it would be just and reasonable rate of interest.

(OA No.238/2025)

Page 6 of 8

[AMBADAS]

ORDER

(A) Original Application No. 238/2025 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 26,62,550/- (Rupees Twenty Six Lacs, Sixty Two Thousand, Five Hundred and Fifty only), along with future interest @ 9% per annum (simple), from the date of filing of the Original Application i.e. 15.03.2025 till full payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by the mortgage of the following immovable properties. Vide documents Annexure. AW-1/6 to AW-1/11 in the list of documents Exh. 5

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i) All that piece and parcel of Plot No. 10/2, CTS No. 424/2/10/2, admeasuring 96 Sq. Mtrs., situated at Village Rahuri, Taluka Rahuri, District Ahmednagar. Bounded as follows. East: 6 meters Internal Road, West: Plot No. 4 North: Plot No. 10 (P) South: Plot No. 9.

(OA No.238/2025)

Page 7 of 8

[AMBADAS]

ii) All that piece and parcel of Milkat No. 239, CTS No. 75, admeasuring 14.08 Sq. Mtrs., situated at Village Rahuri, Taluka Rahuri, District Ahmednagar. Bounded as under:

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East: Property of Shri D Pansare, West: Property of Shri. Udawant, North: Property of Shri Virkar, South: Main Road.

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

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Sd/-

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Pronounced in open court. Place: Aurangabad Date:.06.01.2026

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

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(OA No.238/2025)

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Page 8 of 8

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[AMBADAS]

Bank of Maharashtra v. M/S Satyam Trading Company

Case brief

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Bank of Maharashtra v. M/S Satyam Trading Company

Case brief

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