Allowed

Bank of Maharashtra v. M/S v T Adaskar and Co. Prop Mr Vinod Tukaram Adaskar

DRT14 May 2026OA/240/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of dues. After finding the defendants in default and proceeding ex-parte due to their absence, the court reduced the claimed penal interest and awarded 9 percent simple future interest.

What did the court decide?

Payment of Rs. 66,37,247/- with 9% future interest and Rs. 9,88,35,137/- with 9% future interest; sale of mortgaged property; issue of recovery certificate.

Bank of Maharashtra versus M/S v T Adaskar and Co… — Contract and Commercial Disputes | DRT (2026)

¶1

Presented on .. 21.12.2019 Registered on .. 07.04.2022 Decided on .. 14.05.2026 Duration .. Y—M—D 06--04--24

¶2

IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 240/2022.

¶3

Bank of Maharashtra, Banking Company Incorporated under the Banking Companies (Acquisition and Transfer of Undertakings) Act V of 1970, having its head office at ―Lokmangal‖, 1501, Shivajinagar, Pune – 411 005 and one of its branch office at – Stressed Asset Management Branch, Pune.

¶4

… Applicant

¶5

Versus

¶6

1 M/s. V.T. Adaskar & Co. Prop. Mr. Vinod Tukaram Adaskar, Age Adult, Occ. Business, Address at –

¶7

(a) Shop No. 17 and 18, N B Arcade, Akurdi, Pune 411 035.

¶8

(b) Flat No. 1204 and 1205, ND Tower, Akurdi, Pune 411 035.

¶9

¶10

Sanap ( OA No. 240/2022 ) 1 of 12

¶11

2 Mr. Bappasaheb Buwaji Gaikwad, Age Adult, Occ. Business, R/at – Survey No. 511/5, SR No. 77/21, Opp M.M. School, Jyotiba Nagar, Kalewadi, Pune 411 017.

¶12

3 Deepak Dattatray Chavan, Age Adult, Occ. Business, R/at – A/23, 4^th Floor, Songara Classics, Akurdi, Pune 411 035.

¶13

4 M/s. Shree Properties, A partnership firm having its registered office at Shop No. 18 and 19, N B Arcade, Akurdi, Pune 411035.

¶14

5 Mrs. Arpita Raychanda Jangid, Age Adult, Occ. Business, R/at – Flat No.6, Shree Vihar, Siddhivinay Colony, Nigdi, Pune 411044.

¶15

6 Mr. Vinod Tukaram Adaskar, Age - Adult, Occupation - Business, R/at – Flat No.3, Jewel Enclave, Near Akurdi Church, Akurdi, Pune 411035.

¶16

7 Suhas D Sawant, Age - Adult, Occupation - Business,

¶17

8 Sharmila Suhas Sawant,

¶18

Age - Adult, Occupation - Business,

¶19

9 Sunil B Patil, Age - Adult, Occupation - Business,

¶20

10 Mrs. Madhavi Sunil Patil, Age - Adult, Occupation - Business,

¶21

Sanap ( OA No. 240/2022 ) 2 of 12

¶22

11 Mrs. Yamini A Deherekar, Age - Adult, Occupation - Business,

¶23

12 Mr. Shankar Gulabrao Bhalerao, Age - Adult, Occupation - Business,

¶24

13 Mrs. Laxmi Shankar Bhalerao, Age - Adult, Occupation - Business,

¶25

14 Mr. Vikas Shankar Bhalerao, Age - Adult, Occupation - Business,

¶26

15 Mr. Sandeep Shankar Bhalerao, Age - Adult, Occupation - Business, Nos. 6 to 14 are through their power of attorney holder Mr. Vinod Tukaram Adaskar, having address at Flat No.3, Jewel Enclave, Near Akurdi Church, Akurdi, Pune 411035. … Defendants

¶27

Appearances :-

¶28

For Applicant Advocate V.S. Tokekar. For Defendants Ex parte.

¶29

Total Claim Amount – Rs.10,82,42,187=52

¶30

JUDGMENT

¶31

(Delivered on 14^th May, 2026)

¶32

The Applicant Bank has filed the present application for recovery of the sum of Rs.10,82,42,187=52 by rounding Rs.10,82,42,188/- together with future interest @15% per annum from the date of Application till realization of the entire dues from the defendants.

¶33

Brief facts of the application are as under :-

¶34

Sanap ( OA No. 240/2022 ) 3 of 12

¶35

Defendant No.1 is a proprietary concern and borrower for the various credit facilities availed. Defendant Nos. 2 to 15 are the guarantors and mortgagors for the credit facilities availed by defendants. Defendant No. 4 is partnership firm and defendant Nos. 5 and 6 are the partners of the said partnership firm.

¶36

As per the request letter of defendant No.1, the applicant Bank sanctioned the Cash Credit facility of Rs.70.00 Lakh to defendant No.1 vide Sanction Letter dated 12.01.2012. Defendant Nos. 2 and 3 stood guarantors for the repayment of loan availed by defendant No.1.

¶37

In order to secure the aforesaid loan facility, defendant Nos. 1 to 3 have executed necessary loan and security documents in favour of the applicant Bank. Defendant No.1 has also executed deed of equitable mortgage dated 14.01.2012 in favour of the applicant Bank.

¶38

Thereafter, again as per request of defendant No.1, the applicant Bank enhanced the existing cash credit of Rs.70.00 Lakh to Rs.150.00 Lakh as per Sanction Letter dated 21.01.2013. Defendant Nos. 2 to 6 agreed to stand as guarantors for discharging the liability of defendant No.1. Defendant Nos.1 to 6 have executed necessary

¶39

Sanap ( OA No. 240/2022 ) 4 of 12

¶40

loan and security documents along with equitable mortgage dated 29.01.2013 in favour of the applicant Bank.

¶41

Thereafter, in the year 2015, defendant No.1 was in need of additional financial assistance for construction of buildings in the form of Project Term Loan, and therefore, approached the applicant Bank for Project Term Loan and review of existing Cash Credit. At that time, defendant Nos. 2, 4 to 15 agreed to stand as guarantors for the discharging liability of defendant No.1. The applicant Bank considered the request of defendants and sanctioned and disbursed Project Term Loan of Rs.800.00 Lakh and reviewed the existing Cash Credit of Rs.150.00 Lakh vide Sanction Letter dated 30.06.2015. In order to secure the aforesaid loan facility, the defendants have executed necessary loan and security documents in favour of the applicant Bank.

¶42

Defendant Nos.1, 2, 4 to 15 have also executed deed of simple mortgage dated 27.07.2015 in favour of the applicant Bank in respect of the properties –

¶43

(A) All that piece and parcel of the land bearing No. 97/1A/1A/1, admeasuring about 0 H8 Ares situated at Village Ravet, Taluka Haveli, District Pune;

¶44

Sanap ( OA No. 240/2022 ) 5 of 12

¶45

(B) All that piece and parcel of the land bearing No. 97/1A/1A/1, admeasuring about 0 H7 Ares situated at Village Ravet, Taluka Haveli, District Pune;

¶46

(C) All that piece and parcel of the land bearing No. 97/1A/1A/1, admeasuring about 0 H 5 Ares situated at Village Ravet, Taluka Haveli, District Pune;

¶47

Thus Collectively all that piece and parcel of the land bearing S. No. 97/1A/1A/1 admeasuring about 0 H 7 Ares +0H 8 Ares + 0 H. 5 Ares totally 20 Ares situated at Village Ravet, Taluka Haveli, District Pune.

¶48

(D) All that piece and parcel of the land bearing S.No. 97/B, (Part B) admeasuring about OH 5 R situated at Village Rawat, Taluka Haveli, District Pune.

¶49

(E) All that piece and parcel of the land bearing S.No. 97/18 (Part C) of land admeasuring OH 5 R, situated at Village Rawat, Taluka Haveli, District Pune.

¶50

(F) All that piece and parcel of the land being residential plot, bearing S.No. 150/4/2, admeasuring 7222 sq.ft. i.e. 671 sq.mtrs. situated at Village Rawat, Taluka Haveli, District Pune.

¶51

(G) All that piece and parcel of the land, bearing S.No.76, Hissa No. 4/3 of land admeasuring 8000 sq.ft. situated at Village Saja-Kiwale, Rawet, Taluka Haveli, District Pune.

¶52

Sanap ( OA No. 240/2022 ) 6 of 12

¶53

(H) All that piece and parcel of the land being residential Plot bearing S.No. 97/1A/1A/19 admeasuring about 600 sq. mtrs. situated at Village Ravet, Taluka Haveli, District Pune.

¶54

(I) All that piece and parcel of the being residential plot, situated under Red Zone, bearing C. T. S.No. 3426, Gat No. 159 (A) admeasuring about 100 sq. mtrs. and C.T.S. No. 3426, 3428, 3431, 3432, 3498, Gat No. 159(A) admeasuring about 500 sq. mtrs. situated at Village Triveninagar, Near Pradhikaran Talawade, Taluka Haveli, District Pune.

¶55

The defendants have also executed Letters of Balance and Security Confirmation on 22.01.2016 and 02.07.2018 in favour of the applicant Bank and thereby confirmed the balance outstanding in loan accounts.

¶56

The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Therefore, the applicant Bank has classified the account of the defendants as NonPerforming Asset in accordance with guidelines of Reserve Bank of India. Thereafter, on 10.04.2019, the applicant Bank issued legal Notice to the defendants. However, the defendants failed and neglected to comply

¶57

Sanap ( OA No. 240/2022 ) 7 of 12

¶58

with the demands in the said notice and given reply on 04.05.2019 wherein defendant No.1 admitted the liability. Hence, this application is filed.

¶59

The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendants as per Order dated 06.03.2026 passed below Application (Exhibit-1).

¶60

The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Rajkishore Patro, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-40 along with list (Exhibit 7), which corroborates the case of the applicant Bank.

¶61

I have heard arguments of the learned Advocate for the applicant Bank.

¶62

Since the defendants failed to appear and contest the application, I find no reason to disbelieve evidence of the applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.

¶63

The applicant Bank has claimed Penal Interest of Rs.27,68,804/- for the Project Term Loan which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim

¶64

Sanap ( OA No. 240/2022 ) 8 of 12

¶65

amount of Project Term Loan of Rs.10,16,03,941/- is reduced to Rs.9,88,35,137/-.

¶66

The applicant Bank has claimed future interest @15% per annum. 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.

¶67

Hence, I pass the following order.

¶68

O R D E R

¶69

A} Original Application No. 240/2022 is allowed with costs.

¶70

B} Defendant Nos.1 to 6 either jointly or severally shall pay to the applicant Bank the sum of Rs.66,37,247/- (Rupees Sixty Six Lakh Thirty Seven Thousand Two Hundred Forty Seven only) towards Cash Credit facility along with future interest @9% per annum from the date of filing of the Original Application i.e. 21.12.2019 till full payment/realization of the amount mentioned in this operative order.

¶71

C} Defendant Nos.1, 2, 4 to 15 either jointly or severally shall pay to the applicant Bank the sum of Rs.9,88,35,137/- (Rupees Nine Crore Eighty Eight Lakh Thirty Five Thousand One Hundred Thirty Seven only) towards Project Term Loan along with future interest

¶72

Sanap ( OA No. 240/2022 ) 9 of 12

¶73

@9% per annum from the date of filing of the Original Application i.e. 21.12.2019 till full payment/realization of the amount mentioned in this operative order.

¶74

D} The aforesaid adjudicated amount is secured by the valid and subsisting mortgage in respect of -

¶75

(A) All that piece and parcel of the land bearing No. 97/1A/1A/1, admeasuring about 0 H8 Ares situated at Village Ravet, Taluka Haveli, District Pune;

¶76

(B) All that piece and parcel of the land bearing No. 97/1A/1A/1, admeasuring about 0 H7 Ares situated at Village Ravet, Taluka Haveli, District Pune;

¶77

(C) All that piece and parcel of the land bearing No. 97/1A/1A/1, admeasuring about 0 H 5 Ares situated at Village Ravet, Taluka Haveli, District Pune;

¶78

Thus Collectively all that piece and parcel of the land bearing S. No. 97/1A/1A/1 admeasuring about 0 H 7 Ares +0H 8 Ares + 0 H. 5 Ares totally 20 Ares situated at Village Ravet, Taluka Haveli, District Pune.

¶79

(D) All that piece and parcel of the land bearing S.No. 97/B, (Part B) admeasuring about OH 5 R situated at Village Rawat, Taluka Haveli, District Pune.

¶80

Sanap ( OA No. 240/2022 ) 10 of 12

¶81

(E) All that piece and parcel of the land bearing S.No. 97/18 (Part C) of land admeasuring OH 5 R, situated at Village Rawat, Taluka Haveli, District Pune.

¶82

(F) All that piece and parcel of the land being residential plot, bearing S.No. 150/4/2, admeasuring 7222 sq.ft. i.e. 671 sq.mtrs. situated at Village Rawat, Taluka Haveli, District Pune.

¶83

(G) All that piece and parcel of the land, bearing S.No.76, Hissa No. 4/3 of land admeasuring 8000 sq.ft. situated at Village Saja-Kiwale, Rawet, Taluka Haveli, District Pune.

¶84

(H) All that piece and parcel of the land being residential Plot bearing S.No. 97/1A/1A/19 admeasuring about 600 sq. mtrs. situated at Village Ravet, Taluka Haveli, District Pune.

¶85

(I) All that piece and parcel of the being residential plot, situated under Red Zone, bearing C. T. S.No. 3426, Gat No. 159 (A) admeasuring about 100 sq. mtrs. and C.T.S. No. 3426, 3428, 3431, 3432, 3498, Gat No. 159(A) admeasuring about 500 sq. mtrs. situated at Village Triveninagar, Near Pradhikaran Talawade, Taluka Haveli, District Pune, more particularly described in the Schedule of the Original Application.

¶86

Sanap ( OA No. 240/2022 ) 11 of 12

¶87

E} The applicant Bank is entitled to sell the mortgaged property to recover its dues.

¶88

F} Issue Recovery Certificate.

¶89

G} The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants.

¶90

Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 14.05.2026 Debts Recovery Tribunal, Pune.

¶91

Sanap ( OA No. 240/2022 ) 12 of 12

Bank of Maharashtra v. M/S v T Adaskar and Co. Prop Mr Vinod Tukaram Adaskar

Case brief

What is this about?

What did the court decide?

Bank of Maharashtra v. M/S v T Adaskar and Co. Prop Mr Vinod Tukaram Adaskar

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

The Cosmos Co-Op Bank Ltd. versus M/S. Nirmal Motors Prop. Mr. Anand Yashwant Barge

Canara Bank versus Vilas Gaikwad

State Bank of India versus Venkateshwara Associates

Hdfc Bank versus Mrs. Sarika Ravindra Jaid

State Bank of India versus Geetadevi

Canara Bank versus Dr. Rucha Amit Wagh Prop. of M/S Rugved Diagnostic