Allowed

Bank of Maharashtra v. Mr Omprakash Babulal Runthala Prop M/S Mukund Texttitle

DRT13 Jul 2026OA/241/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal decided an ex-parte application filed by Bank of Maharashtra for recovery of dues totaling approximately Rs. 3.56 crore from three defendants. The court allowed the application, reduced the future interest rate to 9% per annum, and directed the issuance of a recovery certificate and sale of mortgaged properties.

What did the court decide?

Defendants to pay Rs.3,56,03,396/- with future interest @ 9% per annum from 21.12.2019; mortgage properties to be sold; Recovery Certificate to be issued.

Bank of Maharashtra versus Mr Omprakash Babulal Runthala Prop… — Specific Performance | DRT (2026)

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Presented on .. 21.12.2019 Registered on .. 22.02.2022 Decided on .. 13.07.2026 Duration .. Y—M—D 06--06--23

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 241/2022.

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Bank of Maharashtra,

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A 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 – 5 and branch office amongst other places at – Navipeth, Lalbahadur Shastri Shopping Centre, Solapur 413 001.

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… Applicant

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Versus

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1 Mr. Omprakash Babulal Runthala, Prop. of M/s. Mukund Texttitle, R/at :- (A) Shop No.2, Shree Apartment, Geeta Nagar, WIT Road, New Pachhpeth, Solapur 413 005.

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(B) C/o Ankur Singla, B-31, 2220/8A/6, Opposite Central Jail, Mahavir JainColony, Tajpur Road, Ludhiana 141 008.

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Sanap ( OA No.241/2022 ) 1 of 7

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2 Mr. Babulal Rampratap Runthala, Age – Adult, Occ. : Business, R/at :- (A) B 26, Raghavendra Excellency, Geeta Nagar, Solapur 413 005.

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(B) W-18, Ghanshyam Nagar, Near Subhash Bridge Corner, Ahmedabad 380 027.

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3 Mr. Anil Kumar Babulal Runthala, Age – Adult, Occ. : Business, R/at :- (A) B 26, Raghavendra Excellency, Geeta Nagar, Solapur 413 005.

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(B) W-18, Ghanshyam Nagar, Near Subhash Bridge Corner, Ahmedabad 380 027. … Defendants

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Appearances :-

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For Applicant Advocate Srinivas Y. For Defendants Ex parte.

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Total Claim Amount – Rs.3,56,03,396/-

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JUDGMENT

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(Delivered on 13^th July, 2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.3,56,03,396/- together with future interest @13.50% per annum from the date of

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Sanap ( OA No.241/2022 ) 2 of 7

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Application till realization of the entire dues from the defendants.

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Brief facts of the application are as under :-

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Defendant No.1 is a proprietor of the firm known as M/s Mukund Texttitles and was in need of financial assistance for the of purpose working capital requirement and hence approached the applicant Bank. As per the loan application of defendant No.1, the applicant Bank sanctioned and disbursed the Cash Credit facility of Rs.2,00,00,000/- to defendant No.1 vide Sanction Letter dated 29.03.2012. Defendant Nos. 2 and 3 stood guarantors for the repayment of loan availed by defendant No.1.

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Thereafter on the request of defendant No.1, the applicant Bank sanctioned additional limits of Rs.120,00,000/- and enhanced the Cash Credit facility from Rs.2,00,00,000/- to Rs.3,20,00,000/- on 21.12.2012 and defendant Nos. 2 and 3 stood guarantors and took personal responsibility for the repayment of the same.

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In order to secure the aforesaid loan facility, the defendants have executed necessary loan and security documents in favour of the applicant Bank. Defendant No. 3 has also executed deed of simple mortgage on

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Sanap ( OA No.241/2022 ) 3 of 7

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24.12.2012 in favour of the applicant Bank in respect of all that piece and parcel of the land bearing Gat No. 385/1AB/2B 2B admeasuring 56R (Eastern Southern Corner) and Gat No. 629, S.No. 295/5 proposed Kanchan Nagar Plot No. 26 admeasuring 527 square meters situated at village Kumbhari, Taluka South Solapur, District Solapur.

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The defendants have also executed Balance and Security Confirmation Letters on 24.06.2014, 01.12.2015 and 23.10.2018 in favour of the applicant Bank and thereby confirmed the balance outstanding in loan account.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Therefore, on 31.03.2019, the applicant Bank has classified the account of the defendants as Non-Performing Asset in accordance with guidelines of Reserve Bank of India. Thereafter, on 09.07.2019, the applicant Bank issued legal Notice to the defendants. Despite service of Notice, the defendants failed and neglected to pay the outstanding dues of the applicant Bank.

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Hence, this application is filed.

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Sanap ( OA No.241/2022 ) 4 of 7

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The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendants as per Order dated 31.10.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. V Surendra Babu, Chief Manager and Principal Officer of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-20 along with list (Exhibit 7), 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 evidence of the applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.

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The applicant Bank has claimed future interest @13.50% per annum from the date of filing of the Original Application till actual realization of the entire amount. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% per annum (simple) from the date of filing of the Original

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Sanap ( OA No.241/2022 ) 5 of 7

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Application till actual realization of the entire amount, it would be just and reasonable rate of interest.

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Hence, I pass the following order.

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O R D E R

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A} Original Application No. 241/2022 is allowed with costs.

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B} Defendant Nos.1 to 3 either jointly or severally shall pay to the applicant Bank the sum of Rs.3,56,03,396/- (Rupees Three Crore Fifty Six Lakh Three Thousand Three Hundred Ninety Six only) 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.

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C} The aforesaid adjudicated amount is secured by the valid and subsisting mortgage in respect of all that piece and parcel of the land bearing Gat No. 385/1AB/2B 2B admeasuring 56R (Eastern Southern Corner) situated at village Kumbhari, Taluka South Solapur, District Solapur and Gat No. 629, S.No. 295/5 proposed Kanchan Nagar Plot No. 26 admeasuring 527 square meters situated at village Kumbhari, Taluka South Solapur, District Solapur, more particularly described in the Para No. 5.12 of the Original Application.

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Sanap ( OA No.241/2022 ) 6 of 7

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D} The applicant Bank is entitled to sell the mortgaged properties to recover its dues.

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E} Issue Recovery Certificate.

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

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Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 13.07.2026 Debts Recovery Tribunal, Pune.

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Sanap ( OA No.241/2022 ) 7 of 7

Bank of Maharashtra v. Mr Omprakash Babulal Runthala Prop M/S Mukund Texttitle

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Bank of Maharashtra v. Mr Omprakash Babulal Runthala Prop M/S Mukund Texttitle

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