Allowed

Bank of Maharashtra v. M/S Shivrang Agrobase and Allied Products Pvt. Ltd.

DRT5 Jun 2026OA/269/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Bank of Maharashtra for recovery of a defaulted loan facility admitted by the debtor. The Tribunal granted the principal claim along with future interest at 10% p.a. and secured the debt against mortgaged properties.

What did the court decide?

Recovery of Rs. 3,14,64,822/- plus future interest at 10% p.a. simple, secured by mortgaged properties.

Bank of Maharashtra versus M/S Shivrang Agrobase… — Contract and Commercial Disputes | DRT (2026)

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Presented on: 15.03.2025 Registered on: 29.04.2025 Decided on: 05.06.2026 Duration: Y M D 01 02 20

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 269/2025

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TOTAL CLAIM AMOUNT – Rs. 3,14,64,822/-

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Bank of Maharashtra,

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A Body Corporate and constituted under the Banking Companies (Acquisition of Undertaking) Act, 5 of 1970, carrying on Banking Business and having its Head Office at “Lokmangal”, 1501, Shivaji Nagar, Pune – 411 005 and Zonal Office at Second Floor, Laltaki Road, Ahmednagar-414005. Branch at Shevgaon, Tal. Shevgaon, Dist. Ahmednagar. Through its Authorized Officer, Shri. Avinash Shivajirao Mate, Age: Major, Occ.: Service, Working as Senior Manager, Branch at Shevgaon, Tal. Shevgaon, Dist. Ahmednagar.

… Applicant

(OA No.269/2025)

Page 1 of 9

[AMBADAS]

Versus

1. M/s. Shivrang Agrobase and Allied Products Pvt. Ltd.

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Address: At Balamtakli, Tq. Shevgaon, Dist. Ahmednagar, Through its Directors.

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2. Rangnath Dagadu Vaidya

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Age: Major, Occupation: Agriculturist, R/o.: At Balamtakli, Tq. Shevgaon, Dist. Ahmednagar.

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3. Mayur Rangnath Vaidya

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Age: Major, Occupation: Agriculturist, R/o.: At Balamtakli, Tq. Shevgaon, Dist. Ahmednagar.

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4. Mandakini Rangnath Vaidya

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Age: Major, Occupation: Agriculturist, R/o.: At Balamtakli, Tq. Shevgaon, Dist. Ahmednagar.

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5. Mangal Shivnath Vaidya

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Age: Major, Occupation: Agriculturist, R/o.: At Balamtakli, Tq. Shevgaon, Dist. Ahmednagar.

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…Defendants

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APPEARANCES

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For the Applicant For Defendants

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Mr. Atul A. Mishra -Advocate Ex-parte

(OA No.269/2025)

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[AMBADAS]

JUDGMENT Delivered on 05.06.2026

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The Applicant Bank has filed the present application for the

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recovery of a sum of Rs. 3,14,64,822/- (Rupees Three Crores, Fourteen Lacs, Sixty Four Thousand, Eight Hundred and Twenty Two only), along with further 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.

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Brief facts of the application are as under:

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The applicant bank states that Defendant No. 1 approached the applicant bank seeking financial assistance. Upon scrutiny of the submitted documents, the applicant Bank Sanctioned Cash Credit Facility for Working Capital (Business of Jaggery Unit) of Rs. 3,00,00,000/-( Rs. Three Crores only) vide sanction letter dated 05.10.2021. The agreed rate of interest for the aforesaid loan facility was @8.90% p.a. with monthly rests. The defendants also

(OA No.269/2025)

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[AMBADAS]

agreed to pay an additional interest by way of liquidated damages in case of 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, registration mortgage deed No. 3576/2021 dated 11.10.2021 etc., Additionally defendant No. 2 to 5 stood as guarantors for defendant No. 1 and executed deed of guarantee dated 16.10.2021 in favour of the applicant bank.

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The Applicant Bank further contends that, in order to secure the aforesaid loan facility, the Defendants executed registration mortgage deed No. 3576/2021 dated 11.10.2021 in respect of following properties:

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i) All that piece and parcel of Gut No. 208/A/1 (P), Admeasuring 4000 Sq. Feet, Situated at Post, Balamtakli, Tq. Shevgaon, District Ahmednagar and bounded as under: -

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On or towards the North: By Gut No. 208/A/1, On or towards the East: By Gut No. 208/A/1, On or towards the West: By Gut No. 207,

(OA No.269/2025)

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[AMBADAS]

On or towards the South: By Shevgaon Gevrai Road.

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ii) All that piece and parcel of Gut No. 207/2 (P), Admeasuring 4920 Sq. Feet, Situated at Post, Balamtakli, Tq. Shevgaon, District Ahmednagar bounded as under:-

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On or towards the North: By Gut No. 207, On or towards the East: By Gut No. 208, On or towards the West: By Gut No. 205, On or towards the South: Out of Gut No. 207 Internal 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 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 defendant became irregular and classified as NPA on 17.07.2022. Therefore, on 12.07.2024 the applicant bank issued legal Notice to the defendants. The defendants failed and neglected to repay the

(OA No.269/2025)

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[AMBADAS]

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 as ex-parte as per Order dated 11.12.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Avinash Shivajirao Mate, Senior Manager of the applicant Bank, and has produced on record the original loan transaction documents as Exh. AW-1(1) to AW-1(12) 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 did not 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.

(OA No.269/2025)

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[AMBADAS]

The applicant Bank has claimed charge over immovable properties of the borrowers which are mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @ 12% p.a. on the aforesaid loan facility 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 @ 10% 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. 269/2025 is allowed with

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costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 3,14,64,822/- (Rupees Three Crores, Fourteen Lacs, Sixty Four Thousand, Eight Hundred and Twenty Two only), along with future interest @ 10% per annum (simple) from the date of filing of the Original Application i.e. 15.03.2025 till full

(OA No.269/2025)

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[AMBADAS]

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 document at Exh. AW-1(7) in list of documents Exh. 5.

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i) All that piece and parcel of Gut No. 208/A/1 (P), Admeasuring 4000 Sq. Feet, Situated at Post, Balamtakli, Tq. Shevgaon, District Ahmednagar and bounded as under: -

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On or towards the North: By Gut No. 208/A/1, On or towards the East: By Gut No. 208/A/1, On or towards the West: By Gut No. 207, On or towards the South: By Shevgaon Gevrai Road.

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ii) All that piece and parcel of Gut No. 207/2 (P), Admeasuring 4920 Sq. Feet, Situated at Post, Balamtakli, Tq. Shevgaon, District Ahmednagar bounded as under:-

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On or towards the North: By Gut No. 207, On or towards the East: By Gut No. 208, On or towards the West: By Gut No. 205, On or towards the South: Out of Gut No. 207 Internal Road.

(OA No.269/2025)

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[AMBADAS]

(D) The applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated articles/goods 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. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:.05.06.2026 Debts Recovery Tribunal, Aurangabad

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(OA No.269/2025)

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Page 9 of 9

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[AMBADAS]

Bank of Maharashtra v. M/S Shivrang Agrobase and Allied Products Pvt. Ltd.

Case brief

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Bank of Maharashtra v. M/S Shivrang Agrobase and Allied Products Pvt. Ltd.

Case brief

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