Allowed

Bank of Maharashtra v. Swara Wooden Production Opc Pvt. Ltd.

DRT24 Aug 2026OA/272/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal at Aurangabad allowed an application filed by Bank of Maharashtra for recovery of Rs. 50,16,848/- plus future interest against a company and its guarantors. The court proceeded ex-parte due to the defendants' absence, sanctioned future interest at 11% p.a., and authorized the sale of mortgaged properties.

What did the court decide?

Recovery of Rs. 50,16,848/- plus 11% p.a. future interest; sale of mortgaged properties; issuance of Recovery Certificate.

Bank of Maharashtra versus Swara Wooden Production Opc… — Execution and Attachment | DRT (2026)

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Presented on: 29.01.2025 Registered on: 15.05.2025 Decided on: 24.08.2026 Duration: Y M D 01 06 25

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 272/2025

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TOTAL CLAIM AMOUNT – Rs. 50,16,848/-

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BANK OF MAHARASHTRA,

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A Body Corporate constituted under the provisions of Banking Companies (Acquisition and transfer of undertakings) Act V of 1970, Having its Head Office at 1501, Lokmangal, Shivaji Nagar, Pune and branch amongst other places at Beed Branch, Taluka and District Beed, Through its Chief Manager, Mr. Ritesh Pandey, Age: 41 years, Occ.: Service as Chief Manager with Bank of Maharashtra, Nagar Road Beed Branch, Taluka and District Beed, Maharashtra.

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Versus

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… Applicant

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1. M/s. Swara Wooden production OPC Pvt Ltd. A company registered under the company act Having its registered office at 2-10-470, Jijamata Chowk Beed, Dist. Beed 431122. Through its Partner Mrs. Shobah Hanuman Gat.

(OA No.272/2025)

Page 1 of 9

[AMBADAS]

And Having its Factory near Giram Water Suppliers Pimpargavahan road, Beed 431122. Harsul, Aurangabad.

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2. Mrs. Shobha Hanuman Gat,

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Age: Major, Occ.: Business, Director of Swar Wooden production OPC Pvt. Ltd. 2-10-470, Jijamata Chowk Beed, Dist. Beed 431122. And Shrirapur gat, post Arvi, Tq. Shirur Kasar, Dist. Beed 413249.

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3. Mr. Kachru Madan Kashid,

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Age: Major, Occ.: Business, Shrirapur gat, post Arvi, Tq. Shirur Kasar, Dist. Beed 413249.

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4. Mrs. Pooja Kachru Kashid, Age: Major, Occ.: Business, Shrirapur gat, post Arvi, Tq. Shirur Kasar, Dist. Beed 413249.

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…Defendants

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APPEARANCES

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For the Applicant For Defendants

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Mrs. Amrita P. Johar -Advocate Ex-parte

(OA No.272/2025)

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[AMBADAS]

JUDGMENT

Delivered on 24.08.2026

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The Applicant Bank has filed the present application for the

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recovery of a sum of Rs. 50,16,848/- (Rupees Fifty Lacs, Sixteen Thousand, Eight Hundred and Forty Eight only), along with future interest from the date of filing of the Original Application, i.e., 29.01.2025, 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 had approached and requested the Applicant Bank for Term Loan facility & Cash Credit Facility. Upon considering the request and financial needs of the Defendants, the Applicant Bank sanctioned Term Loan facility of Rs. 25,00,000/- & Cash Credit Facility of Rs. 25,00,000/-, vide sanction letter dated 31.01.2024 on certain terms and conditions. The agreed rate of interest was @ 10.75%

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p.a. with monthly rests. The Defendants also agreed to pay

(OA No.272/2025)

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[AMBADAS]

additional interest by way of liquidated damages in the event of any default in repayment.

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In order to secure the aforesaid loan facilities, the Defendants executed various loan documents in favour of the Applicant Bank. These included sanction letter, registered mortgage deed bearing daybook No. 648/2024 dated 06.02.2024 & hypothecation agreement etc. Additionally defendant No. 2 to 4 stood as guarantors for defendant no. 1 and executed a deed of guarantee 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 created first charge over their immovable property under registered mortgage deed bearing daybook No. 648/2024 dated 06.02.2024 in favour of the Applicant Bank. The mortgage was created in respect of the following properties-

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All that piece and parcel of property bearing Row House No. A-5, Plot No. 74 to 76 Survey No. 53, Municipal House No. 1-4-4939 (Part old) and 1-4-697 (New) situated at Taraf Giram Beed, admeasuring 907.82 square meters, and Property bearing Plot No. 2, Block Nno. G, House No. 4109, Survey No. 169-A,

(OA No.272/2025)

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[AMBADAS]

Dehunagar, Wasanwadi, Pangri Road, Beed admeasuring 1390 square feet, which is bounded as under:

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Row House No. A-5

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East: Row House No. A-4, West: Remaining property of Deshmukh, South: Plot No. 71, North: 6 meter wide road. Plot No. 2 East: 9 meter road, West: Land of Ganesh Madhuka Giram, South: Plot No. 1 of same layout, North: Plot No. 3 of same layout.

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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 defendants became irregular and classified as NPA on 03.10.2024. Therefore, on 18.11.2024 the applicant bank issued legal notice to the

(OA No.272/2025)

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[AMBADAS]

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 duly served. Hence, the defendants were proceeded as ex-parte as per Order dated 04.11.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-04 of Ritesh Pandey, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1 to A-16 along with list of documents Exh.05 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.272/2025)

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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 @13% from the date of filing i.e. 29.01.2025 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 @ 11% per annum (simple) on outstanding amount, it would be just and reasonable rate of interest.

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ORDER

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(A) Original Application No. 272/2025 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 50,16,848/- (Rupees Fifty Lacs, Sixteen Thousand, Eight Hundred and Forty Eight only), along with future interest @ 11% per annum (simple) from the date of filing of the O.A. i.e. 29.01.2025 till full payment/realization of the amount mentioned in this operative order.

(OA No.272/2025)

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[AMBADAS]

(C) The aforesaid adjudicated amount is secured by the mortgage of the following immovable properties vide documents at Exh A-11 in List of documents Exh. 5.

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All that piece and parcel of property bearing Row House NO. A-5, Plot NO. 74 to 76 Survey No. 53, Municipal House No. 1-4-4939 (Part old) and 1-4-697 (New) situated at Taraf Giram Beed, admeasuring 907.82 square meters, and Property bearing Plot No. 2, Block Nno. G, House No. 4109, Survey No. 169-A, Dehunagar, Wasanwadi, Pangri Road, Beed admeasuring 1390 square feet, which is bounded as under:

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Row House No. A-5

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(D) The applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated assets etc., to recover its dues.

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(E) Issue Recovery Certificate accordingly.

(OA No.272/2025)

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[AMBADAS]

(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:.24.08.2026

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

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(OA No.272/2025)

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Page 9 of 9

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[AMBADAS]

Bank of Maharashtra v. Swara Wooden Production Opc Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Bank of Maharashtra v. Swara Wooden Production Opc Pvt. Ltd.

Case brief

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What did the court decide?

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