Allowed

Bank of India v. M/S Oams Agro Agency

DRT11 Mar 2026OA/406/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the application filed by Bank of India for recovery of dues of Rs. 40,09,752.63/- against borrowers and guarantors. The court granted a charge over the mortgaged property and directed issuance of a Recovery Certificate, noting the defendants were unrepresented.

What did the court decide?

Direct payment of Rs. 40,09,752.63/- plus interest at 7% p.a., creation of charge over mortgaged property, and issuance of Recovery Certificate.

Bank of India versus M/S Oams Agro Agency — Banking and Recovery | DRT (2026)

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Presented on: 07.07.2025 Registered on: 16.07.2025 Decided on: 11.03.2026 Duration: Y M D 00 08 04

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 406/2025

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TOTAL CLAIM AMOUNT – Rs. 40,09,752.63/-

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Bank of India, A Body Corporate constituted under

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the provisions of Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, Having its Head Office at Star House, “C-5”, G-Block, Bandra Kurla Comples, Bandra (East), Mumbai and branches amongst the other places at Shrigonda, Tq. Shrigonda & Dist. Ahmednagar, through its Power of Attorney, Mr. Vivek Kumar (Chief Manager) Age: 45 yrs., Occ.:

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Service, R/o.: Deolali, Cantt. Nashik.

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… Applicant

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Versus

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1. M/s. OAMS Agro Agency Through its Proprietor, Mrs. Bhavana Sudam Giramkar Age: Major, Occ.: Agri.,

(OA No.406/2025)

Page 1 of 9

[AMBADAS]

R/o.: At Post Ajnuj, Tq. Shrigonda, Dist. Ahmednagar 414701.

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2. Mrs. Bhavana Sudam Giramkar

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Age: Major, Occ.: Agri., R/o.: At Post Ajnuj, Tq. Shrigonda, Dist. Ahmednagar 414701.

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3. Mr. Sudam Bhagwan Giramkar Age: Major, Occ.: Agri., R/o.: At Post Ajnuj, Tq. Shrigonda, Dist. Ahmednagar 414701.

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…Defendants

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APPEARANCES

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For the Applicant For Defendants

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Mr. K.D. Pande Advocate Ex-parte

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JUDGMENT

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Delivered on 11.03.2026

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The Applicant Bank has filed the present application for the

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recovery of a sum of Rs. 40,09,752.63/- (Rupees Forty Lacs, Nine Thousand, Seven Hundred Fifty Two and Sixty Three Paisa only), along with further interest from the date of filing of the Original Application, i.e., 07.07.2025, until the date of realization of the entire outstanding dues from the Defendants.

(OA No.406/2025)

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[AMBADAS]

Brief facts of the application are as under:

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That, the Defendant No. 2 being proprietor of defendant No. 1 had approached to the Applicant bank and requested to sanction Cash Credit facility. Upon considering the request and need of the defendants, the Applicant Bank sanctioned Cash Credit facility of Rs. 9,90,000/- vide sanction letter dated 21.06.2016 on certain terms and conditions. The agreed rate of interest was @ 11.70% p.a. with monthly rests. The defendants also agreed to pay an additional interest by way of liquidated damages @ 2% p.a. in case of default in repayment.

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That, thereafter, the Defendants had applied the applicant bank and requested for enhancement in the above cash credit facility and upon considering the request, the applicant bank enhanced the cash credit facility to Rs. 30,00,000/- vide sanction letter dated 01.10.2017 on certain terms and conditions. The agreed rate of interest was @ 9.95% p.a. with monthly rests. The

(OA No.406/2025)

Page 3 of 9

[AMBADAS]

defendants also agreed to pay an additional interest by way of liquidated damages @ 2% p.a. in case of default in repayment.

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Thereafter the Defendant No. 1 had approached to the Applicant bank and requested to sanction Term Loan Facility under GECL Scheme. Upon considering the request and need of the defendants, the Applicant Bank sanctioned Term Loan Facility of Rs. 8,98,000/- vide sanction letter dated 31.12.2021 on certain terms and conditions. The agreed rate of interest was @ 7.50% p.a. with monthly rests. The defendants also agreed to pay an additional interest by way of liquidated damages @ 2% p.a. in case of 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, including the sanction letters, hypothecation agreements, demand promissory notes, registered sale deed bearing daybook no. 2721 dated 29.06.2015. Additionally Defendant No. 3 stood as

(OA No.406/2025)

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[AMBADAS]

guarantors for Defendant No.1 and executed a Deed of Guarantee

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in favour of the Applicant Bank.

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The Applicant Bank further contends that, in order to secure the Loan sanctioned to them, the Defendants created first charge over their immovable property by depositing a registered sale deed bearing daybook no. 2721 dated 29.06.2015, in favour of the Applicant Bank. The mortgage was created in respect of the following property –

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All that piece and parcel of property bearing CTS No. 553/2, admeasuring 93.65 Sq. Meter, situated at Village Shrigonda, Tq. Shrigonda, Dist. Ahmednagar, which is bounded as under: East :- Road, West :- CTS No. 554, South:- CTS No. 552, North: - CTS No. 553/1.

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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.

(OA No.406/2025)

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[AMBADAS]

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 04.10.2024. Therefore on 30.05.2025 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 summons. Hence, the defendants were proceeded ex-parte as per Order dated 20.01.2026.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-04 of Mr. Vivek Kumar, POA of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1 to A-30 as per list of documents Exh.05 which corroborates the case of the applicant Bank.

(OA No.406/2025)

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[AMBADAS]

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 @9.95% & @7.50 per annum on loans from the date of filing i.e. 07.07.2025 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 @ 7% per annum (simple) on outstanding amount, it would be just and reasonable rate of interest.

(OA No.406/2025)

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[AMBADAS]

ORDER

(A) Original Application No. 406/2025 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 40,09,752.63/- (Rupees Forty Lacs, Nine Thousand, Seven Hundred Fifty Two and Sixty Three Paisa only), along with future interest @ 7% per annum (simple) from the date of filing of the O.A. i.e. 07.07.2025 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 following immovable property vide registered documents at Exhibit A-10 to A-13 in list of documents Exhibit 5.

(OA No.406/2025)

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[AMBADAS]

North: - CTS No. 553/1. South: - Gat No. 56.

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(D) The applicant Bank is entitled to sell the mortgaged

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immovable property and hypothecated articles/goods

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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:.11.03.2026 Debts Recovery Tribunal, Aurangabad

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(OA No.406/2025)

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[AMBADAS]

Bank of India v. M/S Oams Agro Agency

Case brief

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Bank of India v. M/S Oams Agro Agency

Case brief

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