Allowed

Bank of Baroda v. Jyoti Ravindra Gorde

DRT4 Jun 2026OA/489/2024

Case brief

AI extract

What is this about?

TRB Aurangabad allowed an application by Bank of Baroda for recovery of a defaulting term loan. The court granted recovery of the principal amount along with future interest at 9% per annum and directed issuance of a Recovery Certificate, specifying the mortgaged flat as security for the claim.

What did the court decide?

Defendants to pay Rs. 27,72,893/- with future interest at 9% p.a. from 28.03.2024; Recovery Certificate issued with charge on specified flat.

Bank of Baroda versus Jyoti Ravindra Gorde — Banking and Recovery | DRT (2026)

¶1

Presented on: 28.03.2024 Registered on: 03.07.2024 Decided on: 04.06.2026 Duration: Y M D 02 02 06

¶2

IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 489/2024

¶3

TOTAL CLAIM AMOUNT – Rs. 27,72,893/-

¶4

Bank of Baroda ,

¶5

a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, having its Head Office at Baroda House, Mandvi, Baroda – 01, State Gujarat and one of its S.A.R.B. Branch at Regional Office, Cidco, Aurangabad, having perpetual succession … Applicant through Its Chief Manager Mr. Sanjay Baban Dongare.

¶6

Versus

¶7

1. Jyoti Ravindra Gorde. Age: 42 years, Occ.: Business, R/o.: Plot No. 14, Bhushan Nagar, Church Road, Kedgaon, Tal. & Dist. Ahmednagar 414005.

¶8

2. Ravindra Baburao Gorde.

¶9

Age: 45 years, Occ.: Business, R/o.: Plot No. 14, Bhushan Nagar, Church Road, Kedgaon, Tal. & Dist. Ahmednagar 414005. [AMBADAS] (OA No.489/2024)

¶10

Page 1 of 8

¶11

3. Prashant Maruti Jawane. Age: 50 years, Occ.: Business, R/o.: Plot No. 103, Viraj Colony, Near Tarakpur Bus Stand, Tal. & Dist. Ahmednagar 414001.

¶12

…Defendants

¶13

APPEARANCES

¶14

For the Applicant Mr. Sameer J. Pande -Advocate For Defendants Ex-parte

¶15

JUDGMENT

¶16

Delivered on 04.06.2026

¶17

The Applicant Bank has filed the present application for the recovery of a sum of Rs. 27,72,893/- (Rupees Twenty Seven Lacs, Seventy Two Thousand, Eight Hundred and Ninety Three only), along with future interest from the date of filing of the Original Application, i.e., 28.03.2024, until the date of realization of the

¶18

entire outstanding dues from the Defendants.

¶19

Brief facts of the application are as under:

¶20

The Applicant Bank states that the Defendant No. 1 & 2 had approached and requested the Applicant Bank for financial assistance. Upon considering the request and financial needs of

Page 2 of 8

(OA No.489/2024)

[AMBADAS]

the Defendants, the Applicant Bank Sanctioned Term loan facility

¶25

of Rs. 22,00,000/- as home Loan vide sanction letter dated 28.10.2014 on certain terms and conditions. The agreed rate of interest for the aforesaid loan facility was @10.25% p.a. with monthly rests. The Defendant also agreed to pay additional interest @2% by way of liquidated damages in the event of any default in repayment.

¶26

In order to secure the aforesaid loan facility, the Defendant executed various loan documents in favour of the Applicant Bank. These included sanction letter, hypothecation agreement, demand promissory note, and letter of undertaking, title deed dated 24.12.2014, hypothecation agreement etc., Additionally defendant No. 3 stood as guarantor for defendant No. 1 and 2 and executed deed of guarantee in favour of the applicant bank.

¶27

The Applicant Bank further contends that, in order to secure the aforesaid loan facility, the Defendants executed title deed dated

Page 3 of 8

(OA No.489/2024)

[AMBADAS]

24.12.2014. The mortgage was created in respect in respected of

¶32

following property:

¶33

All that piece and parcel of Flat No. 202 B, admeasuring 74.83 Sq. Meters, 2^nd Floor, Building B, Ingale Arcade, CTS No. 7379, Opp. To Radhakrushna Mandir, Sarjepura, Tal. Nagar, Dist. Ahmednagar, which is bounded as under:

¶34

East: Passage, West: Staircase and Passage, North: Passage, South: Passage.

¶35

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

¶36

to pay the same. The loan account of the defendants became irregular and classified as NPA on 28.09.2022. Therefore, on

Page 4 of 8

(OA No.489/2024)

[AMBADAS]

09.01.2024 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.

¶41

The defendants failed to appear in matter though they were served through paper publication. Hence, the defendants were proceeded ex-parte as per Order dated 01.05.2025.

¶42

The applicant Bank has filed evidence Affidavit at Exhibit-4 of Mr. Sanjay S/o. Baban Dongare, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents as Annexure A-1 to A-22 along with list of documents Exh.5 which corroborates the case of the applicant Bank.

¶43

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

¶44

Since the defendants failed to appear and did not contest the application, I find no reason to disbelieve the unrebutted

Page 5 of 8

(OA No.489/2024)

[AMBADAS]

evidence of the applicant Bank. Therefore, the applicant Bank is

¶49

entitled for the reliefs as claimed.

¶50

The applicant Bank has claimed charge over immovable

¶51

properties & hypothecated properties of the borrowers.

¶52

The applicant Bank has claimed future interest @15% p.a. from the date of filing i.e. 28.03.2024 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 @ 9% per annum (simple), it would be just and reasonable rate of interest.

¶53

ORDER

¶54

(A) Original Application No. 489/2024 is allowed with costs.

¶55

(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 27,72,893/- (Rupees Twenty

¶56

Seven Lacs, Seventy Two Thousand, Eight Hundred and

¶57

Ninety Three only), along with future interest @ 9% per

Page 6 of 8

(OA No.489/2024)

[AMBADAS]

annum (simple) from the date of filing of the O.A. i.e.

¶62

28.03.2024 till full payment/realization of the amount

¶63

mentioned in this operative order.

¶64

(C) The aforesaid adjudicated amount is secured by the mortgage of the following immovable properties vide documents at Anx. A-14 in list of documents Exh. 5.

¶65

¶66

East: Passage, West: Staircase and Passage, North: Passage, South: Passage.

¶67

(D) The applicant Bank is entitled to sell the mortgaged immovable property to recover its dues.

Page 7 of 8

(OA No.489/2024)

[AMBADAS]