Allowed

Axis Bank v. Omkar Shivdarshan Mule

DRT20 Aug 2026OA/489/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of outstanding dues against borrowers who defaulted on a loan facility. The court granted the principal amount plus future interest at 7% p.a. and ordered the sale of mortgaged properties to recover dues.

What did the court decide?

Directed defendants to pay Rs. 27,74,937/- plus 7% p.a. interest from filing; mortgaged properties secured as can be sold.

Axis Bank versus Omkar Shivdarshan Mule — Contract and Commercial Disputes | DRT (2026)

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Presented on: 02.07.2025 Registered on: 13.08.2025 Decided on: 20.08.2026 Duration: Y M D 01 01 18

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 489/2025

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TOTAL CLAIM AMOUNT – Rs. 27,74,937/-

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AXIS Bank Ltd.

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A Body Corporate, constituted and established under the Companies Act 1956 and having its Registered Office at “Trishul” 3^rd Floor, Opp. Samartheshwsar Temple, Law Garden, Ellis Bridge, Ahmedabad,

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AND

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Through its Authorized Representative Mr. Pramod Manohar Landge, Age: 35 Years, Occ.: Service having his address for communication at c/o. Axis Bank Ltd., “Shrivastava”, 65, Sarang Housing Society, Near Gajanan Maharaj Mandir, Garkheda, Aurangabad.

… Applicant

(OA No.489/2025)

Page 1 of 8

[AMBADAS]

Versus

1. Mr. Omkar Shivdarshan Mule,

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R/o.: Juna Ausa Road, Near Virat Hanuman Mandir, Sneha Nagar, Tilak Nagar, Latur, Tal. & Dist. Latur 413512. Also at Shop No. 04, Ground Floor, Krushnalaya Building, Plot No. 30.33 S. No. 191/2, CTS No. 9867, Old Ausa Road, Latur, Tal. & Dist. Latur 413512.

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2. Mrs. Archana Omkar Mule,

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R/o.: Juna Ausa Road, Near Virat Hanuman Mandir, Sneha Nagar, Tilak Nagar, Latur, Tal. & Dist. Latur 413512. Also at

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Shop No. 04, Ground Floor, Krushnalaya Building, Plot No. 30.33 S. No. 191/2, CTS No. 9867, Old Ausa Road, Latur, Tal. & Dist. Latur 413512.

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…Defendants

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APPEARANCES

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For the Applicant For Defendants

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Mr. M. D. Narwadkar -Advocate Ex-parte

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JUDGMENT Delivered on 20.08.2026

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The Applicant Bank has filed the present application for the

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recovery of a sum of Rs. 27,74,937/- (Rupees Twenty Seven Lacs,

(OA No.489/2025)

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[AMBADAS]

Seventy Four Thousand, Nine Hundred and Thirty Seven only), along with further interest from the date of filing of the Original Application, i.e., 02.07.2025, 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 submits that Defendant No. 1 & 2 approached the Applicant Bank with a request for financial assistance. Upon due consideration of the said request and the financial requirements of Defendants, the Applicant Bank was pleased to sanction loan of Rs. 23,00,000/- as overdraft facility & Rs. 5,00,000/- as working capital vide sanction letter dated 09.02.2024 on certain terms and conditions. The agreed rate of interest for the aforesaid loan facilities was @ 11.75% & @12.85% p.a. respectively with half yearly rests. The Defendants also agreed to pay additional interest @ 2% by way of liquidated damages in the event of any default in repayment.

(OA No.489/2025)

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[AMBADAS]

In order to secure the aforesaid loan facilities, the Defendants

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executed various loan documents in favour of the Applicant Bank.

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These included sanction letter, demand promissory note, deed of

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hypothecation, registered mortgage deed dated 28.02.2024 etc.,

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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

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aforesaid loan facility, the Defendants executed registered mortgage deed dated 28.02.2024 in favour of the applicant bank.

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The mortgage was created in respect of the following properties:

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A] All that piece and parcel of commercial property, Shop No. 04, Ground Floor, Krushnalaya Building, Plot No. 191/2, CTS No. 9867, H. No. R-1-149/5 (Old), B-1/356 (New) Area 16.75 Sq. Meters, Old Ausa Road, Latur.

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B] All that piece and parcel of Agri. Land Gut No. 199, 1.36 HA at village Utka Tq. Ausa Dist. Latur, and Gut No. 191 area 2.01 HA at village Dawatpur Tq. Ausa, Dist. Latur.

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The applicant bank contended that the defendants have failed to

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keep their promise and commitments agreed by them with regard

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to due repayment of the loan amount. The defendants failed to

(OA No.489/2025)

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[AMBADAS]

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 28.10.2024. Therefore, on 20.12.2024 the applicant bank issued recall Notice to the defendants. 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 RPAD. Hence, the defendants were proceeded exparte as per Order dated 15.05.2026.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Pramod S/o. Manohar Landge, Authorized Officer of the applicant Bank, and has produced on record the original loan transaction documents as Annexure A-1 to A-10 along with

(OA No.489/2025)

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[AMBADAS]

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.

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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 at contractual rates from the date of filing i.e. 02.07.2025 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.489/2025)

Page 6 of 8

[AMBADAS]

ORDER

(A) Original Application No. 489/2025 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 27,74,937/- (Rupees Twenty Seven Lacs, Seventy Four Thousand, Nine Hundred and Thirty Seven only), along with future interest @ 7% per annum (simple) from the date of filing of the Original Application i.e. 02.07.2025 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 mortgage of the following vide document at Annexure A-4 in list of documents Exh. 5.

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A] All that piece and parcel of commercial property, Shop No. 04, Ground Floor, Krushnalaya Building, Plot No. 191/2, CTS No. 9867, H. No. R-1-149/5 (Old), B- 1/356 (New) Area 16.75 Sq. Meters, Old Ausa Road, Latur.

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B] All that piece and parcel of Agri. Land Gut No. 199, 1.36 HA at village Utka Tq. Ausa Dist. Latur, and Gut No. 191 area 2.01 HA at village Dawatpur Tq. Ausa, Dist. Latur.

(OA No.489/2025)

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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/Pronounced in open court. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:.20.08.2026 Debts Recovery Tribunal, Aurangabad

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(OA No.489/2025)

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Page 8 of 8

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[AMBADAS]

Axis Bank v. Omkar Shivdarshan Mule

Case brief

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Axis Bank v. Omkar Shivdarshan Mule

Case brief

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