Allowed

Idbi Bank v. M/S. Paadcon Infrastructure Pvt. Ltd.

DRT3 Feb 2026OA/500/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application for recovery of dues. Held the principal borrower and guarantors jointly and severally liable to pay the principal amount along with future interest at 9% per annum, declaring mortgaged properties as security.

What did the court decide?

Payment of Rs. 2,31,66,831/- plus future interest at 9% p.a. from 26.07.2022; declaration of mortgaged properties as security; issuance of Recovery Certificate.

Idbi Bank versus M/S. Paadcon Infrastructure Pvt… — Contract and Commercial Disputes | DRT (2026)

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Presented on: 26.07.2022 Registered on: 25.11.2022 Decided on: 03.02.2026 Duration: Y M D 03 06 08

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Shri Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No.500/2022

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IDBI Bank Ltd.,

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TOTAL CLAIM AMOUNT – Rs.2,31,66,831/-

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A banking company incorporated and registered under the Companies Act, 1956 (1 of 1956) and also a banking company under

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Section 5 (c) of the Banking Regulation Act, 1949 (10 of 1949) having its registered office at IDBI Tower, WTC Complex, Cuffe Parade, Mumbai, Maharashtra- 400005 and amongst other places one of its branch at IMA Hall,

… Applicant

(OA No.500-2022)

Page 1 of 13

[Ambadas]

Samarth Nagar Road, Near Adalat Road, Samarth Nagar Aurangabad- 431001, through its Branch Head/ Principal Officer- Shri. Prafulla S/o. Bhaskar Dhargave.

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Versus 1. M/s. Paadcon Infrastructure Private Ltd., … Defendant/s C/o: Sima Ganesh Wagh, flat No. 8,

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Plot No. 54, Ugam Residency, Dashmesh Nagar, Dist. Aurangabad, Maharashtra, Pincode- 431005. And also at; Paadcon Infrastructure Private Limited., S. No. 1620, Swapnagandha Apartment,

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Sadashiv Peth, Dist. Pune, Maharashtra,

Pincode- 411030.

(OA No.500-2022)

Page 2 of 13

[Ambadas]

Shri. Prabhakar Ambadas Deshmukh,

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(Director, Guarantor as well as being Legal heir of Guarantor namely Late Shri. Ambadas Ramrao Deshmukh) At Plot No. 226-A, Opp. Udyog Pushpa, Ulkanagri, Aurangabad, Maharashtra431005. And also at; Shri. Prabhakar Ambadas Deshmukh, (Director, Guarantor as well as being Legal heir of Guarantor namely late Shri. Ambadas Ramrao Deshmukh) At Shri. Bhagwant Krupa Niwas, TPS Road, Shivaji Nagar, Parali Vaijnath, Dist. Beed,

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Maharashtra- 431515.

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Shri. Sudhakar Ambadas Deshmukh,

(OA No.500-2022)

Page 3 of 13

[Ambadas]

(Director, Guarantor as well as being

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Legal heir of Guarantor namely late Shri. Ambadas Ramrao Deshmukh) At Shri. Bhagwant Krupa Niwas, TPS Road, Shivaji Nagar, Parali Vaijnath, Dist. Beed, Maharashtra- 431515. And also at; Paadcon Infrastructure Private Limited., S. No. 1620, Swapnagandha Apartment, Sadashiv Peth, Dist. Pune, Maharashtra, Pincode- 411030. 4. Shri. Ratnakar Ambadas Deshmukh, (Director, Guarantor as well as being Legal heir of Guarantor namely late

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Shri. Ambadas Ramrao Deshmukh) At Shri. Bhagwant Krupa Niwas, TPS Road,

(OA No.500-2022)

Page 4 of 13

[Ambadas]

Shivaji Nagar, Parali Vaijnath, Dist. Beed,

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Maharashtra- 431515.

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And also at; Paadcon Infrastructure Private Limited., S. No. 1620, Swapnagandha Apartment, Sadashiv Peth, Dist. Pune, Maharashtra, Pincode- 411030.

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Smt. Mangalabai Ambadas Deshmukh, (being Guarantor as well as legal heir of

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Ambadasrao R. Deshmukh) At

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Shri. Bhagwant Krupa Niwas, TPS Road,

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Shivaji Nagar, Parali Vaijnath, Dist. Beed,

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Maharashtra- 431515.

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APPEARANCES For the Applicant Mr. Pathak Anirudha S- Advocate For Defendants Ex-parte

(OA No.500-2022)

Page 5 of 13

[Ambadas]

J U D G M E N T

Delivered on (03.02.2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs. 2,31,66,831/- (Rs. Two Crore, ThirtyOne Lakhs, Sixty-Six Thousand, Eight Hundred and Thirty-One Only) together with interest @13.30% p.a. with monthly rests upon Cash Credit facility from 09.03.2022 till the full realization of the entire dues and costs from the Defendants.

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Brief facts of the application are as under:

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That the Defendants approached the Applicant Bank and requested for the sanction of a Credit Loan Facility. Upon considering the Defendant’s representation, request and financial needs, the Applicant Bank sanctioned to Defendant No. 1, the Cash Credit loan Facility of Rs. 2,00,00,000/- (Rs. Two Crore Only) vide sanction letter dated 26.04.2019 on certain terms & conditions.

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The agreed rate of Fixed interest for the Cash Credit loan facility

(OA No.500-2022)

Page 6 of 13

[Ambadas]

was @13.30% p.a. with monthly rests.

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In order to secure the aforesaid Cash Credit Loan facility, the Defendants executed loan documents in favour of the Applicant Bank namely sanction letter, demand promissory note, request letter, hypothecation agreement, letter of undertaking etc.

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The Applicant Bank contended that, Defendant No. 1 is the principal borrower and Defendant Nos. 2 to 5 are the respective guarantors and mortgagors of the said loan facility. The Defendants have executed Registered Mortgage deed bearing Day Book No. PRA-1197-2019 dated 03.05.2019 in respect of the following properties in favour of the Applicant Bank:-

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i) All that piece and parcels of immovable property bearing

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House No. 2018 (old), No. 228 (New) total adm. Area 334.56

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Sq. Mtrs., with construction thereon, in land S. No. 57, in Ward

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No. 5 (Old), No. 2 (New), situated at Shivajinagar, TPS Road,

(OA No.500-2022)

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[Ambadas]

Parali Vaijinath, Tq. Parli, Dist. Beed. Standing in the name of

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Mrs. Mangalabai A. Deshmukh and bounded as under:East :- Road, West :- Road, North :- Road, South :- House of the Shivaji Chindale.

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ii) All that piece and parcels of property i.e. Land adm. 4 H 34 R, part and parcel of Land Gut No. 39, situated at Surumgaon, Tq. Majalgaon, Dist. Beed in the State of Maharashtra and bounded as under:East :- Land of Kondiba Mane, West :- Land of Madhukar Deshmukh, North :- Land of Kondiba Mane, South :- Road.

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The Applicant Bank further contended that the Defendants failed

(OA No.500-2022)

Page 8 of 13

[Ambadas]

to keep their promises 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. Therefore, on 12.07.2021 the Applicant Bank issued loan recall notice to the Defendants through their Officer. Despite service of Notice, the Defendants failed and neglected to repay the outstanding dues of the Applicant Bank. Hence, this application is filed.

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Despite Service of summons, the Defendants neither appeared nor filed WS. Hence, the defendants proceeded ex-parte vide Order dated 03.10.2023.

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The Applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Prafulla Bhaskar Bhargave, DGM of the

(OA No.500-2022)

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[Ambadas]

Applicant Bank and has produced on record the original loan transaction documents as per Annex. AW-1 to AW-17 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 filed written statement 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 future interest at @13.30%, p.a. with monthly rests on loan from 09.03.2022 till the full realization of the entire dues and costs from the Defendants. However, considering the facts of the case, I am of the opinion that awarding future interest at @9% per annum (simple) on outstanding amount, it would be just and reasonable.

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Hence, I pass the following order.

(OA No.500-2022)

Page 10 of 13

[Ambadas]

ORDER

(A) Original Application No. 500/2022 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. 2,31,66,831/- (Rs. Two Crore, Thirty-One Lakhs, Sixty-Six Thousand, Eight Hundred and Thirty-One Only) along-with future interest at @9% per annum (simple) from the date of filing of the Original Application, i.e., 26.07.2022, till full payment/ realization of the said amount.

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(C) The aforesaid adjudicated amount is secured by mortgage of immovable properties in favour of the Applicant Bank vide document Annex. AW-10 in list of Documents Exh.5. The properties are described as follows:-

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i) All that piece and parcels of immovable property

(OA No.500-2022)

Page 11 of 13

[Ambadas]

bearing House No. 2018 (old), No. 228 (New) total

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adm. Area 334.56 Sq. Mtrs., with construction thereon, in land S. No. 57, in Ward No. 5 (Old), No. 2 (New), situated at Shivajinagar, TPS Road, Parali Vaijinath, Tq. Parli, Dist. Beed. Standing in the name of Mrs. Mangalabai A. Deshmukh and bounded as

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under:East :- Road, West :- Road, North :- Road, South :- House of the Shivaji Chindale.

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ii) All that piece and parcels of property i.e. Land adm. 4 H 34 R, part and parcel of Land Gut No. 39,

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situated at Surumgaon, Tq. Majalgaon, Dist. Beed in the State of Maharashtra and bounded as under:-

(OA No.500-2022)

Page 12 of 13

[Ambadas]

East :- Land of Kondiba Mane,

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West :- Land of Madhukar Deshmukh, North :- Land of Kondiba Mane,

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South :- Road.

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(D) The Applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated

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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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(Dr. J. R. Chauhan) Place : Aurangabad Presiding Officer Date : 03.02.2026 Debts Recovery Tribunal, Aurangabad

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(OA No.500-2022)

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Page 13 of 13

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[Ambadas]

Idbi Bank v. M/S. Paadcon Infrastructure Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Idbi Bank v. M/S. Paadcon Infrastructure Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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