Allowed

Bank of India v. Mr. Ramesh Kachru Suryawanshi

DRT17 Apr 2026OA/527/2025

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the Bank of India's application for recovery of defaulted term loan principal, interest, and costs against two borrowers and one guarantor, modifying the future interest rate to 10% per annum and issuing a recovery certificate against mortgaged agricultural land.

What did the court decide?

Defendants to pay Rs. 23,79,457.69/- with future interest at 10% p.a. simple; Recovery Certificate issued secured by mortgaged agricultural land.

Bank of India versus Mr. Ramesh Kachru Suryawanshi — Banking and Recovery | DRT (2026)

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Presented on: 11.07.2025 Registered on: 25.08.2025 Decided on: 17.04.2026 Duration: Y M D 00 09 06

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 527/2025

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TOTAL CLAIM AMOUNT – Rs. 23,79,457.69/-

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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 Bolthan, Tq. Nandgaon, Dist. Nashik, through its Power of Attorney, Mr. Vivek Kumar (Chief Manager) Age: 45 yrs., Occ.: Service, R/o.: Deolali, Cantt. Nashik.

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… Applicant

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Versus

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1. Mr. Ramesh Kachru Suryawanshi Age: Major, Occ.: Agri., R/o.: At Post Balhegaon, Tq. Vaijapur Dist. Chh. Sambhajinagar 431116.

(OA No.527/2025)

Page 1 of 8

[AMBADAS]

2. Mr. Bhavlal Jagannath Sonawane Age: Major, Occ.: Agri., R/o.: At Post Wakla, Tq. Vaijapur Dist. Chh. Sambhajinagar 431116.

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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 17.04.2026

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 23,79,457.69/- (Rupees Twenty Three Lacs, Seventy Nine Thousand, Four Hundred Fifty Seven and Sixty Nine Paisa only), along with further interest from the date of filing of the Original Application, i.e., 11.07.2025, 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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That, the defendant No. 1 had approached to the Applicant bank and requested to sanction Term Loan. Upon considering the request and need of the defendants, the Applicant Bank

(OA No.527/2025)

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[AMBADAS]

Sanctioned Term loan of Rs. 7,50,000/- vide sanction letter dated 18.10.2013 on certain terms and conditions. The agreed rate of interest was @ 13.50% p.a. with half yearly 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 facility, the Defendant executed various loan documents in favour of the Applicant Bank, including the sanction letter, hypothecation agreement, demand promissory note, registered mortgage deed bearing daybook no. 4279 dated 19.10.2013. Additionally Defendant No. 2 stood as guarantor 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 Loan sanctioned to them, the Defendants created first charge over their immovable property by executing a registered mortgage deed bearing daybook no. 4279 dated 19.10.2013, in favour of the

(OA No.527/2025)

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[AMBADAS]

Applicant Bank. The mortgage was created in respect of the following property –

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All that piece and parcel of agricultural land admeasuring 1 H 10 R out of Gat No. 8, situated at Village Balhegaon, Tq. Vaijapur, Dist. Chh. Sambhajinagar, which is bounded as under:

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East :- Land of Mirabai Ramesh, West :- Land of Gorakh Kachru, South:- Land of Dhannalal Bansilal, North: - Land of Madhav Kachru.

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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 defendant became irregular and classified as NPA on 31.03.2017. Therefore on 20.02.2025 the applicant bank issued legal notice to the

(OA No.527/2025)

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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 served through summons. Hence, the defendants were proceeded ex-parte as per Order dated 05.01.2026.

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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-15 as per 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 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.527/2025)

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[AMBADAS]

The applicant Bank has claimed charge over immovable property of the borrower which is mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @13.50% per annum from the date of filing i.e. 11.07.2025 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 @ 10% per annum (simple), it would be just and reasonable rate of interest.

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ORDER

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(A) Original Application No. 527/2025 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. 23,79,457.69/- (Rupees Twenty Three Lacs, Seventy Nine Thousand, Four Hundred Fifty Seven and Sixty Nine Paisa only), along with future interest @ 10% per annum (simple) from the date of filing of the O.A. i.e. 11.07.2025 till full

(OA No.527/2025)

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[AMBADAS]

payment/realization of the amount mentioned in this operative order.

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documents at Exhibit A-6 in list of documents Exh. 5.

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All that piece and parcel of agricultural land admeasuring 1 H 10 R out of Gat No. 8, situated at Village Balhegaon, Tq. Vaijapur, Dist. Chh. Sambhajinagar, which is bounded as under:

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East :- Land of Mirabai Ramesh, West :- Land of Gorakh Kachru, South:- Land of Dhannalal Bansilal, North: - Land of Madhav Kachru.

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(D) The applicant Bank is entitled to sell the mortgaged immovable property and hypothecated articles/goods etc., to recover its dues.

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(E)

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(E) Issue Recovery Certificate accordingly.

(OA No.527/2025)

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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:.17.04.2026

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

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(OA No.527/2025)

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Page 8 of 8

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[AMBADAS]

Bank of India v. Mr. Ramesh Kachru Suryawanshi

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Bank of India v. Mr. Ramesh Kachru Suryawanshi

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