Allowed

Idbi Bank v. M/S Amol Bhimrao Satpute

DRT28 Jan 2026OA/533/2024

Case brief

AI extract

What is this about?

The applicant bank recovered Rs. 24.66 lakhs along with future interest from respondents who failed to repay a cash credit loan facility secured by hypothecation and mortgage despite failure to operate the account properly.

What did the court decide?

Respondents to pay Rs. 24,66,521/- plus future interest at 9% p.a. simple from 17.01.2024; Recovery Certificate issued; Sale of mortgaged property authorized for recovery.

Idbi Bank versus M/S Amol Bhimrao Satpute — Contract and Commercial Disputes | DRT (2026)

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Presented on: 17.01.2024 Registered on: 29.07.2024 Decided on: 28.01.2026 Duration: Y M D 02 00 11

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Shri Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No.533/2024

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TOTAL CLAIM AMOUNT – Rs. 24,66,521/-

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IDBI BANK LTD.,

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A banking company incorporated and

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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,

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1949 (10 of 1949) having its registered office

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at IDBI Tower, WTC Complex, Cuffe Parade,

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… Applicant

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Mumbai, Maharashtra – 400005 and amongst

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other places one of its branch at Opale Galli,

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Vivekanand Nagar, Mondha Market, Parali

(OA No.533-2024)

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[Ambadas]

Vaijnath Dist. Beed- 431515, through its Authorized Signatory, Shri. Vijaykumar

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Tukaram Nichit. Mob: 9096338787. Mail:

Versus

M/s. Amol Bhimrao Satpute,

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… Defendant/s

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Age: Major, Occ: Business,

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Through it’s Prop. Rukmin Bhimrao

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Satpute,

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Mondha Market, Parli Vaijnath,

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Dist. Beed, Maharashtra, PIN- 431515.

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Shri. Bhimrao Munjaji Satpute,

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Age: Major, Occu: Business,

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R/o: Swati Nagar Nath Road,

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Parli Vaijnath, Dist. Beed,

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Maharashtra, PIN- 431515. .

(OA No.533-2024)

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[Ambadas]

Shri. Sakharam Munjaji Satpute,

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Age: Major, Occ: Business,

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R/o: House No. 40, Jirewadi, Parli Vaijnath, Dist. Beed, PIN- 431515.

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APPEARANCES

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

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J U D G M E N T Delivered on (28.01.2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs. 24,66,521/- (Rs. Twenty-Four Lakhs, Sixty-Six Thousand, Five Hundred and Twenty-One Only) together with interest @12.60% p.a. with monthly rests upon Cash Credit Loan Facility from 31.08.2023 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:

(OA No.533-2024)

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[Ambadas]

That the Defendants approached the Applicant Bank and requested the sanction of a Cash Credit Facility. Upon considering the Defendant’s representation, request, and financial needs, the Applicant Bank sanctioned to defendant No. 1, 1) A Cash Credit Facility of Rs. 10,00,000/- vide sanction letter dated 06.04.2013, 2) A renewal Cash Credit Loan facility of Rs. 20,00,000/- to Defendant No.1 vide sanction letter dated 22.09.2015, 3) A renewal Cash Credit Loan facility of Rs. 20,00,000/- to Defendant No.1 vide sanction letter dated 24.01.2018, 4) A renewed over all Cash Credit Loan facility of Rs. 18,50,000/- to Defendant No.1 vide sanction letter dated 17.01.2020 on certain terms & conditions.

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The agreed rate of interest for the Cash Credit Loan Facility was 1) @12.75% p.a. for Rs. 10.00 Lakhs, 2) @12.75% p.a. for Rs. 20.00 Lakhs, 3) @12.25% p.a. of Rs. 20.00 Lakhs, 4) @12.60% p.a. for Rs. 18.50 Lakhs with monthly rests.

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In order to secure the aforesaid Cash Credit Loan facility. The Defendants executed the loan documents in favour of the

(OA No.533-2024)

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[Ambadas]

Applicant Bank namely sanction letter, demand promissory note, request letter, hypothecation agreement, letter of undertaking, equitable mortgage etc.

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The Applicant Bank contended in order to secure the Cash Credit Loan facility, Defendant No. 1 is the principal borrower and recipient of the credit facility and Defendant Nos. 2 & 3 are the respective guarantors for the said facility, they executed documents namely Hypothecation Agreement executed by Defendant No. 1 dated 10.04.2013, Guarantee Agreement for cash credit (working capital) executed by Defendant Nos. 2 & 3 dated 10.04.2013 for Rs. 10.00 Lakhs, Defendant No. 1 executed Hypothecation Agreement dated 28.07.2015, Guarantee Agreement for cash credit (working capital) executed by Defendant Nos. 2 & 3 dated 28.09.2015 for Rs. 20.00 Lakhs, Registered mortgaged deed bearing day book No. RPA1283/2013 dated 10.04.2013 for Rs. 10.00 Lakh, along with undertaking to create Mortgage dated 10.04.2013 & Registered

(OA No.533-2024)

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[Ambadas]

Mortgage deed and charge bearing day book No. 3006/2015 dated 24.09.2015 for Rs. 20.00 Lakh of the following property in favour of the Applicant Bank.

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All the piece and parcels of land bearing House No. 59/1 (old), 150 (new) ward No. 07 (old), 09 (new), city survey No. 1291, admeasuring area 16 ft. X 47 ft., situated at Mondha- Parali Vaijinath, Tq. Parali, Dist. Beed. Standing in the name of Defendant No. 1, (Mr. Bhimrao Munjaji Satpute) and bounded as follows:-

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East :- House of Bhagwan Solanke, West :- Road, North :- House of Atmaram Munde, South :- House of Nivrutti.

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The Applicant Bank further contended that the Defendants failed to keep their promises and commitments agreed by them with regard to the 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

(OA No.533-2024)

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[Ambadas]

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 23.07.2021 & 17.08.2021, the Applicant Bank issued loan recall notice to the Defendants through their Advocate. 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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The Defendant Nos. 1 & 3 have refused to accept the summons. Defendant No. 2 served through paper publication. The defendants neither appeared nor filed WS. Hence, they proceeded ex-parte vide Order dated 17.07.2025.

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The Applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Vijaykumar Tukaram Nichit, Authorized Signatory of the Applicant Bank and has produced on record the original loan transaction documents as Annex. A-1 to A-33 along-with list of documents Exh.5, which corroborates the case

(OA No.533-2024)

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[Ambadas]

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.

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The Applicant Bank has claimed future interest at @12.60% per annum with monthly rests from 31.08.2023 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), it would be just and reasonable.

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Hence, I pass the following order.

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ORDER

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(A) Original Application No. 533/2024 is allowed with

(OA No.533-2024)

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[Ambadas]

costs.

(B) The Defendants shall pay Jointly and Severally to the Applicant Bank a sum of Rs. 24,66,521/- (Rs. TwentyFour Lakhs, Sixty-Six Thousand, Five Hundred and Twenty-One Only) along-with future interest at @9% per annum (simple) from the date of filing of the Original Application, i.e., 17.01.2024, till full payment/ realization of the said amount.

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(C) The aforesaid adjudicated amount is secured by mortgage of immovable property in favour of the Applicant Bank vide documents as Annex. A-6, A-7 and A-15 in list of documents Exh.5. The mortgaged property is described as follows:

(OA No.533-2024)

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[Ambadas]

Bhimrao Munjaji Satpute) and bounded as follows:-

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East :- House of Bhagwan Solanke,

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West :- Road, North :- House of Atmaram Munde, South :- House of Nivrutti.

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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) 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 : 28.01.2026 Debts Recovery Tribunal, Aurangabad

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(OA No.533-2024)

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[Ambadas]

Idbi Bank v. M/S Amol Bhimrao Satpute

Case brief

What is this about?

What did the court decide?

Idbi Bank v. M/S Amol Bhimrao Satpute

Case brief

What is this about?

What did the court decide?

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