Allowed

Hdfc Bank v. Sumedh Ashokrao Gaikwad

DRT12 Aug 2026OA/559/2025

Case brief

AI extract

What is this about?

In a recovery application under the Debt Recovery Tribunal, the bank sought repayment of an outstanding term loan and interest. The respondents failed to appear or file a written statement. The Presiding Officer, finding evidence uncontested, allowed the application and directed respondents to pay the principal, adjusted interest at 7% p.a., and sell secured assets if necessary.

What did the court decide?

Allowed the Original Application; ordered respondents to pay Rs. 24,80,790.39 plus 7% p.a. interest; directed sale of mortgaged/hypothecated assets for recovery.

Hdfc Bank versus Sumedh Ashokrao Gaikwad — Contract and Commercial Disputes | DRT (2026)

¶1

Presented on: 02.08.2025 Registered on: 12.09.2025 Decided on: 12.08.2026 Duration: Y M D 01 00 10

¶2

IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD

¶3

(Before Shri Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 559/2025

¶4

TOTAL CLAIM AMOUNT – Rs. 24,80,790.39/-

¶5

HDFC Bank Ltd.,

¶6

A Registered Company, Having its Registered Office at HDFC Bank House, Senapati Bapat Marg, Lower Parel, (West), Mumbai. And having its branch office at HDFC Bank Ltd., 1^st floor Divekar Plazza, Padampura Chowk, Station Road, Aurangabad- 431001. Throguh its Authorized Signatory and Power of Attorney Holder, Shri. Somnath Madhavrao Kanadje, Age: 32 Years, Occ: Service, R/o: C/o. HDFC Bank Ltd., Renula Commercial Complex, Nirala Bazar, Chh. Sambhajinagar. E-mail: [email protected]

… Applicant

Mobile: 9175948872.

Versus

(OA No. 559-2025)

Page 1 of 9

[Ambadas]

Sumedh Ashokrao Gaikwad, Age: Major, Occu.: Agri, R/o: Plot No. 406, Line No. 3, Near Water Tank, New Hanuman Nagar, Garkheda Parisar, Tal. And Dist. Aurangabad- 431001. PAN: BWXPG3238C. E-mail ID: [email protected] Mobile No.: 9552994406. 2. Sonal Sumedh Gaikwad, Age: Major, Occu.: Agri, R/o: Plot No. 406, Line No. 3, Near Water Tank, New Hanuman Nagar, Garkheda Parisar, Tal. And Dist. Aurangabad- 431001. PAN: BIUPC5145D. Mobile No.: 8956430080.

¶14

… Defendants

¶15

APPEARANCES For the Applicant Mr. U. N. Shete - Advocate For Defendants None

(OA No. 559-2025)

Page 2 of 9

[Ambadas]

J U D G M E N T

Delivered on (12.08.2026)

¶21

The Applicant Bank has filed the present application for recovery of the sum of Rs. 24,80,790.39/- (Rs. Twenty-Four Lakhs, Eighty Thousand, Seven Hundred Ninety and Thirty-Nine Paisa Only) together with interest, additional interest, default interest with monthly rests in respect of Term Loan from 04.03.2025 till the full realization of the entire dues and costs from the Defendants.

¶22

Brief facts of the application are as under:

¶23

That the Defendants approached the Applicant Bank and requested for the sanction of Term Loan. Upon considering the Defendant’s representation, request and financial needs, the Applicant Bank sanctioned the Term Loan of Rs. 25,00,000/vide sanction letter dated 15.03.2023 on certain terms & conditions.

¶24

The agreed rate of interest for the Term Loan was @9% p.a. with

(OA No. 559-2025)

Page 3 of 9

[Ambadas]

monthly rests.

In order to secure the aforesaid Term Loan, 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.

¶30

The Applicant Bank contended that, in order to secure the said loan facility, the Defendants executed Agreement for Term Loan Cum Guarantee Cum Hypothecation dated 21.04.2023 and Registered Mortgage bearing No. 1701/2023 dated 21.04.2023, in respect of the following hypothecated assets and mortgage property in favour of the Applicant Bank:

¶31

Description of Hypothecated Assets:

¶32

All agricultural produce present and future, drought and milch, cattle and other animals, birds and other livestock’s, tools equipment’s machines, tractors, power tiller/ tube well/ electric motor/ diesel engine and other movables.

¶33

Description of Mortgage Property:

¶34

All the piece and parcels of land Milkat No. 81, admeasuring area

(OA No. 559-2025)

Page 4 of 9

[Ambadas]

3960 Sq. Ft. in Namuna No. 8, situated at Vadner, Tal. Kannad, Dist. Aurangabad, owned by defendant No. 1 Mr. Sumedh Ashokrao Gaikwad.

¶39

The Applicant Bank further contended that the Defendants have failed 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 08.04.2025, the Applicant Bank issued legal 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.

(OA No. 559-2025)

Page 5 of 9

[Ambadas]

Adv. Mr. Ganesh Rathod appeared for the Defendant Nos. 1 & 2 but did not file his Vakalatnama. Despite service, the Defendants neither appeared nor filed WS. Hence, they proceeded without No WS vide Order dated 09.06.2026.

¶44

The Applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Somnath S/o. Madhavrao Kanadje, Manager of the Applicant Bank and has produced on record the original loan transaction documents as Exh. AW-1/1 to AW-1/7 along-with List of documents Exh.5, which corroborates the case of the Applicant Bank.

¶45

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

¶46

Since the Defendants failed to file 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.

¶47

The Applicant Bank has claimed future interest at @9% p.a. with monthly rests on loan from 04.03.2025 till the full realization of

(OA No. 559-2025)

Page 6 of 9

[Ambadas]

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 @7% per annum (simple) on outstanding amount, it would be just and reasonable.

¶52

Hence, I pass the following order.

¶53

ORDER

¶54

(A) Original Application No. 559/2025 is allowed with costs.

¶55

(B) The Defendants shall pay jointly and severally to the Applicant Bank a sum of Rs. 24,80,790.39/- (Rs. Twenty-Four Lakhs, Eighty Thousand, Seven Hundred Ninety and Thirty-Nine Paisa Only) along-with future interest at @7% per annum (simple) from the date of filing of the Original Application, i.e., 02.08.2025, till full payment/ realization of the said amount.

¶56

(C) The aforesaid adjudicated amount is secured by hypothecated assets and mortgage property in favour of the Applicant Bank vide document Exh. AW-1/4 and

(OA No. 559-2025)

Page 7 of 9

[Ambadas]

AW-1/5 in list of Documents Exh.5. The hypothecated

¶61

assets and mortgage property are described as follows:

¶62

Description of Hypothecated Assets:

¶63

All agricultural produce present and future, drought and milch, cattle and other animals, birds and other livestock’s, tools equipment’s machines, tractors, power tiller/ tube well/ electric motor/ diesel engine and other movables.

¶64

Description of Mortgage Property:

¶65

All the piece and parcels of land Milkat No. 81, admeasuring area 3960 Sq. Ft. in Namuna No. 8, situated at Vadner, Tal. Kannad, Dist. Aurangabad, owned by defendant No. 1

¶66

Mr. Sumedh Ashokrao Gaikwad.

¶67

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

¶68

(E) Issue Recovery Certificate accordingly.

(OA No. 559-2025)

Page 8 of 9

[Ambadas]

(F) The Registrar is directed to send the copy of the Judgment and Recovery Certificate to the applicant and Defendants.

¶73

(G) File be consigned to the record room.

¶74

Sd/-

¶75

Place : Aurangabad Date : 12.08.2026

¶76

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

¶77

(OA No. 559-2025)

¶78

Page 9 of 9

¶79

[Ambadas]

Hdfc Bank v. Sumedh Ashokrao Gaikwad

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. Sumedh Ashokrao Gaikwad

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Bank of Maharashtra versus Ms Akshay Trading Company

Axis Bank versus Sanjay Bhagwansingh Chavan

Bank of Maharashtra versus Dnyaneshwar

Idbi Bank versus Balasaheb Pandharinath Shelke

State Bank of India versus Nitin Nandlal Zagre

Idbi Bank versus Kishor Tatyasaheb Jojare