Allowed

Axis Bank v. Mr. Dnyaneshwar Ashok Patil

DRT2 Jul 2026OA/56/2025

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an Original Application filed by Axis Bank Ltd. against three defendants for recovery of Rs. 32,70,173/- plus future interest. The court affirmed the bank's right to charge over mortgaged properties and issue a Recovery Certificate following the defendants' failure to appear.

What did the court decide?

Defendants to pay Rs. 32,70,173/- plus 7% p.a. future interest; charge over mortgaged land affirmed; Recovery Certificate issued; direction to sell mortgaged/hypothecated properties.

Axis Bank versus Mr. Dnyaneshwar Ashok Patil — Company and Corporate | DRT (2026)

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Presented on: 08.01.2025 Registered on: 27.01.2025 Decided on: 02.07.2026 Duration: Y M D 01 05 24

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 56/2025

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TOTAL CLAIM AMOUNT – Rs. 32,70,173/-

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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, AND

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Through its Authorized Representative Mr. Nitin Bhausaheb Warule, Age: 32 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.56/2025)

Page 1 of 8

[AMBADAS]

Versus

1. Mr. Dnyaneshwar Ashok Patel, R/o.: 21, Patil Wada Dharagir, Erandol, Dist. Jalgaon, Bhatkheda, Jalgaon 425109.

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2. Mrs. Rajeshwari Ashok Patel, R/o.: 21, Patil Wada Dharagir, Erandol, Dist. Jalgaon, Bhatkheda, Jalgaon 425109.

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3. Mrs. Sapana Dnyaneshwar Patel, R/o.: 21, Patil Wada Dharagir, Erandol, Dist. Jalgaon, Bhatkheda, Jalgaon 425109.

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…Defendants

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APPEARANCES

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For the Applicant Mr. M.D. Narwadkar -Advocate For Defendants Ex-parte

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JUDGMENT

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Delivered on 02.07.2026

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The Applicant Bank has filed the present application for the

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recovery of a sum of Rs. 32,70,173/- (Rupees Thirty Two Lacs, Seventy Thousand, One Hundred and Seventy Three only), along with further interest from the date of filing of the Original

(OA No.56/2025)

Page 2 of 8

[AMBADAS]

Application, i.e., 08.01.2025, 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 Defendants 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 Overdraft Facility of Rs. 12,00,000/- for Agriculture and allied activity. The agreed rate of interest for the aforesaid loan facility was @10.50% p.a. The Defendants also agreed to pay additional interest @ 2% by way of liquidated damages in the event of any default in repayment.

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Further an amount of Rs. 3,00,000/- was sanctioned vide sanction letter dated 25.01.2022 on certain terms and conditions. The agreed rate of interest for the aforesaid loan facilities was @10.50% p.a. with annual rests. Further on request of defendant

(OA No.56/2025)

Page 3 of 8

[AMBADAS]

No. 1 to 3 to enhance loan amount an amount of Rs. 25,00,000/-

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was sanctioned for the overdraft facility with interest @12.50%

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p.a. and an amount of Rs. 3,00,000/- was sanctioned with interest @ 13.75% p.a. The Defendants also agreed to pay additional interest @ 2% by way of liquidated damages in the event of any default in repayment.

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In order to secure the aforesaid loan facilities, the Defendants executed various loan documents in favour of the Applicant Bank. These included sanction letter, simple mortgage deed dated 24.02.2022, demand promissory note, deed of hypothecation etc., in favour of the Applicant Bank

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The Applicant Bank further contends that in order to secure the aforesaid loan facility, the Defendants executed simple mortgage deed dated 24.02.2022 in favour of the applicant bank. The mortgage was created in respect of the following property:

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All that piece and parcel of land Gut No. 672/1 at Erandol Tal. Erandol, Dist. Jalgaon up to the extent of 3.36 H.A., which is bounded as under:

(OA No.56/2025)

Page 4 of 8

[AMBADAS]

East: Gat No. 676, West: Gat No. 683, 679, South: Gat No. 677, North: Gat No. 674.

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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 defendants became irregular and classified as NPA on 01.05.2024. Therefore, on 25.05.2024 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.

(OA No.56/2025)

Page 5 of 8

[AMBADAS]

The defendants failed to appear in matter though they were duly served. Hence, the defendants were proceeded ex-parte as per Order dated 06.01.2026.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Nitin S/o. Bhausaheb Warule, Power of Attorney Holder of the applicant Bank, and has produced on record the original loan transaction documents as Annexure A to K ( Exh. A- 1 to A-11) 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 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.

(OA No.56/2025)

Page 6 of 8

[AMBADAS]

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 rate from the date of filing i.e. 08.01.2025 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.

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ORDER

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(A) Original Application No. 56/2025 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 32,70,173/- (Rupees Thirty Two Lacs, Seventy Thousand, One Hundred and Seventy Three only), along with future interest @ 7% per annum (simple) from the date of filing of the Original Application i.e. 08.01.2025 till full payment/realization of the amount mentioned in this operative order.

(OA No.56/2025)

Page 7 of 8

[AMBADAS]

(C) The aforesaid adjudicated amount is secured by the mortgage of the following immovable properties vide document at Annexure D (Exh. A-4) in list of documents

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Exh. 5.

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All that piece and parcel of land Gut No. 672/1 at Erandol Tal. Erandol, Dist. Jalgaon up to the extent of 3.36 H.A., which is bounded as under: East: Gat No. 676, West: Gat No. 683, 679, South: Gat No. 677, North: Gat No. 674.

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(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/-

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Pronounced in open court. Place: Aurangabad Date:.02.07.2026

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

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(OA No.56/2025)

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Page 8 of 8

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[AMBADAS]

Axis Bank v. Mr. Dnyaneshwar Ashok Patil

Case brief

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Axis Bank v. Mr. Dnyaneshwar Ashok Patil

Case brief

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