Allowed

Axis Bank v. Kamlakar Bhimashankar Upase

DRT24 Mar 2026OA/616/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of an agricultural loan. After the defendants failed to contest the ex-parte application, the court awarded the principal claim amount plus future interest at 7% per annum on the secured mortgage properties.

What did the court decide?

Defendants to pay Rs. 29,94,078/- plus future interest at 7% p.a. on the mortgaged property until realization.

Axis Bank versus Kamlakar Bhimashankar Upase — Execution and Attachment | DRT (2026)

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Presented on: 26.02.2024 Registered on: 16.08.2024 Decided on: 24.03.2026 Duration: Y M D 02 00 26

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD

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(Before Shri Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 616/2024

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TOTAL CLAIM AMOUNT – Rs. 29,94,078/-

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AXIS BANK LTD.,

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A Body Corporate, constituted and

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established under the Companies Act 1956 and having its Registered Office at “Trishul” 3^rd Floor, Opp. Samatheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad, Having its … Applicant Branch Office at situated at CTS No. 834/1,

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Naldurg Road, Tuljapur, Dist. Dharashiv-

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413601 (formerly known as Dharashiv

(OA No.616-2024)

Page 1 of 8

[Ambadas]

known as (formerly Osmanabad) Agri Business Division at: “Shrivastava”, 65, Sarang Housing Society, Near Gajanan Maharaj Mandir, Garkheda, Aurangabad431005. Through its Authorized Representative, Mr. Nitin Bhausaheb Warule, Age: 32 Years, Occu: Service, Having his address for communication at C/o. Axis Bank Ltd., “Shrivastava”, 65, Sarang Housing Society, Near Gajanan Maharaj Mandir, Garkhda, Aurangabad- 431005. Versus 1. Kamalakar Bhimashankar Upase, … Defendants Age: 66 Years, Occ. : Agriculturist, R/o: Village Mangrul, Tal. & Dist. Dharashiv (formerly known as Osmanabad)- 413601.

(OA No.616-2024)

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[Ambadas]

Ratnakar Kamalakar Upase,

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Age: 32 Years, Occ. : Agriculturist,

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R/o.: Village Mangrul, Tal. &

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Dist. Dharashiv (formerly known

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as Osmanabad)- 413601.

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APPEARANCES

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For the Applicant Mr. Dabholkar M. M. - Advocate For Defendants Ex-parte

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J U D G M E N T

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Delivered on (24.03.2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs. 29,94,078/- (Rs. Twenty-Nine Lakhs, Ninety-Four Thousand, and Seventy-Eight Only) together with future interest thereon with monthly rests on Credit Loan facility from 26.02.2024 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.616-2024)

Page 3 of 8

[Ambadas]

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 Agricultural Production Credit Loan Facility of Rs. 8,00,000/- and Overdraft Limit Rs. 16,50,000/- to meet working capital requirement vide sanction letter dated 24.02.2021 on certain terms & conditions.

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The agreed rate of interest for the Agricultural Production Credit Loan facility and Overdraft Limit facility was @11.25% p.a. with monthly rests.

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In order to secure the aforesaid 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 to secure the Credit Loan facility, the Defendants have executed Loan Cum Hypothecation Agreement dated 25.02.2021 and Simple Mortgage Deed

(OA No.616-2024)

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[Ambadas]

registered at the office of the Sub Registrar at Tuljapur at Day Book No. 957 dated 25.02.2021 of the following property in favour of the Applicant Bank:

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All the piece and parcels of land 19 H 14 R, in Gut No. 58, situated at Village Mangrul, Tal. Tuljapur, Dist. Dharashiv (formerly known as Osmanabad) in the name of Kamalakar Bhimashankar Upase.

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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 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 31.01.2023, the Applicant Bank issued legal notice to the Defendants through their Advocate. Despite service of Notice,

(OA No.616-2024)

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[Ambadas]

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, the defendants neither appeared nor filed their written statement. Hence, they proceeded ex-parte vide order dated 21.02.2025.

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The Applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Nitin Bhausaheb Warule, Officer of the Applicant Bank and has produced on record the original loan transaction documents as per Exh. A- 01 to A-18 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 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.

(OA No.616-2024)

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[Ambadas]

The Applicant Bank has claimed future interest at @11.25% p.a. with monthly rests on loan from 26.02.2024 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 @7% per annum (simple) on outstanding amount, 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. 616/2024 is allowed with costs.

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(B) The Defendants shall pay Jointly and Severally to the Applicant Bank a sum of Rs. 29,94,078/- (Rs. TwentyNine Lakhs, Ninety-Four Thousand, and Seventy-Eight Only), along-with future interest at @7% per annum (simple) from the date of filing of the Original Application, i.e., 26.02.2024, till full payment/ realization of the said amount.

(OA No.616-2024)

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[Ambadas]

immovable property mortgaged in favour of the Applicant Bank vide document Exh. A-09, in list of Documents Exh.5.

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All the piece and parcels of land 19 H 14 R, in Gut No. 58, situated at Village Mangrul, Tal. Tuljapur, Dist. Dharashiv (formerly known as Osmanabad) in the name of Kamalakar Bhimashankar Upase.

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(D) The Applicant Bank is entitled to sell the mortgaged property 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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Place : Aurangabad Date : 24.03.2026

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Sd/-

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

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(OA No.616-2024)

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Page 8 of 8

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[Ambadas]

Axis Bank v. Kamlakar Bhimashankar Upase

Case brief

What is this about?

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Axis Bank v. Kamlakar Bhimashankar Upase

Case brief

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