Allowed

Bank of Maharashtra v. Pradeep Ravindra Borhade

DRT20 Mar 2026OA/74/2023

Case brief

AI extract

What is this about?

In an ex-parte recovery application, the Debts Recovery Tribunal held the defendants liable for a housing loan default. The court allowed the application and directed payment of the principal sum with future interest at 9% simple interest until realization.

What did the court decide?

Defendants jointly and severally to pay Rs. 53,44,897/- plus future interest at 9% per annum simple from 30.10.2022 until realization. Recovery certificate issued against mortgaged property.

Bank of Maharashtra versus Pradeep Ravindra Borhade — Contract and Commercial Disputes | DRT (2026)

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Presented on: 30.10.2022 Registered on: 19.05.2023 Decided on: 20.03.2026 Duration: Y M D 03 04 20

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD

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(Before Shri Dr. J. R. Chauhan Presiding Officer)

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ORIGINAL APPLICATION No.74/2023

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TOTAL CLAIM AMOUNT – Rs. 53,44,897/-

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BANK OF MAHARASHTRA,

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A Body Corporate, constituted and

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established under the Banking Companies (Acquisition & Transfer of Undertakings) Act

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1970, having its Head Office at “Lokmangal”, 1501, Shivaji Nagar, Pune- 411005. And it’s … Applicant Branch Office at “Belapur Branch”, at Belapur, Tal. Shrirampur, Dist. Ahmednagar. And its Recovery Branch at Mahabank Bhavan, C-3,

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N-1, Town Centre, CIDCO, Aurangabad-

(OA No.74-2023)

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[Ambadas]

Through its Chief Manager, Mr. Hariom Shitalaknt Trivedi, Age: 46 Years, Occu: Service, having his address for communication at C/o. Bank of Maharashtra, Asset Recovery Branch, Mahabank Bhavan, C- 3, N-1, Town Centre, CIDCO, Aurangabad431003.

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Versus

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Pradip Ravindra Borhade, … Defendants Age: 32 Years, Occu.: Bussiness, C/o. Om Sai Agencies, Morge Wast, Ward No.7, Datta Nagar, Shrirampur, Dist. Ahmednagar-413709. Also having address at Vikas Steel Road, Ward No.7, Behind Janata

(OA No.74-2023)

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[Ambadas]

High School, Morge Wast, Shrirampur, Dist. Ahmednagar-413709. Also having Address at Old S. No.103/1 part, New S. No.15/45, Datta Nagar, Shrirampur, Dist. Ahmednagar-413709. 2. Nikhil Ravindra Borhade, Age: 30 Years, Occu.: Bussiness, C/o. Om Sai Agencies, Morge Wast, Ward No.7, Datta Nagar, Shrirampur, Dist. Ahmednagar-413709.

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Also having address at

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Vikas Steel Road, Ward No.7, Behind Janata High School, Morge Wast, Shrirampur,

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Dist. Ahmednagar-413709. Also having Address at

(OA No.74-2023)

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[Ambadas]

Old S. No.103/1 part, New S. No.15/45,

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Datta Nagar, Shrirampur,

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Dist. Ahmednagar-413709.

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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 Delivered on (20.03.2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs. 53,44,897/- (Rs. Fifty Three Lacs, Forty Four Thousand, Eight Hundred and Ninety Seven Only) together with interest @11.70% p.a. with monthly rests upon Housing loan for purchase of plot and construction thereon facilities from 30.10.2022 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:

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That the Defendants approached the Applicant Bank and

(OA No.74-2023)

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[Ambadas]

requested for the sanction of Housing Loan Facilities. Upon considering the Defendant’s representation, request, and financial needs, the Applicant Bank sanctioned the Housing Loan facilities of Rs. 25,00,000/- (Rs. Twenty Five Lacs Only) for purchase of plot and construction thereon to defendant vide Sanction letter dated 09.11.2015 on certain terms & conditions.

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The agreed rate of interest for the Housing Loan Facilities was @11.70% per annum with monthly rests.

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In order to secure the aforesaid Housing loan facilities, the Defendants executed loan documents in favour of the 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 that to secure the housing loan facilities, the Defendants Mortgaged their immovable property and created charge and security interest by executing equitable Mortgage Deed Day Book Sr. No. 4492 dated 17.11.2015

(OA No.74-2023)

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[Ambadas]

registered on 18.11.2015 in favour of the applicant bank in respect of the following property:

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All the pieces and parcel of Old S. No.103/1 Part, New S. No.15/45, total NA area H 00-05 R, Datta Nagar, in Sub District Shrirampur, District Ahmedanagar owned by Pradeep Ravindra Borhade and Nikhil Ravindra Borhade and bounded as under:

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East :- Shrirampur Sutgirni Road, West :- Old S. No.101 part, North :- Daund Manmad Railway Line, South :- Shrirampur Wakdi Kaccha Road.

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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

(OA No.74-2023)

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[Ambadas]

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 15.09.2022, 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.

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The Defendants failed to appear despite service through Court Commissioner. Hence, the Defendants were proceeded ex-parte vide Order dated 04.04.2024.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Hariom Shitalkumar Trivedi, Chief Manager of the applicant bank and has produced on record the original loan transaction documents as Exhibit A-1 to A-13 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

(OA No.74-2023)

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[Ambadas]

applicant Bank.

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 @11.70% per annum with monthly rests from 30.10.2022 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) 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.74/2023 is allowed with costs.

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(B) The Defendants shall pay Jointly and Severally to the Applicant Bank a sum of Rs. 53,44,897/- (Rs. Fifty

(OA No.74-2023)

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[Ambadas]

Three Lacs, Forty Four Thousand, Eight Hundred and Ninety Seven Only), along with future interest at @9% per annum (simple) from the date of filing of the Original Application, i.e., 30.10.2022, until full payment/ realization of the said amount.

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(C) The aforesaid adjudicated amount is secured by an immovable property mortgaged in favour of the Applicant Bank through an equitable mortgage deed executed on 17.11.2015 as Exh. A-5 in list of documents Exh.5. The mortgaged property is described as follows:

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East :- Shrirampur Sutgirni Road,

(OA No.74-2023)

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[Ambadas]

West :- Old S. No.101 part,

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North :- Daund Manmad Railway Line,

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South :- Shrirampur Wakdi Kaccha Road.

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(D) The applicant Bank is entitled to sell the mortgaged immovable 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 : 20.03.2026

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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.74-2023)

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Page 10 of 10

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[Ambadas]

Bank of Maharashtra v. Pradeep Ravindra Borhade

Case brief

What is this about?

What did the court decide?

Bank of Maharashtra v. Pradeep Ravindra Borhade

Case brief

What is this about?

What did the court decide?

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