Allowed

Bank of Maharashtra v. M/S Ovesh Fruit Company

DRT10 Jul 2026OA/742/2025

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the Bank of Maharashtra's application for recovery of Rs. 55.25 lakhs plus interest. The court found evidence unrebutted due to the defendant's failure to file a written statement and ordered payment with 9% p.a. interest, securing the debt via the mortgaged land.

What did the court decide?

The defendant shall pay Rs. 55,25,597/- with future interest @9% p.a. from 08.11.2025, secured by the specified mortgaged land, with a Recovery Certificate issued.

Bank of Maharashtra versus M/S Ovesh Fruit Company — Contract and Commercial Disputes | DRT (2026)

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Presented on: 08.11.2025 Registered on: 16.12.2025 Decided on: 10.07.2026 Duration: Y M D 00 08 02

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 742/2025

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TOTAL CLAIM AMOUNT – Rs. 55,25,597/-

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Bank of Maharashtra, (A Government of India Undertaking) having its Central Office at Lokmangal, Shivaji Nagar, Pune, and amongst other branches a branch at Newasa, Tq. Ahmednagar, Dist. Ahmednagar, Through its Authorized Officer, Shri. Arabinda Mishra, Age: 39 years, Occ.: Service as Branch Manager, R/o.: Bank of Maharashtra, Shivaji Road, PB 28, Shrirampur, Dist. Ahmednagar.

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…Applicant

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Versus

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1. M/s. Ovesh Fruit Company, Through its Proprietor, Anjum Tahir Bagwan Age: 45 Years, Occ.: Business, R/o.: Shop No. 62, 63, 64 Kanda Market, Shrirampur, Tq. Shrirampur, Dist. Ahmednagar.

…Defendant

(OA No. 742/2025)

Page 1 of 7

[AMBADAS]

APPEARANCES

For the Applicant For Defendant

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Mr. Sharad V. Natu -Advocate Mr. Joyeb I. Shaikh - Advocate

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JUDGMENT

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Delivered on 10.07.2026

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The Applicant Bank has filed the present application for the

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recovery of a sum of Rs. 55,25,597/- (Rupees Fifty Five Lacs, Twenty Five Thousand, Five Hundred and Ninety Seven only), along with further interest from the date of filing of the Original Application, i.e., 08.11.2025, until the date of realization of the entire outstanding dues from the Defendant.

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Brief facts of the application are as under:

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The applicant bank states that, defendant approached the applicant bank seeking financial assistance in the form of Cash Credit Facility. Upon scrutiny of the submitted documents, the applicant bank sanctioned Cash Credit Facility of Rs. 45,00,000/vide sanction letter dated 24.11.2023. The agreed rate of interest

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for aforesaid loan facilities was @10.50% p.a. with monthly rests.

(OA No. 742/2025)

Page 2 of 7

[AMBADAS]

The defendant also agreed to pay an additional interest @ 2% by

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way of liquidated damages in case of default in repayment.

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In order to secure the aforesaid loan facility, the Defendant executed various loan documents in favour of the Applicant Bank. These included sanction letter, hypothecation agreement, demand promissory note, registered mortgage deed bearing daybook No. 6069/2023 dated 29.11.2023 etc., in favour of the Applicant Bank.

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The Applicant Bank further contends that, in order to secure the loan facilities sanctioned, the Defendant executed registered mortgage deed bearing daybook No. 6069/2023 dated 29.11.2023. The mortgage was created in respect of the following property:

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All those piece and parcel of land situated being and lying at Shrirampur, Tq. Shrirampur, Dist. Ahmednagar admeasuring 450 Sq. Meter, and bearing Sy. No. 83/1 + 2/2/2P (New Sy. No. 102/208P), CTS No. 2173P, which is bounded as under:

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North: CTS No. 2173P, East: Road of CTS No. 2173P,

(OA No. 742/2025)

Page 3 of 7

[AMBADAS]

West: CTS No. 2173P South: Road of CTS No. 2173P.

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The applicant bank contended that the defendant has failed to keep her promise and commitments agreed by her with regard to due repayment of the loan amount. The defendant 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 defendant to pay with the agreed rate of interest thereon, but the defendant failed and neglected to pay the same. The loan account of the defendant became irregular and classified as NPA on 29.10.2024. Therefore, the applicant bank issued legal notice to the defendant through their advocate. Despite service of Notices, the defendant failed and neglected to repay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendant appeared in mater but failed to file WS. Hence, right of defendant to file written stamen stands closed and

(OA No. 742/2025)

Page 4 of 7

[AMBADAS]

defendant is proceeded with No WS as per Order dated 22.05.2026.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Arabinda Mishra, Branch Manager of the applicant Bank, and has produced on record the original loan transaction documents as Annexure A-1 to A-6 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 and the learned counsel for the defendant.

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Since the defendant 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.

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The applicant Bank has claimed charge over immovable property of the borrower which is mortgaged in favour of the applicant bank.

(OA No. 742/2025)

Page 5 of 7

[AMBADAS]

The applicant Bank has claimed future interest @ 10.50% p.a. from the date of filing i.e. 08.11.2025 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 @ 9% 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. 742/2025 is allowed with costs.

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(B) The defendant shall pay to the applicant Bank a sum of Rs. 55,25,597/- (Rupees Fifty Five Lacs, Twenty Five Thousand, Five Hundred and Ninety Seven only), along with future interest @ 9% per annum (simple) from the date of filing of the O.A. i.e. 08.11.2025 till full payment/realization of the amount mentioned in this operative order.

(OA No. 742/2025)

Page 6 of 7

[AMBADAS]

document at Annexure A-3 in the list of documents Exhibit 5.

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All those piece and parcel of land situated being and lying at Shrirampur, Tq. Shrirampur, Dist. Ahmednagar admeasuring 450 Sq. Meter, and bearing Sy. No. 83/1 + 2/2/2P (New Sy. No. 102/208P), CTS No. 2173P, which is bounded as under:

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North: CTS No. 2173P, East: Road of CTS No. 2173P, West: CTS No. 2173P South: Road of CTS No. 2173P.

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(D) The applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated goods / Articles 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 defendant.

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(G)

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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: 10.07.2026

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

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(OA No. 742/2025)

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Page 7 of 7

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[AMBADAS]

Bank of Maharashtra v. M/S Ovesh Fruit Company

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Bank of Maharashtra v. M/S Ovesh Fruit Company

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