Allowed

Axis Bank Limited v. Mr. Dhananjay Shamrao Bhise

DRT6 Jul 2026OA/776/2024

Case brief

AI extract

What is this about?

This matter concerns a debt recovery application filed by Axis Bank Ltd. against three borrowers. The Tribunal allowed the application after the borrowers failed to appear and contest the claim for an overdraft facility.

What did the court decide?

Joint and several payment of Rs. 25,41,348/- plus future interest at 7% p.a. (simple); power to sell mortgaged properties; issue of recovery certificate.

Axis Bank Limited versus Mr. Dhananjay Shamrao Bhise — Company and Corporate | DRT (2026)

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Presented on: 04.09.2024 Registered on: 25.09.2024 Decided on: 06.07.2026 Duration: Y M D 01 09 02

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 776/2024

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TOTAL CLAIM AMOUNT – Rs. 25,41,348/-

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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,

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AND

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Its, Branch Office at “Shrivasta”, 65, Sarang Housing Society, New Gajanan Maharaj Mandir, Garkheda, Aurangabad. 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.776/2024)

Page 1 of 9

[AMBADAS]

Versus

1. Dhananjay Shamrao Bhise. R/o.: At Somthana, Post Pardi (Bk.,), Tq. Basmat, Dist. Hingoli 431512.

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2. Shamrao Namdev Bhise. R/o.: At Somthana, Post Pardi (Bk.,), Tq. Basmat, Dist. Hingoli 431512.

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3. Renukabai Shamrao Bhise.

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R/o.: At Somthana, Post Pardi (Bk.,), Tq. Basmat, Dist. Hingoli 431512.

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…Defendants

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APPEARANCES

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For the Applicant For Defendants

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Mr. M. D. Narwadkar -Advocate Ex-parte

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JUDGMENT

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Delivered on 06.07.2026

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 25,41,348/- (Rupees Twenty Five Lacs, Forty One Thousand, Three Hundred and Forty Eight only), along with further interest from the date of filing of the Original Application, i.e., 04.09.2024, until the date of realization of the entire outstanding dues from the Defendants.

(OA No.776/2024)

Page 2 of 9

[AMBADAS]

Brief facts of the application are as under:

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The Applicant Bank submits that Defendant No. 1 to 3 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 Overdraft facility for cultivation of sugarcane and turmeric of Rs. 18,50,000/- vide sanction letter dated 19.11.2022 on certain terms and conditions. The agreed rate of interest for the aforesaid loan facility was @ 11.50% p.a. with half yearly rests. 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, demand promissory note, deed of

(OA No.776/2024)

Page 3 of 9

[AMBADAS]

hypothecation, registered mortgage deed bearing daybook No.

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4009/2022 dated 06.12.2022 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 registered mortgage deed bearing daybook No. 4009/2022 dated 06.12.2022 in favour of the applicant bank. The mortgage was

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created in respect of the following properties:

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A] All that piece and parcel of property to the extent of 1 H 59 R bearing Gut No. 133, situated at village Somthana Tq. Vasmat, Dist. Hingoli, which is bounded as under:

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East: Adwat Road, West: Land of Narayan Bhise, South: Land of Somaji Kadam, North: Land of Ramrao Bhise.

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B] All that piece and parcel of land to the extent of 0 H 40 R from Gut No. 199, situated at village Somthana Tq. Vasmat, Dist. Hingoli, which is bounded as under:

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East: Land of Vishwanath Bhise, West: Adawat Road, South: Road, North: Land of Raosaheb Bhise.

(OA No.776/2024)

Page 4 of 9

[AMBADAS]

C] All that piece and parcel of land to the extent of 0 H 80 R from Gut No. 199, situated at village Somthana Tq. Vasmat, Dist. Hingoli, which is bounded as under:

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East: Land of Raosaheb Bhise, West: Land of Kisan Ingole, South: Road, North: Land of Sadashiv Bhise.

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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 18.06.2024 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.776/2024)

Page 5 of 9

[AMBADAS]

The defendants failed to appear in matter though they were duly served. Hence, the defendants were proceeded with No WS as per Order dated 15.01.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Nitin Bhausaheb Warule, Power of Attorney Holder of the applicant Bank, and has produced on record the original loan transaction documents as Annexure 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 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.776/2024)

Page 6 of 9

[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 @ 14% p. a. from the date of filing i.e. 04.09.2024 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), it would be just and reasonable rate of interest.

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ORDER

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(A) Original Application No. 776/2024 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 25,41,348/- (Rupees Twenty Five Lacs, Forty One Thousand, Three Hundred and Forty Eight only), along with future interest @ 7% per annum (simple) from the date of filing of the Original Application i.e. 04.09.2024 till full payment/realization of the amount mentioned in this operative order.

(OA No.776/2024)

Page 7 of 9

[AMBADAS]

A-4 in list of documents Exh. 5.

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A] All that piece and parcel of property to the extent of 1 H 59 R bearing Gut No. 133, situated at village Somthana Tq. Vasmat, Dist. Hingoli, which is bounded as under:

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East: Adwat Road, West: Land of Narayan Bhise, South: Land of Somaji Kadam, North: Land of Ramrao Bhise.

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B] All that piece and parcel of land to the extent of 0 H 40 R from Gut No. 199, situated at village Somthana Tq. Vasmat, Dist. Hingoli, which is bounded as under:

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East: Land of Vishwanath Bhise, West: Adawat Road, South: Road, North: Land of Raosaheb Bhise.

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C] All that piece and parcel of land to the extent of 0 H 80 R from Gut No. 199, situated at village Somthana Tq. Vasmat, Dist. Hingoli, which is bounded as under:

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East: Land of Raosaheb Bhise, West: Land of Kisan Ingole, South: Road, North: Land of Sadashiv Bhise.

(OA No.776/2024)

Page 8 of 9

[AMBADAS]

(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. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:.06.07.2026 Debts Recovery Tribunal, Aurangabad

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(OA No.776/2024)

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Page 9 of 9

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[AMBADAS]

Axis Bank Limited v. Mr. Dhananjay Shamrao Bhise

Case brief

What is this about?

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Axis Bank Limited v. Mr. Dhananjay Shamrao Bhise

Case brief

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