Allowed

State Bank of India v. Mr. Ram Jagganath Singare

DRT25 Mar 2026OA/787/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the sanctions bank's original application filed for recovery of loan dues of Rs. 5.16 crore. The court, proceeding ex parte, ordered respondents to pay the principal sum with 9% future interest and sanctioned sale of mortgaged properties for realization.

What did the court decide?

To pay Rs. 5,16,28,902 with 9% interest; mortgage properties secured; recovery certificate issued; direction to sell mortgaged properties.

State Bank of India versus Mr. Ram Jagganath Singare — Specific Performance | DRT (2026)

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Presented on: 03.09.2024 Registered on: 30.09.2024 Decided on: 25.03.2026 Duration: Y M D 01 06 22

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 787/2024

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TOTAL CLAIM AMOUNT – Rs. 5,16,28,902/-

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STATE BANK OF INDIA,

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A body corporate constituted under the State Bank of India Act, 1955, having its Local Head office at Bandra-Kurla Complex, Mumbai, one of its office at Stressed Assets Recovery Branch (SARB), at CIDCO, Aurangabad and acting through its one of principal officer i.e. Manager Shri. Abhay S/o. Shridhar Boradkar, Age: 48 years, Occupation: Manager State Bank of India, SARB, Aurangabad 431003.

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Versus

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… Applicant

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1. Mr. Ram Jagganath Singare, Prop. Of Balaji Oil Mill, Age: Major, Occ.: Business, Business at:- A-9/16, Aurangabad Road, Additional Area, Jalna, MAHARASHTRA 431203. AND

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R/Add : Near Vitthal Mandir, Rangar Khidki, Kadarbad, Jalna Dist. Jalna 431203

(OA No.787/2024)

Page 1 of 9

[AMBADAS]

2. Mr. Mohanrao Jagganath Singare,

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Age: Major, Occ.: Business, R/o.:- CTS No. 6889, Municipal House no. 441/452, M.H. No. 2-9-3, Situated at Kadarabad, Tq. Dist. Jalna.

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3. Mr. Anuj Mohanrao Singare,

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Age: Major, Occ.: Business, R/o.:- CTS No. 5996, Municipal House no. 441/452, M.H. No. 2-9-3, Situated at Kadarabad, Tq. Dist. Jalna.

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4. Mr. Sanjay Mohanrao Singare,

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Age: Major, Occ.: Business, R/o.:- CTS No. 5995, Municipal House no. 441/452, M.H. No. 2-9-3, Situated at Kadarabad, Tq. Dist. Jalna.

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…Defendants.

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APPEARANCES

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For the Applicant For Defendants

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Mr. Sachin S. Katariya -Advocate Ex-parte

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JUDGMENT

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Delivered on 25.03.2026

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 5,16,28,902/- (Rupees Five Crore, Sixteen Lacs, Twenty Eight Thousand, Nine Hundred and Two only), along with further interest from the date of filing of the Original Application, i.e., 03.09.2024, until the date of realization of the entire outstanding dues from the Defendants.

(OA No.787/2024)

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[AMBADAS]

Brief facts of the application are as under:

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The Applicant Bank states that the Defendants No. 1 & 2 had approached and requested the Applicant Bank for Capital Cash Credit. Upon considering the request and financial needs of the Defendants, the Applicant Bank sanctioned Capital Cash Credit of Rs. 4,90,00,000/-, vide sanction letter dated 31.12.2022 on certain terms and conditions. The agreed rate of interest for aforesaid loan facility was @ 11.20% per annum with monthly 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 facility, the Defendants executed various loan documents in favor of the Applicant Bank. These included arrangement letter, guarantee agreement, letter of undertaking, registered mortgage deed bearing daybook No. 834/2023 dated 10.02.2023 etc., in favor of applicant bank.

(OA No.787/2024)

Page 3 of 9

[AMBADAS]

Defendant No. 1 to 4 stood as guarantors to the said loan a vailed

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by prop. firm M/s. Balaji Oil Mill i.e. defendant No. 1.

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The Applicant Bank further contends that, in order to secure the aforesaid loan facility, the Defendants created first charge over immovable property by executing registered mortgage deed bearing daybook No. 834/2023 dated 10.02.2023 in favour of the Applicant Bank. The mortgage was created in respect of the following properties:

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A) All that piece and parcel of open plot bearing C.T.S. No. 5995, M.H. No. 2-19-7, situated at Kadrabad, Tq. And Dist. Jalna, Maharashtra admeasuring 283.90 Sq. Mtrs., standing in the name of Sanjay M. Singare and Anuj M. Singare, which is bounded as under:

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East: CTS No. 5994, West: CTS No. 5996, North: Kadarbad Road, South: Internal Galli.

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B) All that piece and parcel of open plot bearing C.T.S. No. 5996, M.H. No. 2-19-8, situated at Kadrabad, Tq. And Dist. Jalna, Maharashtra admeasuring 283.80 Sq. Mtrs., standing in the name of Sanjay M. Singare and Anuj M. Singare, which is bounded as under: East: CTS No. 5995, West: CTS No. 5997, North: Kadarbad Road,

(OA No.787/2024)

Page 4 of 9

[AMBADAS]

South: Internal Galli.

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C) All that piece and parcel of Commercial cum Residential building having C.T.S No. 6889, Municipal House No. 441/452, M. H. No. 2-9-3, situated at Kadrabad, Tq. and Dist. Jalna admeasuring 80.60 Sq. Mtrs., standing in the name of M.J. Singare, which is bounded as under: East: House No. 440/441, West: CTS No. 6888, North: Govt. Road, South: Govt. Road.

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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 30.04.2024. Therefore, on 26.06.2024 the applicant bank issued legal Notice to the defendants. The defendants failed and neglected to repay the

(OA No.787/2024)

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[AMBADAS]

outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendants failed to appear in matter though they were served through RPAD. Hence, the defendants were proceeded exparte as per Order dated 12.02.2025.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Abhay S/o. Shridhar Boradkar, Manager of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1 to A-19 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 to file the 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.787/2024)

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[AMBADAS]

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

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The applicant Bank has claimed future interest at @11.45% with monthly rests from the date of filing i.e. 03.09.2024 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 @ 9% 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. 787/2024 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 5,16,28,902/- (Rupees Five Crore, Sixteen Lacs, Twenty Eight Thousand, Nine Hundred and Two only), along with future interest @ 9% per annum (simple) from the date of filing of the O.A.

(OA No.787/2024)

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[AMBADAS]

i.e. 03.09.2024 till full payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by the mortgage of the following immovable property vide documents at Exh A-6 in list of documents Exh. 5.

(OA No.787/2024)

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[AMBADAS]

Mtrs., standing in the name of M.J. Singare, which is bounded as under:

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East: House No. 440/441, West: CTS No. 6888, North: Govt. Road, South: Govt. Road.

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(D) The applicant Bank is entitled to sell the mortgaged immovable properties 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:.25.03.2026 Debts Recovery Tribunal, Aurangabad

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(OA No.787/2024)

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Page 9 of 9

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[AMBADAS]

State Bank of India v. Mr. Ram Jagganath Singare

Case brief

What is this about?

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State Bank of India v. Mr. Ram Jagganath Singare

Case brief

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