Allowed

Maharastra Gramin Bank v. M/S Capgi Industries Private Limited

DRT12 May 2026OA/90/2025

Case brief

AI extract

What is this about?

In this Original Application under the SARFAESI Act, the Maharashtra Gramin Bank sought recovery of Rs. 54.45 Lakhs along with interest from borrowers and guarantors due to default on a cash credit. In the absence of a written statement, the Tribunal found the bank's evidence unrebutted, allowed the application, and directed payment of dues plus 9% future interest secured by a mortgage. Quality: o

What did the court decide?

Defendants to jointly and severally pay Rs. 54,45,207 with future interest @ 9% p.a. from 21.01.2025, secured by mortgage, with entitlement to sell property and issue Recovery Certificate.

Maharastra Gramin Bank versus M/S Capgi Industries Private… — Company and Corporate | DRT (2026)

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Presented on: 21.01.2025 Registered on: 06.02.2025 Decided on: 12.05.2026 Duration: Y M D 01 03 21

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 90/2025

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TOTAL CLAIM AMOUNT – Rs. 54,45,207/-

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Maharashtra Gramin Bank ,

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A Bank constituted under the Regional Rural Banks Act, 1976 having its Head Office at Plot No. 42, Gut No. 33, Near Disha Sanskruti Society, Village Golwadi, Chh. Sambhajinagar & having branches amongst the other places at Ranjangaon (S.P.) Tq. Gangapur, Dist. Chh. Sambhajinagar through its Authorized Officer, Mr. Jayant Purushottam Amrutkar (Branch Manager), Age: 40 yrs., Occ.: Service, R/o. Ranjangaon (S.P.), Tq. Gangapur, Dist. Chh. Sambhajinagar.

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… Applicant

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Versus

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1. M/s. CAPGI Industries Pvt. Ltd., Having its registered Office at Flat no. 07, Plot No. 11, Abhishek Ravikiran Apartment, Builders Housing Society, Nandavan Colony, Chh. Sambhajinagar 431001.

AND/OR

(OA No 90/2025)

Page 1 of 9

[AMBADAS]

M/s. CAPGI Industries Pvt. Ltd., Having its Manufacturing Place at Gut No. 113, Village Karodi, Tq. and Dist. Chh. Sambhajinagar 431001.

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2 Mr. Dhananjay Narayanrao Tandulkar, Age: Major, Occ.: Business, R/o.: At Flat no. 07, Plot No. 11, CTS No. 463/4, Abhishek Ravikiran Apartment, Builders Housing Society, Nandavan Colony, Chh. Sambhajinagar 431001.

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3. Mrs. Sujata Dhananjay Tandulkar,

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Age: Major, Occ.: Business, R/o.: At Flat no. 07, Plot No. 11, CTS No. 463/4, Abhishek Ravikiran Apartment, Builders Housing Society, Nandavan Colony, Chh. Sambhajinagar 431001.

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4. Mrs. Shakuntala Narayanrao Tandulkar,

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Age: Major, Occ.: Business, R/o.: At Plot No. 21, M. House No. 675/A, CTS No. 279, Street No. 74, Khata No. 179/4, 5 Behind Atta Chakki, Near Faras Square, Mauje Zingabai Takli, Tq. and Dist. Nagpur 440030.

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5. Mrs. Shashikala Jogeshwar Choudhary,

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Age: Major, Occ.: Business, R/o.: At Type 2A/14, HAL Township, Ojhar, Tq. Niphad, Dist. Nashik 422207.

(OA No 90/2025)

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[AMBADAS]

6. Mrs. Vijaya Manish Upankar, Age: Major, Occ.: Business, R/o.: At Plot No. 21, M. House No. 675/A, CTS No. 279, Street No. 74, Khata No. 179/4, 5 Behind Atta Chakki, Near Faras Square, Mauje Zingabai Takli, Tq. and Dist. Nagpur 440030.

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APPEARANCES

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…Defendants

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For the Applicant Mr. K.D. Pande -Advocate For Defendants Ex-parte

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JUDGMENT

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Delivered on 12.05.2026

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 54,45,207/- (Rupees Fifty Four Lacs, Forty Five Thousand, Two Hundred and Seven only), along with future interest from the date of filing of the Original Application, i.e., 21.01.2025, until the date of realization of the entire outstanding dues from the Defendants.

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Brief facts of the application are as under:

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The Applicant Bank states that the Defendant No. 1 through defendant No. 2 and 3 being directors had approached and

(OA No 90/2025)

Page 3 of 9

[AMBADAS]

requested the Applicant Bank for Cash Credit Facility. Upon

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considering the request and financial needs of the Defendants, the Applicant Bank Sanctioned Cash Credit Facility of Rs. 50,00,000/vide sanction letter dated 15.02.2023 on certain terms and conditions. The agreed rate of interest for the aforesaid loan facility was @ 10.50% p.a. with monthly rests. The Defendants also agreed to pay additional interest 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 favour of the Applicant Bank. These included sanction letter, demand promissory note, composite deed of simple mortgage, request letter, simple mortgage deed bearing Daybook No. 2732 dated 03.03.2023 etc. Additionally defendant No. 2 to 6 stood as guarantors for defendant No. 1 and executed deed of guarantee in favour of the applicant bank.

(OA No 90/2025)

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[AMBADAS]

The Applicant Bank further contends that, in order to secure the aforesaid loan facility, the Defendants created first charge over immovable property by executing simple mortgage deed bearing Daybook No. 2732 dated 03.03.2023. The mortgage was created in respect of the following property:

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All that piece and parcel of Plot No. 21, M. House 675/A admeasuring 185.77 sq. meters., built-up area 104.90 sq. meters., Street No. 74, Khasra No. 179/4, 5 Survey No. 279, Behind Atta Chakki, situated at Zingabai Takli, Near Faras Square, Tq. and Dist. Nagpur, which is bounded as under:

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East: Plot No. 29 West: Layout Road, South: Plot No. 20, North: Plot No. 22.

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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

(OA No 90/2025)

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[AMBADAS]

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 29.06.2024. Therefore, on 12.12.2024 the applicant bank issued legal notice to the defendants through their advocate. Despite service of Notices, 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 appeared in matter but failed to file written statement. Hence, the right of defendants to file written statement stands closed as per Order dated 19.01.2026 and they were proceeded with “No Written Statement”.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Jayant Purushottam Amrutkar, Branch Manager of the applicant Bank, and has produced on record the original loan transaction documents as Exhibit A-1 to A-12 along with list of documents Exh.5 which corroborates the case of the applicant Bank.

(OA No 90/2025)

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[AMBADAS]

I have heard arguments of the learned Advocate for the applicant Bank.

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Since the defendants failed to 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 borrowers which is mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @ 10.50 % p.a. from the date of filing i.e. 21.01.2025 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), it would be just and reasonable rate of interest.

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ORDER

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(A) Original Application No. 90/2025 is allowed with costs.

(OA No 90/2025)

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[AMBADAS]

(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 54,45,207/- (Rupees Fifty Four Lacs, Forty Five Thousand, Two Hundred and Seven only), along with future interest @ 9% per annum (simple) from the date of filing of the Original Application i.e. 21.01.2025 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 Exhibit A-7 in list of documents Exh. 5.

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East: Plot No. 29 West: Layout Road, South: Plot No. 20, North: Plot No. 22.

(OA No 90/2025)

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[AMBADAS]

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

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immovable property 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:. 12.05.2026 Debts Recovery Tribunal, Aurangabad

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(OA No 90/2025)

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[AMBADAS]

Maharastra Gramin Bank v. M/S Capgi Industries Private Limited

Case brief

What is this about?

What did the court decide?

Maharastra Gramin Bank v. M/S Capgi Industries Private Limited

Case brief

What is this about?

What did the court decide?

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