Debts Recovery Tribunals and Appellate Tribunals
UNION BANK OF INDIA vs SHARAD BAGAWE on 29 October 2026
Date of filing : 20.03.2014
Decided on :29.10.2026
**IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI
TRANSFER ORIGINAL APPLICATION NO. 779 OF 2016**
UNION BANK OF INDIA, a Body Corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act V, 1970 having its Head Office at 239, Vidhan Bhavan Marg, Backbay Reclamation, Nariman Point, Mumbai 400 021 and amongst other a Branch Office known as Union Bank, Loan Point, Bandra(E) having office at Renuka Co-operative Housing Society Ltd., behind Guru Nanak Hospital, Bandra(E), Mumbai 400 051 through its Asst. General Manager, N. C. Mohanty
...Applicant
**VERSUS**
SHARAD VITTHAL BAGWE, adult, Indian Inhabitant, residing at Old Block No. 29/7, 1st floor, near last bus stop, Mumbai - 400 082.
And also At 203, Satya Vijay Building,
Moregaon, Nallasopara(East), Taluka
Vasai, Dist. Thane – 400 082.
...Defendant
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Counsel for the Applicant : Advocate Akshita Rathudi a/w Adv.
Harsh Gutka i/b Anup Khaitan & Co.
Counsel for the Defendant : NIL- Defendant Ex -parte
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J U D G M E N T
1. 1. This is an application under Section 19(1) of Recovery of the Debt and Bankruptcy Act, 1993 (for short, 'the 1993 Act') to recover Rs.25,60,747/- with future interest thereon from the date of presentation of the Transfer Original Application till payment/realization and to enforce the mortgaged securities.
2. 2. The Defendant was granted a Home Loan facility of Rs.22,01,430/- vide the sanction letter dated 01.11.2011 as specified in para no.5.5 of the Transfer Original Application and on them executing loan and security documents.
3. 3. Defendant mortgaged the property viz., Flat No. 203 on the 2nd floor admg. 81.78 sq. meters b.u.a. in the building known as "Satya Vijay Apartment", situate at Survey No. 187, Hissa No. 9/2 at Village Nallasopara(E), Taluka Vasai, District Thane within the limits of Nallasopara Nagar Parishad &
Sub-Registrar office at Vasai, in favour of the applicant to secure the loan.
1. 4. Despite the undertaking effected by Defendant he had failed to regularise the account and service interest in the account. So the account remained out of order since long time resulting in it to be declared as NPA.
2. 5. Despite issuance of letters, personal visits, telephonic conversation and reminders the Defendants had failed to regularise the account. So the Applicant had caused the issuance of lawyer notice to Defendant to pay up the dues with interest.
3. 6. Since the defendant failed to make the repayment, the applicant was left with no other alternative other than to file the Transfer Original Application which was presented on 20.03.2014. Defendant was duly served with the transfer notice for appearance through paper publication on 17.02.2022 despite receipt of transfer notice, the defendant did not appear. He had remained absent without any representation for them and so, he was set at exparte.
4. 7. The applicant filed an affidavit (exhibit-19) in lieu of examination in chief through Mr. Lalan Kumar Singh, Chief Manager of the bank, had produced documents, which are admitted in evidence, read, recorded and exhibited and were marked as AW-1 to AW-14.
A handwritten signature, possibly reading 'H. K.' or similar, is written in black ink. It consists of a vertical line on the left, a curved line in the middle, and a diagonal line extending from the bottom left towards the top right.
1. 8. Accordingly, the Transfer Original Application was filed for the recovery of Rs.25,60,747/- with further interest @ 11% p.a. along with @2% p.a penal interest and other expenses for the period from the date of filing of this O.A. till payment/realization.
2. 9. A scrutiny of the averments in the Transfer Original Application and an analysis of the evidence adduced by the applicant, which has gone unchallenged, uncontroverted and unrebuted, shows that there is no reason to reject the claim made by the applicant bank.
3. 10. In view of the observations made hereinabove, Transfer Original Application filed by the applicant deserves to be allowed.
4. 11. Hence, the following order is passed:
**ORDER**
1. a. T.O.A. stands allowed with cost and the Defendant is held liable to pay to the Applicant Bank within two months a sum of Rs.25,60,747/- with further interest @ 11% p.a. along with @2% p.a penal interest and other expenses from the date of filing of this T.O.A. till the date of realization; failing which the aforesaid amount shall be recovered from the sale of mortgage property viz., Flat No. 203 on the 2nd floor admg. 81.78 sq. meters b.u.a. in the building known as "Satya Vijay Apartment", situate at Survey No. 187, Hissa No. 9/2 at Village Nalasopara(E), Taluka Vasai, District Thane within the limits of Nallasopara Nagar Parishad & Sub-Registrar office at Vasai and in case of shortfall, the same shall be recovered from the sale of the movable and immovable properties of the Defendant.
- b. Defendant is directed to declare, on oath, to the Recovery Officer, Debts Recovery Tribunal – I, Mumbai, both their moveable and immovable assets for the purpose of attachment and sale for realizing the shortfall, if any.
- c. Let a Recovery Certificate be issued with a memo of cost immediately u/s 19(22) of The Recovery of Debts and Bankruptcy Act, 1993 together with the details of the properties, if any.
- d. The Defendant is restrained from depleting, transferring, encumbering, alienating or in any way dealing with their properties/assets without first paying the claim of the Applicant Bank.
- e. Copies of this judgment be sent to the parties free of cost and file be consigned to the record room.
- f. Give under my hand and the seal of this Tribunal on this date :29.10.2026.
(Dictated to my Stenographer, transcribed by him corrected and signed by me and pronounced in open forum on 29.10.2026)
Place:- Mumbai Date:- 29.10.2026
Presiding Officer, DRT-1, Mumbai (Sreekala Suresh)