Allowed

Idbi Bank v. Siddheshwar Valmik Naikwadi

DRT30 Aug 2023OA/123/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal adjudicated an original application filed by IDBI Bank Ltd. for recovery of outstanding housing loan dues totaling over Rs.35 lakhs. The bank served a Section 13(2) notice under the SARFAESI Act, but the defendant remained absent. The tribunal allowed the application ex-parte, directing the defendant to pay the principal, interest, and costs.

What did the court decide?

A direction was issued to the defendant to pay Rs.92,06,234/- and Rs.45,23,860/- along with interest and costs within 60 days; recovery from mortgaged property was also directed.

Idbi Bank versus Siddheshwar Valmik Naikwadi — Banking and Recovery | DRT (2023)

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O. A. NO. 123 of 2022

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Registered on : 25/03/2022 Decided on : 30/08/2023

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IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI ORIGINAL APPLICATION NO. 123 of 2022

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IDBI BANK LIMITED having its registered ) Office at IDBI Tower, WTC Complex, Cuffe ) Parade, Mumbai – 400 005 and a Branch Office at ) C Wing, 2^nd Floor, Mittal Court, Nariman Point ) Mumbai – 400021 through its Authorized Officer ) Amin Rajpurkar. ) ...APPLICANT

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VERSUS

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SIDDHESHWAR VALMIK NAIKWADI, B-10 ) Flat No. 401, River Wood Park, Khidwadi, ) Dombivali, Thane – 400 612. ) ...DEFENDANT

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________________________________________________________________

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Counsel for the Applicant : Advocate Maneesha Patel.

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Counsel for the Defendant : Ex-parte

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J U D G M E N T

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The Original Application has been filed by the Applicant for recovery of the following amount:

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(i) Rs.92,06,234/- (Rupees Ninety Two Lacs Six Thousand, Two Hundred Thirty Four Only) together with further interest @9% p.a. from 23/08/2019 till its realization.

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O. A. NO. 123 of 2022

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(ii) Rs.45,23,860/- (Rupees Forty Five Lakhs Twenty Three Thousand Eight Hundred Sixty only) together with future interest @9% p.a. from 26/03/2019 till its realization.

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Facts as succinctly set out in the present OA are that the Defendant approached the Applicant for Housing Loan facility under loan application form dated 17/06/2010. Pursuant to the request by Defendant, the Applicant Sanctioned the financial assistance viz. Housing Loan Facility of Rs.46,88,360/- vide sanction letter dated 18/06/2010. The said loan was secured by creation of mortgage by deposit of title deeds of Flat No.B-104, 1^st Floor, Building No.3, Siddheswar Palms, S. No.141, H. No.1, S. No.11, H. No.6-7, Mouje Khidkali, Sangarli, Tal & Dist. Thane. The Defendant agreed to pay the said loan in 240 EMIs of Rs.42,182/- with interest @9% p.a..

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In consideration of the aforesaid housing facility granted by the Applicant, the Defendant executed the following documents on 15/07/2010:

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a. Home Loan Agreement/Loan Agreement along with Mortgage;

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b. Power of Attorney;

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c. Notarised Affidavit.

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It is further stated that the Defendant also approached the Applicant for Housing Loan Facility under Application form dated 15/06/2010. The said request was considered by the Applicant and

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O. A. NO. 123 of 2022

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sanctioned Housing Loan Facility of Rs.25 lakhs vide sanction letter dated 18/06/2010. The said loan was secured by creation of mortgage by deposit of title deeds of Ground 001, Ground Building, Flat No.A-02 Sai Rachna, Survey No.32, 26, 30, 32, 59, 30 Village Gandhare Taluka Kalyan. The Defendant also agreed to pay the said loan in 240 EMIs of Rs.22,093/- with interest @8.75% p.a.

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In consideration of sanction the said loan, the Defendant executed the following loaning and security documents on 07/09/2010:-

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a. Home Loan Agreement/Loan Agreement along with Mortgage;

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b. Power of Attorney;

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c. Notarised Affidavit.

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However, after availing the said loan, the Defendant failed and neglected to pay the monthly instalments thus, the account of the Defendant was classified as NPA. Thereafter, the Applicant issued notice under Section 13(2) of the SARFAESI Act, 2002 and called upon the Defendant to make the payment of the outstanding dues but the Defendant failed to pay the dues. Hence, the present OA has been filed.

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Notice was issued to the Defendant. Despite service, none appeared for the Defendant nor filed the WS thus, he was proceeded ex-parte vide order dated 25/07/2023.

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Page 3 of 5

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O. A. NO. 123 of 2022

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The Applicant has produced all the Original Loan documents and other relevant documents along with their Claim Affidavit filed through their Assistant General Manager Sh. Sanjeev Kumar Gupta.

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I have heard the Ld. Counsel for the Applicant and perused the record.

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The witness of the Applicant has fully corroborated the averments made in the OA, even otherwise the whole case of the Applicant is based on documents and the witness has duly proved all these documents as against the defendant. In my view there is no question of disbelieving the evidence led by the Applicant and the Applicant has proved its case beyond reasonable doubt.

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In the light of above discussions, the Original Application by the Applicant deserves to be allowed against the defendant.

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O R D E R

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(i) I allow the present OA and direct the Defendant to pay to the Applicant, within a period of 60 days, the following sums: (a) Rs.92,06,234/(Rupees Ninety Two Lacs Six Thousand, Two Hundred Thirty Four Only) together with further interest @9% p.a. from 23/08/2019 till its realization. (b) Rs.45,23,860/- (Rupees Forty Five Lakhs Twenty Three Thousand Eight Hundred Sixty only) together with future interest @9% p.a. from 26/03/2019 till its realization.

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O. A. NO. 123 of 2022

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(ii) Failing which the aforesaid amount shall be recovered from the sale of the mortgaged properties as well as other personal movable and immoveable assets of the Defendant.

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(iii) Defendant is hereby directed not to deal with his properties till further direction of Ld. Recovery Officer.

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(iv) Defendant shall also pay the cost and expenses of the OA.

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(v) Recovery Certificate be issued forthwith and be sent to the Recovery Officer of this Tribunal.

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Copy of this order be sent to the parties as per rules.

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File be consigned to record.

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Place: Mumbai. (Dr. Rekha G. Dhakar) Date : 30/08/2023 Presiding Officer, DRT-1, Mumbai.

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SP/-

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Idbi Bank v. Siddheshwar Valmik Naikwadi

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Siddheshwar Valmik Naikwadi

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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