Allowed

Idbi Bank Ltd. v. Sri. Rajeev Saini

DRT12 Jul 2023OA/144/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Origination Application filed by IDBI Bank Ltd against a borrower and a developer to recover a housing loan default of circa Rs. 72.56 lakhs with interest and costs, upholding the bank's documentation of the loan and mortgage.

What did the court decide?

Defendants jointly and severally liable to pay Rs.72,56,673 plus interest from 15.07.2022; bank entitled to proceed against mortgaged property and defendant properties; costs awarded.

Idbi Bank Ltd. versus Sri. Rajeev Saini — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 12TH DAY OF JULY 2023

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFIcER

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OA.No.144 OF 2022

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Between :

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IDBI Bank Ltd, Regional office, IDBI building, IiI floor, Chapel roa d, Hyderabad. Represented by its Dy. General Manager

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Applicant

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VERSUS

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Sri Rajeev Saini, s/o Narender Kumar Saini, aged 40 years, occ: employee, R/o flat no.110, Bhavya Anandam, Block-H, Nizampet road, Kukatpally, Hyderabad Telangana - 500 072.

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Also at

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H.No.5, Spectrum Residency, Railway Employees colony, Phase 1, lane 10, Bollaram, Telangana - 500 010.

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H.No.2-1-6316/4 Macha Bolaram, Hyderabad, Telangana - 5OO O10.

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M/s. Mounthill Reality pvt Ltd, Represented by its Director Mr, Hemont Kumar Sikaria, Office: gate no.1 & 2, 1" floor, Salt Lake Stadium Complex, Salt Lake City, Police Station,

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loA.No.r4a/20221

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Bidhan Nagar South, Kolkata - 700 098.

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Defenda nts

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Counsel for the Pa rties: For the Applicant Sri K.P. Saradhi For the Defendant No.1 Sri Pasupuleti Sudhakar Defendant no.2 Expa rte

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ORDER

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The Applicant Bank fired the present oA against Defendants for recovery of a total sum of Rs.72,56,673l- (Rupees Seventy Two Lakhs Fifty Six thousand Six Hundred and Seventy Three only) with interest @ 8.95olo p.a with monthly rests from 75.01.2022 and penar interest @ 24o/o p.a tiil the date of rearization and in defaurt for sare of mortgaged property as described in the schedule to OA.

¶20

As per the averments in the apprication, the Appricant Bank states that the defendant No.1 avaired housing roan of Rs.65.00 rakhs vide sanction letter dated 20.02.20t9. To secure due repayment of said housing loan, the defenQant no.1 executed home loan agreement on 02.O2.2019, original agreer foib h t t of sale dated 10.12.2 0o 18. DefendantDefenrtan| +il no.1 bqins 6#roffirm ffi^ael"-,jdunt o"fl'r no.2 being developer entered into --" i! a) a.. .:; -.^..''-' >:.r; ;-i: ) .(..: 'i.l .,

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(OA.No.r44/20221

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Tripartite agreement on 05.02.2019. Hence the charge was created by defendants on the apprication schedure property. After avairing the loan facility, the defendants faired to compry the terms of sanction, hence the applicant bank was constrained to classify the account as NPA and issued recail notice dated 09.4.2021. Inspite of severar requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendant no.2 was called absent and set exparte on 16.11.2022. WS of Defendant no.1 not filed and hence the right of filing of WS was forfeited on 28.04.2023.

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Sri S. Srinivas, Assistant General Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.7.

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Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for consideration is whether the Applicant Bank is

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entitled for the claim made in the OA against the Defendants as prayed for?

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The defcrndaa nts -were cal led a bsen t and set exparte. To su bsta ntiate ,, s', the case o f the Applicantrlapt, AW.1 who is the official of the t- 1 ? .!' ' t y*, * i ':;u -'8.; r..,i -!.>l .a j: .'l"n - ,: :

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(oA.No.744/2022)

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Applicant Bank was examined and he exhibited relevant documents as Ex.A1 to A.7. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendants and hence the Applicant Bank is entitled to recover the claim made in the OA with future interest and costs.

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B. In the result, the present OA is allowed with costs, as under:

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The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.72,56,673,/- (Rupees Seventy Two Lakhs Fifty Six thousand Six Hundred and Seventy Three only) with interest @ 8,95% p.a from L5.07.2022 till the date of realization.

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i) The Applicant bank is entitled to proceed against the mortgaged property as described in the schedule to OA towards realization of its dues.

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ii) the Applicant Bank is also entitled to proceed against the person and properties of defendant No.1 and properties of defendant no,2 firm towards realization of the debt due.

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iii) The Applicant Bank is entitled to the costs of the OA.

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iv) The Applicant shall file a cost memo within two weeks from the date of receipt of order. ,

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1 i. '

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lOA.No.L4al2022)

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Issue Recovery certificate accordingly.

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Communicate a copy of the order to the parties concerned.

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(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 12th day of Juty, 2023)

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sd/-

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(G. GOPTCHAND) PRESIDING OFFICER

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1? JU ml

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'rRUF.topY
.*Mliltor

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DRT-', HYDERAEAF.

Idbi Bank Ltd. v. Sri. Rajeev Saini

Case brief

What is this about?

What did the court decide?

Idbi Bank Ltd. v. Sri. Rajeev Saini

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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