Idbi Bank v. Sudhir
Case brief
What is this about?
The tribunal allowed the bank's original application for recovery of outstanding home loan and insurance premium dues. It directed the borrowers to pay the principal sum with interest and penal charges, ordered a stay on property dealings, and authorized issuance of a recovery certificate.
What did the court decide?
Directed payment of Rs. 27,37,144 with interest and penal charges; stay on property dealings; issuance of Recovery Certificate.
What the court decided
OA No. 5 of 2023
Registered on:- 05.01.2023
Decided on:- 23.08.2023
IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI ORIGINAL APPLICATION NO. 5 of 2023
IDBI BANK LIMITED, a company incorporated ) And registered under Indian Companies Act, ) 1956 (1 of 1956) and a company within the ) Meaning of the Companies Act, 2013 and also a ) Banking company under section 5 (C) of Banking ) Regulation Act of 1949 (Act 10 of 1949), having ) its head office at IDBI Tower, WTC Complex, ) Cuffe Parade, Mumbai – 400 005, and having its ) Retail Asset Center Nariman Point and Retail ) Recovery Department at : IDBI Zonal Office, Mittal) Court, C-wing, 2nd Floor, Nariman Point, Mumbai ) 400 021, filed through Mr. Sanjay Valecha, its ) Deputy General Manager. )... APPLICANT
V/S
1. MR. SUDHIR GANPAT PICHAKE ) (i) 1 / 4, BMC Chawl, Laxmibaug Near Shivar ) Guest House, Nr. Sion Railway Station Sion (W) ) Mumbai – 400 022. ) ii) A. V. Graphic Designer Pvt. Ltd. 532, ) 5th Floor, Master Mind Building, 1 Royal ) Palm, Goregaon, Mumbai – 400065. ) iii) Flat No. 707, 7th Floor, Wing A, ) Rachana Towers, Agarwal Lifestyle, Sector 3, ) Building No. 7, Virar (W) - 401 303. )
2. MRS. VAISHALI SUDHIR PICHAKE i) 1 / 4, BMC Chawl, Laxmibaug Near Shivar ) Guest House, Nr.Sion Railway Station Sion (W) ) Mumbai – 400 022. )
Issues for consideration
2 issues framed by the court
Whether the outstanding loan amount is recoverable from the borrowers after they defaulted and accounts were declared NPA.
Whether the equitable mortgage documents are valid to permit recovery from mortgaged or other assets.
Parties & counsel
- applicant
IDBI BANK LIMITED
- respondent
MR. SUDHIR GANPAT PICHAKE
- respondent
MRS. VAISHALI SUDHIR PICHAKE
Coram
Case details
As recorded by the court registry
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