Allowed

Idbi Bank v. Vaibhav Balkrishna

DRT16 Oct 2023OA/217/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application filed by IDBI Bank for recovery of outstanding dues from two defendants. The court found the defendants in default on a home loan and insurance premium facility, declared the account as NPA, and ordered payment of the principal, interest, and costs.

What did the court decide?

Directed defendants to pay Rs. 41,91,900/- along with interest at 8.80% per annum and penal interest within 60 days; recovery from assets if unpaid.

Idbi Bank versus Vaibhav Balkrishna — Contract and Commercial Disputes | DRT (2023)

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OA 217 of 2023

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Decided on : 16/10/2023

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Registered on : 30/06/2023

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IN THE DEBT RECOVERY TRIBUNAL-I MUMBAI ORIGINAL APPLICATION NO. 217 of 2023

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IDBI BANK LIMITED , a Company ) Incorporated and registered under the ) Companies Act, 1956 (1 of 1956) and a Company ) Within the meaning of Section 2(20) of the ) Companies Act, 2013 (Act 18 of 2013) and also, ) A Banking Company within the meaning of Section) 5 (C) of the Banking Regulation Act, 1949 ) (10 of 1949) having its Registered Office at ) IDBI Tower, WTC Complex, Cuffe Parade, ) Mumbai – 400 005 ) And Branch office at Retail Asset Centre – ) First Floor, Safal Pride, Near Punjab Wadi Bus ) Stop, Sion – Trombay Road, Deonar, ) Mumbai 400088 ) And A Retail Recovery Department ) IDBI Zonal Office, Mittal Court, ) C-Wing, 2nd Floor, Nariman Point ) Mumbai 400 021 ) Through the authorized representative ) Deepa D. Naik, Assistant General ) Manager of the Applicant ) …. Applicant

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Versus

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1. VAIBHAV BALKRISHNA DALVI ) Aged 36 years, Indian inhabitant, address at - ) i) Flat No.13, 4th Floor, Building I-1, ) Parijat CHSL, Spaghetti Complex, Plot No.24, ) Sector 15, Kharghar, Navi Mumbai 410210 )

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Page 1 of 6

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OA 217 of 2023

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ii) At Post – Raigaon, Taluka – Kadegaon,	)
District – Sangli 415304	)
iii) Flat no. 8, 2nd Floor, Building. No. E-7,	)
Spaghetti Complex, Sector – 15, Kharghar,	)
Navi Mumbai - 410210	)
2. JYOTSNA ARUN KHANDEKAR	)
Aged 36 years, Indian inhabitant, address at -	)
i) Flat No.13, 4th Floor, Building I-1,	)
Parijat CHSL, Spaghetti Complex, Plot No.24,	)
Sector 15, Kharghar, Navi Mumbai 410210	)
ii) Flat no. 8, 2nd Floor, Building. No. E-7,	)
Spaghetti Complex, Sector – 15, Kharghar	)
Navi Mumbai – 410210	) .. Defendants

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Counsel for the Applicant : Advocate Chetan Akerkar Counsel for the Defendants : Ex -parte.

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J U D G M E N T

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The Original Application is filed by the Applicant for recovery of of a sum of Rs. 41,91,900/- (Rupees Forty One Lakh Ninety One Thousand Nine Hundred only), as on 02.06.2023, comprising of Rs. 40,06,744/-, under the Home Loan Account No. 0367675100010487 and Rs. 1,85,156/- under the Loan for Insurance Premium Account No. 0367675100010618, with further interest at the rate of 8.80% per annum, (the ROI shall be benchmarked with 6 months MCLR with six months reset clause from the date of first/initial disbursement, MCLR to be reset based on extant internal Regulatory guidelines issued from time to time) with monthly rest on the said home Loan

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Page 2 of 6

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OA 217 of 2023

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and for Insurance Premium and penal interest @2%p.a. and other expenses, cost and charges etc., till payment and/or realization.

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The facts succinctly set out in the O.A. that the above claim of the Applicant against the Defendants, is based on the two loans, which are :

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i. Home Loan Facility of Rs.39,80,000/-

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ii. Loan for Insurance premium of Rs. 1,85,735/-.

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The Applicant stated that the Home Loan facility and the Loan for Insurance Premium was granted by the Applicant, to the Defendants by the Sanction Letter dated 28.11.2017, on the terms and conditions mentioned therein.

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In consideration of the aforesaid loans, the Defendants mortgaged their immovable property being Flat No.13, 4^th Floor, Building No. 11, Parijat CHSL, Spaghetti Complex, Plot No.24, Sector 15, Kharghar, Navi Mumbai 410210 and deposited the title deeds with the Applicant Bank, in respect of the home loan and executed following security documents on 30.11.2017, in favour of the Applicant Bank :

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a) Home loan agreement with the Applicant Bank b) Power of Attorney

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c) Deed of Indemnity

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d) Memorandum of Deposit of Title Deeds.

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e) Declaration and Undertaking.

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f) Loan for Insurance Premium Agreement.

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However, after availing the said loan, the Defendants failed to adhere to the terms and conditions of the Loan agreements and

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Page 3 of 6

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OA 217 of 2023

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neglected to make the payment to the Applicant Bank. Therefore, the account was declared as NPA on 10.03.2023. Thereafter, the Applicant issued Notice through their Advocate dated 23.05.2023 and called upon the Defendants to make the payment of the outstanding dues but the Defendants failed to pay the dues thus, the present OA has been filed by the Applicant.

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Notices were issued to the Defendant. Despite service, none appeared for the Defendants nor any WS has been filed thus, they were proceeded ex-parte vide order dated 16.10.2023.

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The Applicant Bank has produced all the Original Loan documents on 20.09.2023 and other relevant documents along with their Claim Affidavit filed through their Assistant General Manager Ms. Deepa D. Naik.

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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 Bank has fully corroborated the averments made in the OA, even otherwise the whole case of the Applicant Bank 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 Bank and the Applicant Bank has proved its case beyond reasonable doubt. The liability of Defendant No. 1 and 2 is joint and several.

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Page 4 of 6

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OA 217 of 2023

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In the light of above discussions, the Original Application by the applicant bank deserves to be allowed against the Defendants.

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O R D E R

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a. I allow this OA and direct the Defendant No. 1 and 2 to pay to the Applicant, within a period of 60 days, the sum of Rs. 41,91,900/- (Rupees Forty One Lakh Ninety One Thousand Nine Hundred only), as on 02.06.2023 , comprising of Rs. 40,06,744/-, under the Home Loan Account No. 0367675100010487 and Rs. 1,85,156/- under the Loan for Insurance Premium Account No. 0367675100010618, with further interest at the rate of 8.80% per annum, (the ROI shall be benchmarked with 6 months MCLR with six months reset clause from the date of first/initial disbursement, MCLR to be reset based on extant internal Regulatory guidelines issued from time to time) with monthly rest on the said home Loan and for Insurance Premium and penal interest @2%p.a. and other expenses, cost and charges etc., till payment and/or realization.

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b. Failing which the aforesaid amount shall be recovered from the sale of mortgaged properties as well as other personal moveable and immoveable assets of the Defendant No. 1 and 2.

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Page 5 of 6

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OA 217 of 2023

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c. Defendant No. 1 and 2 are hereby directed not to deal with their properties till further direction of Ld. Recovery Officer.

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d. Defendants shall also pay the cost and expenses of the OA.

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e. 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. File be consigned to record.

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Place: Mumbai. (Dr. Rekha G. Dhakar) Date : 16/10/2023 Presiding Officer, DRT-1, Mumbai

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St/-

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Idbi Bank v. Vaibhav Balkrishna

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Vaibhav Balkrishna

Case brief

What is this about?

What did the court decide?

What the court decided

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