Idbi Bank v. Salim
Case brief
What is this about?
The Debt Recovery Tribunal allowed an original application filed by IDBI Bank Limited for the recovery of dues amounting to Rs. 26,47,313 along with interest and expenses from the borrowers of three secured loans including a home loan and top-up loan.
What did the court decide?
Directed respondents to pay Rs. 26,47,313 along with interest at varying rates on Home Loan, Top Up Loan, and Insurance Premium; recovery to be effected from sale of mortgaged and other assets.
What the court decided
OA 218 of 2023
Decided on : 16/10/2023
Registered on : 30/06/2023
IN THE DEBT RECOVERY TRIBUNAL-I MUMBAI ORIGINAL APPLICATION NO. 218 of 2023
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
Versus
| 1. Salim Ismail Shaikh | ) |
|---|---|
| Aged 48 years, Indian inhabitant, address at - | ) |
| i) Flat No.201, E Wing, Sunrise Home, | ) |
| Off Neral Badlapur Road, Shelu (East), | ) |
| Neral, 410101 | ) |
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Issues for consideration
3 issues framed by the court
Whether the original application for recovery of home loan, top-up loan, and insurance premium dues is maintainable.
Whether the joint and several liability of the borrowers for the secured loans can be enforced.
Whether the bank is entitled to recover the principal and interest from mortgaged properties upon default.
Parties & counsel
- applicant
IDBI Bank Limited
- respondent
Salim Ismail Shaikh
- respondent
Samina Salim Shaikh
Coram
Case details
As recorded by the court registry
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