Allowed

Idbi Bank v. Girish Mohan Nerurkar

DRT25 Jul 2023OA/229/2022

Case brief

AI extract

What is this about?

Debt Recovery Tribunal allowed an application filed by IDBI Bank Limited against Girish Mohan Nerurkar and Mandar Mohan Nerurkar for recovery of a housing loan amount of Rs.46,89,411/- plus interest. The court found the case established on documents and directed the respondents to pay the dues within 60 days.

What did the court decide?

Defendants directed to pay Rs.46,89,411/- plus interest within 60 days; Recovery Certificate issued; Defendants restrained from dealing with properties.

Idbi Bank versus Girish Mohan Nerurkar — Contract and Commercial Disputes | DRT (2023)

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OA No. 229 of 2022

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Registered on :02.06.2022

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Decided on :25.07.2023

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THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI ORIGINAL APPLICATION NO. 229 of 2022

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IDBI BANK LIMITED )

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A Company incorporated and registered under) the companies Act, 1956 (1 of 1956) and a ) Banking Company within the meaning of ) Section 2 (20) of the Companies Act, 2013 ) (18 of 2013) and a Banking Company within ) the meaning Section 5(c) of the Banking ) Regulation Act, 1949 (10 of 1949) and having ) its registered office at IDBI Tower, W.T.C. ) Complex, Cuffe Parade, Mumbai 400 005 and) Branch office at Retail Asset Center, 1^st Floor,) Marigold House, Plot No. A-34, Cross Road ) No. 2, Marol, MIDC Andheri (E), Mumbai- ) 400 093 and at Retail Asset Collection and ) Recovery Department, IDBI Zonal Office, 2^nd ) Floor, C Wing, Mittal Court, Nariman Point, ) Mumbai- 400 021 Through its Authorised ) Office Shri Sanjay Valechha

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) … APPLICANT

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VERSUS

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1. GIRISH MOHAN NERURKAR ) Residing at Flat No. A/301, 3^rd Floor, )

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Page 1 of 6

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OA No. 229 of 2022

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Gautam Co-operative Housing Society ) Ltd, Rushivan, Kajupada, near Abinav ) Nagar, Borivali (E), Mumbai – 400 066 )

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MANDAR MOHAN NERURKAR )

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i. Residing at Flat No. A/301, 3^rd ) Floor, Gautam Co-operative ) Housing Society Ltd, Rushivan, ) Kajupada, near Adhinav Nagar, ) Borivali (E), Mumbai- 400 066 ) And also at

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ii. A-01, Ebenezer CHS Ltd, ) Manickpur Chulna Road, Vasal ) (West), Umele, Thane, Maharashtra)-401 202 ) ... DEFENDANTS

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Counsel for the Applicant: Adv. M. R. Patel

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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 has been filed by the Applicant against the Defendant No. 1 & 2, for recovery of Rs.46,89,411/- (Rupees Forty Six Lakh Eighty Nine Thousand Four Hundred Eleven Only) as on 13.09.2021 with further interest @Base Rate i.e. 9.65% p.a. monthly rests from 14.09.2021 till its realization.

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The facts succinctly set out in the present Original Application are that the Defendants approached the Applicant for Housing Loan facility of 25,00,000/- and Rs. 5,00,000/- respectively. Further, the Defendant also offered collateral security by way of Equitable

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Page 2 of 6

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OA No. 229 of 2022

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Mortgage of Flat No. A/301, 3rd Floor, Gautam Co-operative Housing Society Ltd, Rushivan, Kajupada, near Abhinav Nagar, Borivali (E), Mumbai-400066 in favour of the Applicant Bank.

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It is stated that, pursuant to the request of Defendant No. 1 & 2, the Applicant Bank sanctioned financial assistance viz., Home Loan 1 of Rs.3,80,000/- (Rupees Three Lakhs Eighty Six Thousand only) and Home Loan 2 of Rs. 25,00,000/- (Rupees Twenty Five Lakhs only) subject to the terms and conditions mentioned in the Home Loan Agreement dated 28.07.2015. The Defendant No. 1 and 2 unconditionally agreed to pay equated monthly instalment of Rs.3,799/- and Rs.30,004/- within 216 & 180 months respectively.

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In consideration of sanction the Home Loan 1 facility granted by the Applicant and as security for repayment of loan amount, the Defendants have executed the following documents on 28.07.2015:

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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 Indemnity Bond executed by the Defendants.

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d. Declaration and Undertaking.

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e. Affidavit executed by the Defendants.

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f. Affidavit executed by the Defendants for balance transfer.

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In consideration of sanction the Home Loan 2 facility granted by the Applicant and as security for repayment of loan amount, the Defendants have executed the following documents on 28.07.2015:

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Page 3 of 6

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OA No. 229 of 2022

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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 Indemnity Bond executed by the Defendants.

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d. Declaration and Undertaking.

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e. Affidavit executed by the Defendants.

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f. Memorandum of Deposit of Title Deeds.

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It is further stated that the loan amount was secured by equitable mortgage of Flat No.A/301, 3^rd Floor, Gautam Co-operative Housing Society Ltd, Rushivan, Kajupada, near Abhinav Nagar, Borivali (E), Mumbai-400066 by way of deposit of title deeds in respect of the said property.

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However, the Defendants failed and neglected to regularize the account. On repeated requests made by the Applicant, the Defendants failed to pay the instalments and/or to regularize the account and thus the account of Defendants was classified as NPA on 09.07.2017. Thereafter, the Applicant finally through their Advocate Letter dated 25.08.2021 called upon the Defendants to pay the dues of the bank but they failed to pay the dues. Hence, the present OA has been filed.

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Notices were issued to the Defendants. Despite service, none appeared for the Defendants nor any WS has been filed, thus, they were proceeded ex-parte vide order dated 13.06.2023.

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Page 4 of 6

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OA No. 229 of 2022

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The Applicant Bank has produced all the Original Loan documents and other relevant documents along with their Claim Affidavit filed through their General Manager authorised Officer Mr. Abhishek.

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I have heard the Ld. Counsel for the applicant bank 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 fully proved all these documents as against the Defendants. 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 & 2 is joint and several.

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In the light of above discussions, the Original Application by the Applicant Bank deserves to be allowed against the Defendants. O R D E R

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i. I allow this OA and direct the Defendants to pay to the Applicant, within a period of 60 days, a sum of Rs.46,89,411/- (Rupees Forty Six Lakh Eighty Nine Thousand Four Hundred Eleven Only) as on 13.09.2021 with further interest @Base Rate i.e. 9.65% p.a. monthly rests from 14.09.2021 till its realization.

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Page 5 of 6

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OA No. 229 of 2022

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ii. Failing which amount shall be recovered from the sale of mortgaged property and other assets of these Defendants.

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iii. Defendants are hereby directed not to deal with their properties till further direction of Ld. Recovery Officer.

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iv. Defendants 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. File be consigned to record.

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Sd/Place: Mumbai (Dr. Rekha G. Dhakar) Date :25.07.2023 Presiding Officer, DRT-1, Mumbai.

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Idbi Bank v. Girish Mohan Nerurkar

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Girish Mohan Nerurkar

Case brief

What is this about?

What did the court decide?

What the court decided

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