Allowed

Idbi Bank v. Sharad Shripati Karle

DRT14 Sept 2023OA/48/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by IDBI Bank for recovery of approximately Rs. 1.04 crores along with interest from four defendants who defaulted on a home loan facility secured by an equitable mortgage.

What did the court decide?

Direct defendants to pay Rs. 1,04,40,773 plus interest within 60 days; recover from sale of mortgaged or other assets if unpaid; issue recovery certificate.

Idbi Bank versus Sharad Shripati Karle — Specific Performance | DRT (2023)

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O. A. NO. 48 of 2022

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Decided on: 14/09/2023

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Registered on: 24/02/2022

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IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI ORIGINAL APPLICATION NO. 48 of 2022

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IDBI BANK LTD, and having its registered office ) And Branch Office at Retail Recover Branch, 2^nd ) Floor, C Wing, Mittal Court, Nariman Point ) Mumbai through its authorised officer ) Amin Rajpurkar

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) ) ) ...APPLICANT

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VERSUS

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1. SHARAD SHRIPATI KARLE Residing at Flat )

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No. 101 and 102, 1^st and 2^nd Floor, Orient House, ) Sector 19, Plot No. B-60 and B-61, Koparkhairane ) Navi Mumbai ) 2. RUPALI SHARAD KARLE Residing at Flat ) No. 101 and 102, 1^st and 2^nd Floor, Orient House, ) Sector 19, Plot No. B-60 and B-61, Koparkhairane ) Navi Mumbai )

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3. PRAKASH LAXMAN PIRDANKAR Residing ) At 8/36, Marwadi Chawl, G. D. Ambedkar Marcg,) Parel Mumbai 400012. ) 4. MADHAVA LAXMAN KOTIAN Residing at ) At A/102, Matru Chhaya CHS Ltd., Pooja Nagar, ) Mira Road East District Thane 400064 ) ...DEFENDANTS

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Page 1 of 5

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O. A. NO. 48 of 2022

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________________________________________________________________

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Counsel for the Applicant : Advocate 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 for recovery Rs.1,04,40,773/- (Rupees One Crore Four Lacs Forty Thousand Seven Hundred Seventy Three only) under Home Loan Facility with further interest @7.5% per annum monthly rest from 24.08.2019 till the final payment and realization.

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Facts as succinctly set out in the present OA are that the Defendant No.1 & 2 approached the Applicant for Housing Loan Facility on or about 22.07.2004. The Defendant Nos. 1 & 2 are the Dentist by Profession and are husband and wife. Further the Defendant No.1&2 had also offered collateral security by way of Equitable Mortgage Flat No. 101 and 102, 1^st and 2^nd Floor, Orient House, Sector 19, Plot No. B-60 and B-61, Koparkhairane Navi Mumbai (for short the “property in question”) in favour of the Applicant Bank.

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It is stated that pursuant to the request by the Defendant No.1 & 2, the Applicant Bank sanctioned financial assistance viz. Housing Loan Facility of Rs.26 lakhs vide sanction letter dated 23.08.2004. The Defendant No.1 & 2 agreed to pay the said loan in 180 EMIs of Rs.24,103/- per month with interest @7.5% p.a.

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Page 2 of 5

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O. A. NO. 48 of 2022

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In consideration of sanction the said loan, the Defendants executed the following loaning and security documents on 09.11.2004:

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a. Home Loan Agreement/Loan Agreement along with the Mortgage.

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b. Power of Attorney by Defendant No.1 & 2.

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c. Affidavit executed by the Defendants;

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d. Guarantee Form executed by the Defendant No.3 & 4.

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In order to secure the said loan, the Defendant No.1 & 2 have deposited the original title deeds of the property in question i.e. Original Agreement for sale dated 22.06.2004; Original Registration Receipt dated 22.06.2004; Original Stamp duty Receipt; NOC dated 20.12.2007 issued by HUDCO and NOC issued by Buildtech Engineers, with an intention to create equitable mortgage in favour of the property in question. M/s Buildtech Engineers by letter dated 01.06.2005 confirmed of completion of construction work of property in question and requested to release the balance payment to the Defendant No.1 & 2 who have purchased the said property in question.

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It is also stated that the Defendant No.1 & 2 by letter dated 20.02.2006 admitted the non payment of dues and regretted for the inconvenience caused the Applicant.

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However, after availing the said loan, the Defendant No.1 & 2 failed and neglected to make the payment of the outstanding dues

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Page 3 of 5

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O. A. NO. 48 of 2022

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inspite of repeated demands. The Applicant by their letters dated 30.09.2008 and 07.10.2008 demanded and called upon the Defendants to pay the outstanding dues but they failed to pay the dues. The notice under Section 13(2) dated 24.08.2008 was also issued to the Defendants to make the payment of the outstanding dues but to no avail. Hence, the present OA has been filed.

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Notices were issued to the Defendants. Despite service through publication, none appeared for the Defendants nor filed the WS thus, they were proceed ex-parte vide order dated 13.06.2023.

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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 Deepa Naik Asst. General Manager of the Applicant.

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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 is based on documents and the witness has duly 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 to 4 is joint and several.

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In the light of above discussions, the Original Application deserves to be allowed against the Defendant No.1 to 4.

Page 4 of 5

O. A. NO. 48 of 2022

O R D E R

(i) I allow the present OA and direct the Defendant No.1 to 4 to pay to the Applicant Bank, jointly and severally, within a period of 60 days, a sum of Rs.1,04,40,773/- (Rupees One Crore Four Lacs Forty Thousand Seven Hundred Seventy Three only) under Home Loan Facility with further interest @7.5% per annum with monthly rest from 24.08.2019 till the final payment and/or realization.

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(ii) Failing which the aforesaid amount shall be recovered from the sale of the mortgaged property as well as other personal moveable and immoveable assets of the 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.

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File be consigned to record.

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Place: Mumbai. (Dr. Rekha G. Dhakar) Date : 14/09/2023 Presiding Officer, DRT-1, Mumbai.

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SP/-

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Page 5 of 5

Idbi Bank v. Sharad Shripati Karle

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Sharad Shripati Karle

Case brief

What is this about?

What did the court decide?

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