Allowed

Bank of Maharashtra v. Vikram

DRT8 Dec 2023OA/588/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application filed by Bank of Maharashtra for recovery of housing loan dues of Rs. 1.75 crore against three borrowers who failed to appear. The court awarded principal and reduced future interest to 9% p.a., secured by a valid mortgage on the property.

What did the court decide?

Directed defendants to pay Rs. 1,75,62,920 with future interest @9% p.a. from 28.12.2021; directed issuance of Recovery Certificate; authorized sale of mortgaged property.

Bank of Maharashtra versus Vikram — Contract and Commercial Disputes | DRT (2023)

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Presented on: 28.12.2021 Registered on: 04.07.2022 Decided on: 08.12.2023 Duration: Y M D 1 11 10

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No.588/2022

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Bank of Maharashtra, A Banking Company incorporated under the Banking Companies (Acquisition and Transfer of Undertakings) Act V of 1970 having its Head Office at “Lokmangal”, 1501, Shivajinagar, Pune-411 005 and branch office amongst other places at Asst Recovery Branch, 2^nd Floor, Agarkar High School Building, Somwar Peth, Pune-411 011.

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… Applicant

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Versus

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Mr.Vikram Ramesh Dhumal, Age-34 Years, Occupation-Business,

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Mr.Amit Ramesh Dhumal, Age-36 Years, Occupation-Business,

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Mrs.Mangala Ramesh Dhumal, Age-58 Years, Occupation-Business, All Residing at:-

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a) House No.239, Kunjirwadi, Theur, Pune-412 110.

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b) C/o. Shrinath Developers, Shop

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No.14, Chintamani Plaza, Opp: Akashwani, Hadapsar, Pune-411 028.

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c) Flat No.501, 5^th Floor, A Wing, Marvel Ritz, S.No.171, Hadapsar, Pune-411 028. … Defendants

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APPEARANCES

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For the Applicant Mr. Ashok Tamboli - Advocate For Defendants Ex parte

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TOTAL CLAIM AMOUNT –Rs.1,75,62,920/-

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JUDGMENT

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(Delivered on 08^th December, 2023)

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The Applicant Bank has filed the present application for recovery of sum of Rs.1,75,62,920/- in respect of Housing Loan account together with future interest @9.70% p.a. with monthly rests thereon from the date of filing i.e. 28^th December, 2021 till repayment/realization of entire dues from defendant Nos.1 to 3.

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Brief facts of the application are as under:

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Defendant Nos.1 to 3 are the borrowers who have approached the applicant for financial assistance i.e. Housing Loan of Rs.158.25 Lakhs for purchase of Flat.

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On 15^th March, 2016 the applicant Bank sanctioned and

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disbursed the Housing Loan to defendant Nos.1 to 3 with interest @9.70% p.a. with monthly rests (floating). The Housing Loan was repayable in 240 months with equated monthly installment of Rs.1,50,000/-.

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The defendant Nos.1 to 3 executed loan transaction and security documents on 12^th April, 2016 including Equitable Mortgage dated 07^th April, 2016 which was registered in the Office of Sub Registrar, Haveli No.16 at Sr.No.1310/2016 dated 11^th May, 2016, in respect of immovable property more particularly mentioned in paragraph No.5.4 of the Original Application.

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The applicant Bank further contended that defendant Nos.1 to 3 executed Balance and Security Confirmation Letters on 08^th April, 2019 thereby admitted their liability in the aforesaid Housing Loan account.

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The applicant Bank further contended that defendant Nos.1 to 3 failed and neglected to repay the amount outstanding at the foot of the account. Therefore, the applicant Bank through its Advocate issued Legal Notice on 24^th October, 2018 to defendants. Despite issuance of Recall Notice, defendants failed and neglected to comply with the

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demands in the said Notice.

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Hence, this application is filed.

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Defendants failed to appear despite service of summons. Hence, the application proceeded ex parte against them vide Order dated 06^th December, 2023 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Anand Suman, Chief Manager which supports the case of the applicant Bank elucidated in the application.

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The applicant Bank has produced on record the original loan transaction and security documents at Sr.No.AW-1/1 to AW-1/15 which corroborate the case of the applicant Bank.

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I have heard arguments of the learned Advocate for the applicant Bank.

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Since the defendants failed to appear and contest the application, I find no reason to disbelieve evidence of the applicant Bank. Therefore, the applicant Bank is entitled for

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reliefs as claimed.

The applicant Bank has claimed future interest @9.70% p.a. with monthly rests for Housing Loan account. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% p.a. (simple), it would be just and reasonable rate of interest.

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Hence, I pass the following order:-

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ORDER

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(A) Original Application No.588/2022 is allowed with costs.

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(B) Defendant Nos.1 to 3 shall jointly or severally pay to the applicant Bank the sum of Rs.1,75,62,920/(Rupees One Crore Seventy-Five Lakhs Sixty-Two Thousand Nine Hundred and Twenty only) with future interest @9% p.a. from the date of filing of the Original Application i.e. 28^th December, 2021 till payment/realization of the amount mentioned in this operative order.

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valid and subsisting mortgage of the immovable property i.e.

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The Residential Flat bearing No.501 in Building/Wing “A” situated on the 5^th Floor admeasuring 266.44 sq. mtrs. carpet area (inclusive of the area of balconies therein) equivalent to 333.05 sq. mtrs. built up along with the exclusive right of the open terrace at eye level having carpet area of 35.67 sq. mtrs. equivalent to 44.59 sq. mtrs. built up area together with one covered/open car parking space situated under the stilts of/adjacent to the said building/Wing the scheme known as “Marvel Ritz” constructed on the land more particularly described in the Schedule hereinunder, which is having Gram Panchayat Milkat No.1/3521.

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Schedule of the Land:

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All those pieces and parcels of land of ground admeasuring 00H 21R, 01H 14R, 1H 14R, 0H 41R & 0H 40R bearing Hissa Nos.1A, 1+2+3+4A+8+9+10+11/1, 1B+2+3+4A+8+9+10+11/2, 12 & 13 respectively of land bearing Sr.No.171 all situate lying and being at Village Hadapsar within the registration sub District of Taluka Haveli, District Pune and within the limits of the Gram Panchayat/Zillah Parishad of Village Hadapsar and falling in the Residential Zone under the regional plan for the

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Pune Metropolitan region currently in force and said contiguous block (separated only a regional plan road) admeasuring 33000 sq. mtrs. formed of the said lands,

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more particularly mentioned in Schedule of the Mortgaged Property at Paragraph No.5.4 of the Original Application.

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