Allowed

State Bank of India v. Alex Jacob

DRT13 Dec 2023OA/595/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the Applicant Bank's recovery application against defendants who failed to appear. The order directed repayment of the principal sum along with future interest at a reduced rate of 9% per annum, secured by the mortgaged property.

What did the court decide?

Defendants directed to pay Rs. 58,82,956/- with future interest @9% per annum; recovery certificate issued; sale of mortgaged property allowed.

State Bank of India versus Alex Jacob — Contract and Commercial Disputes | DRT (2023)

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Presented on : 06.04.2022 Registered on : 23.02.2022 Decided on : 13.12.2023 Duration : Y M D 01 08 07

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 595/2022.

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State Bank of India,

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A Banking Company constituted under the State Bank of India Act, 1955 and having its Corporate Office at State Bank Bhavan, Nariman Point, Madam Cama Road, Mumbai 400021 and its branch at - Stressed Assets Recovery, Wardhaman, II Floor, Seven Loves Chowk, Plot No. 321/A/3, Mahatma Phule Peth, Pune 411042.

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.. Applicant

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Versus

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1 Mr. Alex Jacob,

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2 Mrs. Priyanka Alex Jacob, Both R/o : (1) Flat No. 602, 6^th Floor, Building No. C, Swastik Ganga, Ghorpadi, Pune 41101 &

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(2) Cruzvilla, 1^st Floor, Tatya Tope Society No.2, Plot No.15, Wanwadi, Pune 411040 & (3) Flat No. 11, Runal Florance Phase II, B Wing, Sector 21, Pradhikaran, Nigdi, Pune 411044.

.. Defendants

(OA No. 595/2022)

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APPEARANCES

For Applicant	Advocate Sudha Koloti.
For Defendants	Exparte.

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TOTAL CLAIM AMOUNT –Rs.58,82,956/-

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JUDGMENT

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(Delivered on 13^th December, 2023)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.58,82,956/- together with future interest @9.30% per annum from the date of Application till realization of the entire dues from the defendants.

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Brief facts of the application are as under:

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Defendant Nos.1 and 2 approached the applicant Bank with application dated 21.07.2010 for grant of Housing Loan of Rs.45,07,000/- for purchase of Flat. As per the loan application of defendants, applicant Bank sanctioned and disbursed the Housing Loan of Rs.45,07,000/- vide Arrangement Letter dated 02.09.2010.

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In order to secure the aforesaid Housing Loan, the defendants executed necessary loan and security documents along with deed of mortgage of Flat No. 602, 6^th Floor, Building No. C, Swastik Ganga, Ghorpadi, Pune in favour of the applicant Bank. The defendants made last payment towards

(OA No. 595/2022)

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the said Housing Loan on 09.04.2019.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Therefore, on 10.02.2022, the applicant Bank issued legal Notice to the defendants. Despite service of Notice, the defendants failed and neglected to pay the outstanding dues of the applicant Bank.

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Hence, this application is filed.

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The defendant failed to appear despite service of summons. Hence, the application proceeded ex-parte as per Order dated 08.12.2023 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Jagdish Nakade, Branch Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1 to AW-15 along with list (Exhibit 7), which corroborates 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

(OA No. 595/2022)

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reliefs as claimed.

The applicant Bank has claimed future interest @9.30% per annum. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% per annum (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.595/2022 is allowed with costs.

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(B) The defendants either jointly or severally shall pay to the applicant Bank the sum of Rs.58,82,956/- (Rupees Fifty Eight Lakhs Eighty Two Thousand Nine Hundred Fifty Six only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 06.04.2022 till full payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of the immovable property i.e. Flat No. 602, 6^th Floor, Building No. C, Swastik Ganga, Ghorpadi, Pune, more particularly

(OA No. 595/2022)

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described in the Para No.3-A of the Original Application.

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(D) The applicant Bank is entitled to sell the mortgaged property to recover its dues.

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(E) Issue Recovery Certificate.

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(F) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendant.

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Place : Pune Date : 13.12.2023

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Sd/(Dilip G Murumkar) Presiding Officer Debts Recovery Tribunal, Pune.

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(OA No. 595/2022)

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State Bank of India v. Alex Jacob

Case brief

What is this about?

What did the court decide?

State Bank of India v. Alex Jacob

Case brief

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What did the court decide?

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