Allowed

Idbi Bank v. Mr. Mahasin Mia

DRT29 May 2023TA/11/2022

Case brief

AI extract

What is this about?

In an ex-parte proceeding, the Tribunal allowed the transfer application filed by IDBI Bank Ltd. for recovery of outstanding dues on a secured Housing Loan and Insurance Premium loan against Mr. Mahasin Mia, directed payment within 60 days, and authorized recovery from mortgaged assets.

What did the court decide?

Defendant directed to pay Rs. 79,10,973/- with interest and penalties within 60 days or recoverable from sale of mortgaged and personal assets; recovery certificate issued.

Idbi Bank versus Mr. Mahasin Mia — Banking and Recovery | DRT (2023)

¶1

T.O.A. NO. 11 of 2022

¶2

Registered on:16/08/2022

¶3

Decided on: 29/05/2023

¶4

THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI TRANSFER ORIGINAL APPLICATION NO. 11 of 2022

¶5

IDBI BANK Ltd., ) A Company incorporated and registered ) Under Indian Companies Act, 1956 ) [1/1956] and also a banking company ) Under section 5[C] of Banking ) Regulation Act of 1949 [10/1949], ) Having its head office at IDBI Tower, ) WTC Complex; Cuffe parade, Mumbai ) 400 005 and having one of its branches ) amongst others places at Retail Assets ) Centre, Marol MIDC, Andheri (East), ) Mumbai 400 093 and Retail Asset ) Collection & Recovery Department, ) IDBI Zonal Office, Mittal Court, B-wing) 2^nd Floor, Nariman Point, Mumbai ) 400 021 Though The Asst. Manager ) and Power of Attorney Holder, Shri ) Amin Prakash Rajpurkar ) … APPLICANT

¶6

VERSUS

¶7

Mr. Mahasin Mia, Male, Adult Indian)

¶8

T.O.A. NO. 11 of 2022

¶9

Inhabitant Having address at (i)305/B2) Kailash Prabhat Co-op. Hsg. Soc. Ltd., ) CST Road, Kalina, Santacruz (West), ) Mumbai 400 098. ) AND Oliver Fresh Fruits & Vegetables (Prop)) 201, 2^nd Floor, Plot No. 97, Sector No. ) 19A, Near APMC Market, Vashi, Navi ) Mumbai, Maharashtra 400 705 ) AND Flat No. 708/709, B Wing, 7^th floor, ) Shakuntala Paradise, Nilje, Dombivli ) (East), Thane 421 204 ) ... DEFENDANT ________________________________________________________________ Counsel for the Applicant: Adv. A. W. Barve Counsel for the Defendants: Ex -parte ________________________________________________________________ J U D G M E N T 1. The Original Application has been filed by the Applicant against the Defendant before the Ld. DRT-II, Mumbai which stands transferred to this Tribunal on 12.08.2022 and registered as TOA No.11/2022. The OA has been filed for recovery of a sum of Rs.79,10,973/- (Rupees Seventy Nine Lakh Ten Thousand Nine Hundred Seventy Three Only) consisting of

¶10

T.O.A. NO. 11 of 2022

¶11

outstanding dues towards Housing Loan account no. 0748675100005777 of Rs. 77,05,448/- (Rupees Seventy Seven Lakh Five Thousand Four Hundred Forty Eight Only) and outstanding dues towards Loan for Insurance Premium account No. 1911675100001724 of Rs.2,05,525/- (Rupees Two Lakh Five Thousand Five Hundred Twenty Five only) as on 20/09/2020 to the Applicant with further interest thereon @ MCLR(Q)+0.05% p.a. i.e. 7.95% p.a.(present MCLR (Q) is 7.90%, ROI linked with MCLR (Q) with quarterly reset clause, MCLR to be reset based on extant Internal/Regulatory guidelines issued from time to time) with monthly rests & 2% p.a. penal interest on overdue amount plus further expenses , cost and charges etc from 21/09/2020 till payment and/or realization.

¶12

The Applicant states that the Defendant applied for Housing Loan vide Application dated 18/02/2017 for Rs. 2,00,00,000 and the Applicant considered the request of the Defendant and sanctioned Housing Loan not exceeding Rs.65,00,000/- vide Sanction Letter dated 10/03/2017 on the terms and conditions mentioned therein.

¶13

In consideration of sanction the said Housing Loan, the Defendant executed the following security documents in favour of Applicant:

¶14

T.O.A. NO. 11 of 2022

¶15

a. Home Loan Agreement dated 29/03/2017 for the Home Loan facility of Rs. 65,00,000.

¶16

b. Power of Attorney in favour of the Applicant dated 29/03/2017.

¶17

c. The Home Loan Purchase Affidavit dated 29/03/2017 by Defendant.

¶18

d. Indemnity dated 29/03/2017.

¶19

e. Declaration and Undertaking in the matter of mortgage by Deposit of title deeds dated 29/03/2017.

¶20

The Applicant stated that the Defendant deposited the following title deeds with the Applicant :

¶21

a. Registration Receipt No. 2868 dated 15/03/2017 for Rs. 30,960/-.

¶22

b. Original Agreement for Sale dated 15/03/2017 between M/s Shakuntala Builders And Developers through partner Mr. Manik Shukla and Mr. Mahasin Mia as the Purchaser with respect to Flat No. 708, B Wing, 7th floor, adm. 585 sq. ft., i.e. 54.37 sq. mtrs., built up area in the building known as Shakuntala Paradise , Nilije, Dombivli (East), Dist. Thane within the Kalyan Dombivli Municipal Corporation.

¶23

c. Index II in the name of Mr. Mahasin Mia with respect to Flat 708.

¶24

T.O.A. NO. 11 of 2022

¶25

d. NOC from Builder to mortgage Flat No. 708 dated 16/03/2017.

¶26

e. Registration Receipt No. 2869 dated 15/03/2017 for Rs. 30,960/-.

¶27

f. Original Agreement for Sale dated 15/03/2017 between M/s Shakuntala Builders And Developers through partner Mr. Manik Shukla and Mr. Mahasin Mia as the Purchaser with respect to Flat No. 709, B Wing, 7th floor, adm. 585 sq. ft., i.e. 54.37 sq. mtrs., built up area in the building known as Shakuntala Paradise, Nilije, Dombivli (East), Dist. Thane within the Kalyan Dombivli Municipal Corporation.

¶28

g. Index II in the name of Mr. Mahasin Mia with respect to Flat 709.

¶29

h. NOC from Builder to mortgage Flat No. 709 dated 16/03/2017.

¶30

i. Original Agreement for Sale dated 15/03/2017 between M/s Shakuntala Builders And Developers through partner Mr. Manik Shukla and Mr. Mahasin Mia as the Purchaser with respect to Flat No. 709, B Wing, 7th floor, adm. 585 sq. ft., i.e. 54.37 sq. mtrs., built up area in the building known as Shakuntala Paradise, Nilije, Dombivli (East), Dist. Thane within the Kalyan Dombivli Municipal Corporation.

¶31

T.O.A. NO. 11 of 2022

¶32

The Applicant further stated that the Deposit of title deeds was recorded in the Memorandum of Deposit of Title Deeds dated 29/03/2017.

¶33

Thereafter, the Defendant also applied Loan for Insurance Premium vide Application dated 18/02/2017 and the Applicant by sanction letter dated 31/03/2017 sanctioned Loan for Insurance Premium for not exceeding Rs. 1,73,526/- to the Defendant on the terms and conditions mentioned therein.

¶34

The Applicant states that to secure the repayment of the Loan for Insurance Premium of Rs. 1,73,526 the Defendant executed on 31/03/2017 Loan for Insurance Premium Agreement.

¶35

Thereafter, the Defendant initially paid some instalments and the last deposit of amount of Rs. 57,821/- was on 30/06/2018 in the Housing Loan account and last deposit of amount of Rs. 1,548/- was on 10/09/2018 in Loan for Insurance Premium Account. However, the Defendant failed to maintain the financial discipline and neglected to make the payment. Thus, the accounts of Defendant were classified as NPA. Thereafter, the Applicant through their Advocate’s Notice called upon the Defendants to pay the outstanding dues under the Housing loan account as well as Loan for Insurance Premium Account

¶36

T.O.A. NO. 11 of 2022

¶37

but the Defendant failed to pay the dues. Hence, the present OA has been filed.

¶38

Notices were issued on the TA, however despite service no one appeared for the defendant therefore he was proceeded ex-parte vide order dated 06.04.2023.

¶39

The Applicant Bank has produced all the Original Loan documents and other relevant documents along with their Claim Affidavit dated 21.03.2023 filed through their Assistant General Manager holder Ms. Pamreichon Shimrah.

¶40

I have heard the Ld. Counsel for the Applicant and perused the record.

¶41

The witness of the applicant bank has fully corroborated the averments made in the OA/TA. 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 Defendant. 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.

¶42

In the light of above discussions, the Transfer Application by the applicant bank deserves to be allowed against the defendant.

¶43

T.O.A. NO. 11 of 2022

¶44

O R D E R

¶45

(i) I allow this OA and direct the Defendant to pay to the Applicant, within a period of 60 days, Rs.79,10,973/(Rupees Seventy Nine Lakh Ten Thousand Nine Hundred Seventy Three Only) consisting of outstanding dues towards Housing Loan account no. 0748675100005777 of Rs. 77,05,448/- (Rupees Seventy Seven Lakh Five Thousand Four Hundred Forty Eight Only) and outstanding dues towards Loan for Insurance Premium account No. 1911675100001724 of Rs.2,05,525/- (Rupees Two Lakh Five Thousand Five Hundred Twenty Five only) as on 20/09/2020 to the Applicant with further interest thereon @ MCLR(Q)+0.05% p.a. i.e. 7.95% p.a.(present MCLR (Q) is 7.90%, ROI linked with MCLR (Q) with quarterly reset clause, MCLR to be reset based on extant Internal/Regulatory guidelines issued from time to time) with monthly rests & 2% p.a. penal interest on overdue amount plus further expenses , cost and charges etc from 21/09/2020 till payment and/or realization.

¶46

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

¶47

T.O.A. NO. 11 of 2022

¶48

(iii) Defendant is hereby directed not to deal with his properties/assets till further direction of Ld. Recovery Officer.

¶49

(iv) Defendants shall also pay the cost and expenses of the OA.

¶50

(v) Recovery Certificate be issued forthwith and be sent to the Recovery Officer of this Tribunal.

¶51

Copy of this order be sent to the parties as per rules. File be consigned to record.

¶52

Place: Mumbai. (Dr. Rekha G. Dhakar) Date : 29/05/2023 Presiding Officer, DRT-1, Mumbai.

¶53

Tjs/-

Idbi Bank v. Mr. Mahasin Mia

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Mr. Mahasin Mia

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Union Bank of India versus Rohit

Parveen Prakash Mahtani versus Punjab National Bank

Mr N Gopalkrishna Rao versus Federal Bank

State Bank of India versus Seema

Mr Shekhar Mennon versus State Bank of India

Dipesh Kabra Binodkumar versus South Indian Bank