Allowed

State Bank of India v. Vinit

DRT25 Jul 2023TA/18/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the Default Recovery Application filed by the State Bank of India against the Defendant for recovery of outstanding dues on a Housing Term Loan and Personal Loan. The Defendant proceeded ex-parte as he failed to appear. The court directed payment of the principal and interest within 60 days and issuance of a Recovery Certificate.

What did the court decide?

Defendant directed to pay Rs. 59,85,309.94 and Rs. 5,40,827.08 with future interest within 60 days; Recovery Certificate issued.

State Bank of India versus Vinit — Banking and Recovery | DRT (2023)

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TA No. 18 of 2023

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Decided on : 25.07.2023

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Registered on : 30.06.2022

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IN THE DEBT RECOVERY TRIBUNAL-I MUMBAI TRANSFER ORIGINAL APPLICATION NO. 18 of 2023

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STATE BANK OF INDIA ) A body corporate constituted under the ) Provisions of State Bank of India Act of 1955 ) Having central office at Madam Cama Road, ) Mumbai 400 020, and one of its branch office at) Stress Assets Recovery Branch, 6^th Floor, ) The International, 16, Maharshi Karve Road, ) Churchgate, Mumbai-400020 )

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… APPLICANT

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VERSUS

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MR. VINIT LAHU PANCHAL ) Residing at: Flat No. C-403, B-Wing, Omkar ) Orchid CHS Plot No. 66, Sector-20, Kamothe,) Navi Mumbai- 410 209 )

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Also at:

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Flat No. F-3, Ground Floor, “Pallava Casa ) Clara” E-I, Kalyan Shil road, Village Khoni, ) Dombivali East, Tal Kalyan, ) Dist Thane 421204. )

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Also at:

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Portal Info systems Pvt. Ltd., Today Empire, ) Shop No.09, Godrej Coliseum 301, C-Wing, ) 3rd floor, Everard Nagar, Sion East, ) Mumbai-400022. )

...DEFENDANT

Page 1 of 7

TA No. 18 of 2023

Counsel for the Applicant : Adv. Salma Ghaswala i/b M/s.

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Ghaswala & Associates

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Counsel for the Defendant: 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 before the Ld. DRT-III, which stands transferred to this Tribunal on 17.10.2022 due to change of jurisdiction vide Gazette Notification dated 04.10.2022 and registered as TA No.18/2023. The OA has been filed for recovery of the following amount:

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a. Rs. 59,85,309.94 (Rupees Fifty Nine Lakhs Eighty Five Thousand Three Hundred Nine and Paise Ninety Four Only) in Housing Term Loan account alongwith future interest @ contractual rate of interest (present effective rate of interest 7.25% and 2% penal interest with monthly rests) from 25.05.2022 till the payment and/or realization.

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b. Rs. 5,40,827.08 (Rupees Five Lakh Forty Thousand Eight Hundred Twenty Seven and Paise Eighty Only) in Personal Loan under SBI Home Top up Scheme Account along with future interest @ contractual rate of interest (present effective rate of interest 7.25% and 2% penal interest with

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Page 2 of 7

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TA No. 18 of 2023

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monthly rests) from 25.05.2022 till the payment and/or realization.

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Facts as succinctly set out in the O.A./T.A are that in pursuance to the request of the Defendant, the Applicant Bank vide its Arrangement Letter dated 29.08.2020 granted the Home Loan of Rs.54,10,000/- to purchase the property i.e. Flat No. F-3, adm. 709 sq. ft. or 65.87 sq. mtrs (net/built up area) on the Ground Floor of the building proposed to be known as “PALLAVA CASA CLARA” E-1, in the complex known as The Downtown, Survey No.39/5pt. 143/2pt & others Kalyan Shil Road, Village Khoni, Dombivali East, Tal-Kalyan, Dist. Thane– 421204. The said Home Loan amount was repayable by the Defendant in Monthly installments of Rs.36,906/- commencing from September, 2020 till recovery of entire loan as specified in Arrangement Letter.

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In consideration of sanction the said loan facilities, the Defendant has executed and delivered various documents on 29.08.2020 which includes Agreement to Mortgage, Memorandum of Loan Agreement for Home Loan, Memorandum of Loan Agreement for Home Loan granted to Public, Deed of Undertaking, Affidavits of borrower and Memorandum of deposit of title deeds.

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It is stated that Defendant requested for Personal Loan under SBI Home Top-up Scheme. The Applicant Bank vide its Arrangement Letter dated 29.08.2020 granted the Personal Loan under SBI Home Top-up Scheme of Rs.5,00,000/- (Rupees Five Lakhs Only) on

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Page 3 of 7

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TA No. 18 of 2023

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extension of mortgage of the aforesaid mortgaged property. The said Home Top Up Loan amount was repayable by the Defendant in Monthly Installments of Rs.3,497/- (Rupees Three Thousand Four Hundred Ninety Seven Only) from the date of disbursement of loan to till repayment of entire loan outstanding.

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In consideration of sanction the said loan facilities, the Defendant executed and delivered various documents which includes Loan Agreement Home Top Up Loan; Undertaking dated 29.08.2020; extension of the Equitable Mortgage dated 06.10.2020.

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In order to secure the above loans, the Defendant deposited the original title deeds in respect of their property being Flat No. F-3, Ground Floor, “PALLAVA CASA CLARA” E-1, Kalyan Shil Road, Village Khoni, Dombivali East, Tal-Kalyan, Dist. Thane– 421204 with intent to create mortgage as a primary security with Applicant and also deposited the title documents in favour of the Applicant.

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However, the Defendant failed and neglected to regularize the account thus, the account of Defendant was declared as NPA on 26.07.2021. Thereafter, the Applicant issued notice under Section 13(2) of the SARFAESI Act, 2002 dated 28.07.2021 and called upon the Defendant to pay the outstanding amount but the Defendant failed to pay the dues. Further, the Applicant issued legal notice dated 30.04.2022 and called upon the Defendant to pay the

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Page 4 of 7

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TA No. 18 of 2023

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outstanding dues but to no avail. Hence, the present OA has been filed.

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Notice was issued to the Defendant. Despite service, no one appeared for the Defendant nor filed the WS thus, he was proceeded ex-parte vide order dated 14.06.2023.

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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 their Chief Manager Mr. Subhash C. Saraswat.

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I have heard the Ld. Counsel for the Applicant and gone through the record.

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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 duly 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 against Defendant.

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In the light of above discussions, the Original Application by the Applicant Bank deserves to be allowed against the Defendant.

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TA No. 18 of 2023

O R D E R

(i) The present O.A. is hereby allowed and Defendant is hereby directed to pay to the Applicant Bank, within a period of 60 days, the following amount:

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a. Rs. 59,85,309.94 (Rupees Fifty Nine Lakhs Eighty Five Thousand Three Hundred Nine and Paise Ninety Four Only) in Housing Term Loan account alongwith future interest @ contractual rate of interest (present effective rate of interest 7.25% and 2% penal interest with monthly rests) from 25.05.2022 till the payment and/or realization.

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b. Rs. 5,40,827.08 (Rupees Five Lakh Forty Thousand Eight Hundred Twenty Seven and Paise Eighty Only) in Personal Loan under SBI Home Top up Scheme Account along with future interest @ contractual rate of interest (present effective rate of interest 7.25% and 2% penal interest with monthly rests) from 25.05.2022 till the payment and/or realization.

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(ii) Failing which the aforesaid amount shall be recovered from the sale of mortgaged property and other personal movable and immovable assets of these Defendant.

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Page 6 of 7

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TA No. 18 of 2023

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

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(iv) Defendant shall also pay the cost and expenses of the OA/TA.

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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 : 25.07.2023 Presiding Officer,
DRT-1, Mumbai
Tjs/-

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Page 7 of 7

State Bank of India v. Vinit

Case brief

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What did the court decide?

State Bank of India v. Vinit

Case brief

What is this about?

What did the court decide?

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