Allowed

Idbi Bank v. Mr Mahendra Bhandudas Khedkar

DRT18 Jan 2024OA/103/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the Original Application filed by IDBI Bank Ltd. against the co-borrowers for recovery of outstanding dues aggregating to Rs. 35,61,696.85 comprising housing loans, home loan top-ups, and insurance premiums with applicable interest and penal charges.

What did the court decide?

Defendants directed to pay Rs. 35,61,696.85 including principal, interest, and penal charges within 60 days; recovery from sale of mortgaged property if not paid; issuance of recovery certificate; sta

Idbi Bank versus Mr Mahendra Bhandudas Khedkar — Company and Corporate | DRT (2024)

¶1

O.A. 103 of 2023

¶2

Registered on : 11.04.2023 Decided on : 18.01.2024

¶3

IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI ORIGINAL APPLICATION NO. 103 of 2023

¶4

IDBI BANK LTD., A company incorporated and a 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 other places at Retail Asset Center Road, Opp. Ghantali Mandir, Naupada, Thane (West) 400 602, and Retail Recovery Department, IDBI Zonal Office, Mittal Court, B-Wing, 2^nd Floor, Nariman Point, Mumbai – 400 021. Through the Dy Gen. Manager Authority Holder, Shri Abhishek.

¶5

...APPLICANT

¶6

VERSUS

¶7

1. MR. MAHENDRA BHANUDAS KHEDKAR, adult, Indian Inhabitant, having address at 24/B, 201, River Wood Park, KalyanShil Road, Desai Naka, Post Padle Gaon, Dombivali (East), Dombivali – 421204, Dist.Thane.

¶8

AND

¶9

B-2, Asayari Society, Jagrut Galli, Vadavli Section, Opp. Motiram Garden, Ambernath (E) – 421 501.

¶10

AND

¶11

Mukund Ltd., Thane Belapur Road, Kalwa, Thane- 400 605.

¶12

¶13

O.A. 103 of 2023

¶14

2. MR. NARENDRA BHANUDAS KHEDKAR, adult, Indian Inhabitant, having address at 24/B, 201, River Wood Park, KalyanShil Road, Desai Naka, Post Padle Gaon, Dombivali (East), Dombivali – 421204, Dist.Thane.

¶15

AND

¶16

SBI General Insurance, 3^rd Floor, Lotus IT Park, Plot No. 18-19, Road No. 16. Thane (W) – 400 604.

¶17

...DEFENDANTS

¶18

_____________________________________________ Counsel for the Applicant : Advocate A. R. Barwe. Counsel for the Defendant No.1 : None. Counsel for the Defendant No.2 : Ex-parte.

¶19

J U D G M E N T

¶20

The present OA has been filed by the Applicant against Defendant No.1 & 2 for recovery of following amount: -

¶21

a. Rs.22,91,228.35 (Rupees Twenty-Two Lakh Ninety-One Thousand Two Hundred Twenty-Eight & Paise Thirty Five only), in respect of Housing Loan with further interest thereon @10.25% p.a. and penal interest @5% p.a. on the overdue amount and

¶22

b. Rs.78,190/- (Rupees Seventy-Eight Thousand One Hundred Ninety only), in respect of Insurance Premium with further interest thereon @10.25% and penal interest @5% p.a. on the overdue amount and

¶23

¶24

O.A. 103 of 2023

¶25

c. Rs.4,73,040.50 (Rupees Four Lakh Seventy Three Thousand Forty and Paise Fifty only), in respect of Home Loan Top Up 1 with further interest thereon @10.25% and penal interest @5% p.a. on the overdue amount and

¶26

d. Rs.7,19,238/- (Rupees Seven Lakh Nineteen Thousand Two Hundred Thirty Eight only), in respect of Insurance Premium with further interest thereon @8.70% and penal interest @2% p.a. on the overdue amount and

¶27

e. Aggregating to Rs.35,61,696.85 (Rupees Thirty Five Lakh Sixty One Thousand Six Hundred Ninety Six & Paise Eighty Five only) form 21.11.2022 with the interest herein above till the date of realization.

¶28

Facts as succinctly set out in the OA are that Defendant No.1 & 2 approached the Applicant vide loan application dt.05.03.2013 for Housing Loan of Rs.28,00,000/- and the Applicant consider the request of the Defendant No.1 & 2 and sanctioned the Housing Loan of Rs. 24,00,000/- and Loan for Insurance Premium Rs. 75,351/- by vide sanction letter dt.10.04.2013 as per the terms and conditions mentioned therein, which is duly accepted and acknowledge by Defendant No.1 & 2.

¶29

In order to secure the aforesaid Credit Facility, the Defendants executed the following documents in favour of the Applicant:-

¶30

a. Housing Loan Agreement dt.27.05.2013 for Rs.24,00,000/whereby the Defendant No.1 & 2 had agreed to repay 240 EMI of Rs.23,559/- in favour of Applicant.

¶31

b. Power of Attorney in favour of the Applicant dt.27.05.2013 executed by the Defendant No 1 & 2.

¶32

¶33

O.A. 103 of 2023

¶34

c. Affidavit cum Undertaking dt.27.05.2013 executed by the Defendant No. 1 & 2.

¶35

d. Dual Signature Affidavit dt.27.05.2013 executed by the Defendant No.2.

¶36

e. Declaration and Undertaking in the matter of Mortgage by Deposit of title deeds dt.27.05.2013 executed by the Defendant No 1 & 2.

¶37

f. Memorandum of Entry dt.27.05.2013.

¶38

In order to further secure the aforesaid Credit Facility, the Defendants executed the Original Registered Agreement for Sale dt.06.05.2013 with respect of Flat No.2, Ground Floor, B-wing, Asavari Apartment Co-Operative Housing Society Ltd., Shive Mandir Road, Vadavali, Ambernath (E), Dist. Thane – 421 501, Maharashtra admeasuring 715 sq.ft built-up area.

¶39

It is stated that the Defendant No.1 & 2 approached the Applicant for a Loan for an Insurance Premium of Rs.75,351/- vide application dt.27.05.2013.

¶40

In order to secure the aforesaid Insurance Credit Facility, the Defendant No. 1 & 2 executed the Loan for Insurance Premium Agreement dt.27.05.2013, wherein the Defendant No. 1 & 2 had agreed to repay 240 EMI of Rs.740/- in favour of Applicant.

¶41

It is further stated that the Defendant No. 1 & 2 approached the Applicant Bank for Home Loan Top Up 1 of Rs. 5,00,000/- vide application dt.25.08.2014 and the same is sanctioned by the Applicant Bank vide sanction letter dt.18.09.2014 for an amount of Rs.5,00,000/-.

¶42

In order to secure the aforesaid Home Loan Top Up 1, the Defendants executed the following documents in favour of the Applicant:-

¶43

¶44

O.A. 103 of 2023

¶45

a. Home Loan Agreement dt.25.09.2014 for the Home Loan Top Up 1 facility for Rs.5,00,000/- whereby the Defendant No.1 & 2 had agreed to repay 216 EMI of Rs.5,080/- in favour of Applicant.

¶46

b. Power of Attorney executed by the Defendant No. 1 & 2 in favour of the Applicant.

¶47

c. Affidavit Cum Undertaking dt.25.09.2014 executed by the Defendant No.1 & 2 in favour of the Applicant.

¶48

d. Defendant No. 1 & 2 executed the Indemnity with respect to any claim against the Flat on 25.09.2014.

¶49

e. Affidavit for finishing dt.25.09.2014 executed by the Defendant No.1 & 2.

¶50

f. Agreement for Extension of Housing Loan dt.25.09.2014.

¶51

g. Memorandum of Deposit of Title deeds executed by the Defendant No. 1 & 2 dt.25.09.2014.

¶52

In order to further secure the said Home Loan Top UP 1 the Extension of Mortgage of Flat No. 2, Ground Floor, B-Wing, Asavari Apartment Co-Operative Housing Society Ltd., Shiv Mandir Road, Vadavali, Ambernath (E), Dist. Thane-421501, Maharashtra admeasuring 715 sq. ft. built up area purchased by the Defendant No. 1 & 2.

¶53

It is further stated that the Defendant No. 1 & 2 approached the Applicant Bank for Home Loan Top Up 2 of Rs. 20,00,000/- vide application dt.31.07.2018 and the same is sanctioned by the Applicant Bank vide sanction letter dt. 10.09.2018 for an amount of Rs.6,00,000/-

¶54

In order to secure the aforesaid Home Loan Top Up 2, the Defendants executed the following documents in favour of the Applicant:-

¶55

a. Home Loan Agreement dt.18.09.2018 for the Home Loan Top Up 2 facility for Rs.6,00,000/- whereby the Defendant No.1 &

¶56

¶57

O.A. 103 of 2023

¶58

2 had agreed to repay 300 EMI of Rs.4,913/- in favour of Applicant.

¶59

b. Power of Attorney executed by the Defendant No. 1 & 2 in favour of the Applicant.

¶60

c. Affidavit Cum Undertaking dt.18.09.2018 executed by the Defendant No.1 & 2 in favour of the Applicant.

¶61

d. Defendant No. 1 & 2 executed the Indemnity with respect to any claim against the Flat on 18.09.2018.

¶62

e. Affidavit for finishing dt.18.09.2018 executed by the Defendant No.1 & 2.

¶63

f. Agreement for Extension of Housing Loan dt.18.09.2018.

¶64

g. Memorandum of Deposit of Title deeds executed by the Defendant No. 1 & 2 dt.18.09.2018.

¶65

In order to further secure the said Home Loan Top UP 2 the Extension of Mortgage of Flat No. 2, Ground Floor, B-Wing, Asavari Apartment Co-Operative Housing Society Ltd., Shiv Mandir Road, Vadavali, Ambernath (E), Dist. Thane-421501, Maharashtra admeasuring 715 sq. ft. built up area purchased by the Defendant No. 1 & 2.

¶66

However, after availing the said Credit Facilities, the Defendants failed to adhere to the terms and conditions of the Sanction of aforesaid Credit Facilities and neglected to make the payment to the Applicant bank. Therefore, the account was declared as NPA on 08.02.2021. Thereafter, the Applicant issued the Legal Notice dated 02.09.2022 and called upon the Defendants to make the payment of the outstanding dues but the Defendants failed to pay the dues. Hence, the present OA has been filed.

¶67

Notices were issued to the Defendants. Defendant No.1 has appeared in person on 18.08.2023, however, thereafter, none appeared on

¶68

¶69

O.A. 103 of 2023

¶70

behalf of the Defendant No.1. Despite service, none appeared for the Defendant No.2 nor filed the WS thus, he was proceeded ex-parte on 02.11.2023.

¶71

The Applicant Bank has produced all the Original Loan documents and other relevant documents along with their Claim Affidavit filed on 18.08.2023 through the Manager Mr. Haresh Goheja.

¶72

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

¶73

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 Defendant No. 1 & 2. 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 & 2 is joint and several.

¶74

In the light of above discussions, the Original Application deserves to be allowed against the Defendant No. 1 & 2.

¶75

O R D E R

¶76

(i) I allow the present OA and direct the Defendant Nos. 1 & 2 to pay to the Applicant Bank, jointly and severally, within a period of 60 days, the following amount :-

¶77

a. Rs.22,91,228.35 (Rupees Twenty-Two Lakh Ninety-One Thousand Two Hundred Twenty-Eight & Paise Thirty Five only), in respect of Housing Loan with further interest thereon

¶78

¶79

O.A. 103 of 2023

¶80

@10.25% p.a. and penal interest @5% p.a. on the overdue amount.

¶81

b. Rs.78,190/- (Rupees Seventy-Eight Thousand One Hundred Ninety only), in respect of Insurance Premium with further interest thereon @10.25% and penal interest @5% p.a. on the overdue amount.

¶82

c. Rs.4,73,040.50 (Rupees Four Lakh Seventy Three Thousand Forty and Paise Fifty only), in respect of Home Loan Top Up 1 with further interest thereon @10.25% and penal interest @5% p.a. on the overdue amount.

¶83

d. Rs.7,19,238/- (Rupees Seven Lakh Nineteen Thousand Two Hundred Thirty Eight only), in respect of Insurance Premium with further interest thereon @8.70% and penal interest @2% p.a. on the overdue amount.

¶84

e. Aggregating to Rs.35,61,696.85 (Rupees Thirty Five Lakh Sixty One Thousand Six Hundred Ninety Six & Paise Eighty Five only) form 21.11.2022 with the interest herein above till the date of realization.

¶85

(ii) Failing which the aforesaid amount shall be recovered from the sale of mortgage property, as well as other personal movable and immovable assets of these Defendants.

¶86

(iii) Defendants are hereby directed not to deal with their properties till further direction of Ld. Recovery Officer.

¶87

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

O.A. 103 of 2023

SP/-

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

¶92

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

¶93

File be consigned to record.

¶94

Place: Mumbai. Date : 18.01.2024

¶95

(Dr. Rekha G. Dhakar) Presiding Officer, DRT-1, Mumbai

¶96

Idbi Bank v. Mr Mahendra Bhandudas Khedkar

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Mr Mahendra Bhandudas Khedkar

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Reena Subhash Passi And Anr. versus Unity Small Finance Bank Limited

Hemali Saurabh Shah and Anr. versus Idfc Bank Limited

Pradeep Madhukant Kotecha versus Nkgsb Cooperative Bank Limited

Shaliesh Dilipbhai Shah versus Indiabulls Housing Finance Ltd.

Idbi Bank versus Prashant Bharat

Mr. Jagadeesh Parmeshwar Naik alias Jagdish Parmeshwar Naik versus Citizen Credit Cooperative Bank Limited