Allowed

Indian Overseas Bank v. Shruti Lohiya

DRT4 Jun 2024OA/104/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Indian Overseas Bank against two defendants for recovery of a housing loan defaulting to the extent of Rs.70,01,625 with future interest and auction rights over mortgaged property.

What did the court decide?

Defendants directed to pay Rs.70,01,625 with future interest at 7.55% p.a.; recovery certificate issued; right to sell mortgaged property granted.

Indian Overseas Bank versus Shruti Lohiya — Banking and Recovery | DRT (2024)

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Presented on	: 04.12.2021
Registered on	: 13.01.2022
Decided on	: 04.06.2024
Duration	: Y M D
	02 06 00

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 104/2022.

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Indian Overseas Bank,

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A banking company constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970, having its Central office at 763, Anna Salai, Chennai 600 002 and Branch Office at – AFMC Branch, Opp. Command Hospital, Wanowarie, Pune 411 040.

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.. Applicant

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Versus

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1 Mrs. Shruti Maheshkumar Lohiya, Flat No. 17, Radhakrishan Township, Near Fire House, Anand Nagar, Singhgad Road, Pune 411 051. Also at : C-314, Raviraj Haritage, Bhav Patil Road, Bopodi, Range Hills, Pune 411020.

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2 Mr. Maheshkumar B. Lohiya, Presently lodged Yerwada Central Prison, Pune.

(OA No. 104/2022)

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Sanap

Flat No. 17, Radhakrishan Township, Near Fire House, Anand Nagar, Singhgad Road, Pune 411 051. Also at :

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C-314, Raviraj Haritage, Bhav Patil Road, Bopodi, Range Hills, Pune 411020.

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.. Defendants

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APPEARANCES

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For Applicant Advocate Sudha Koloti. For Defendants Ex parte.

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TOTAL CLAIM AMOUNT –Rs.70,01,624=51

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JUDGMENT (Delivered on 04^th June, 2024)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.70,01,624=51 (by rounding Rs.70,01,625/-) together with future interest @7.55% 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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The defendants approached the applicant Bank with an application dated 28.11.2017 for grant of housing loan for purchase of resale Flat No. E-1-103, Building E, First Floor, area 785 sq. feet with allotted car parking in the society known as Shivsagar Residency Co-operative Housing Society, situated at

(OA No. 104/2022)

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Sanap

S. No. 17, Hissa No. 5+6+7+8, 1+2+3/2B, 1+2+3/2A, 1+2+3/1, Off Sun City Road, Opp. Saraswat Bank Lane, Wadgaon Budruk, Pune 411 051. As per the loan application of defendant Nos.1 and 2, the applicant Bank sanctioned the Housing Loan of Rs.59,25,000/- to the defendants vide Sanction Letter dated 31.01.2018.

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In order to secure the aforesaid housing loan, the defendants executed necessary loan and security documents in favour of the applicant Bank along with deed of mortgage of above mentioned flat, in favour of the applicant Bank.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Hence, on 30.11.2019, the applicant Bank has classified the account of the defendant as Non Performing Asset in accordance with guidelines of Reserve Bank of India. Therefore, on 14.10.2020, 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 defendants failed to appear despite service of summons.

(OA No. 104/2022)

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Sanap

Hence, the application proceeded ex-parte as per Order dated 25.01.2023 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Madhu Jain, Branch Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1 to AW-18 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 reliefs as claimed.

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The applicant Bank has claimed future interest @7.55% per annum. Considering the facts of the case, I am of the opinion that if future interest is granted @7.55% 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.104/2022 is allowed with costs.

(OA No. 104/2022)

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Sanap

(B) Defendant Nos.1 and 2 either jointly or severally shall pay to the applicant Bank the sum of Rs.70,01,625/(Rupees Seventy Lakhs One Thousand Six Hundred Twenty Five only) along with future interest @7.55% per annum from the date of filing of the Original Application i.e. 04.12.2021 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 Flat No. E-1-103, Building E, First Floor, area 785 sq. feet with allotted car parking in the society known as Shivsagar Residency Co-operative Housing Society, situated at S. No. 17, Hissa No. 5+6+7+8, 1+2+3/2B, 1+2+3/2A, 1+2+3/1, Off Sun City Road, Opp. Saraswat Bank Lane, Wadgaon Budruk, Pune 411 051, more particularly described in the Para No. 5.6 of the Original Application.

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

(OA No. 104/2022)

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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 defendants.

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Sd/(Dilip G Murumkar) Place : Pune Presiding Officer Date : 04.06.2024 Debts Recovery Tribunal, Pune.

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(OA No. 104/2022)

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Sanap

Indian Overseas Bank v. Shruti Lohiya

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. Shruti Lohiya

Case brief

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What did the court decide?

What the court decided

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