Allowed

Canara Bank v. Abhishek Thepade

DRT2 Feb 2024OA/1046/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Applicant Bank's application for recovery of Rs.1.54 crores principal, reduced future interest at 9% p.a., and directed sale of mortgaged property and issuance of a Recovery Certificate against defaulting borrowers and guarantor.

What did the court decide?

Recovery of Rs.1,54,48,552/- plus future interest @9% p.a.; direction to sell mortgaged property; issuance of Recovery Certificate.

Canara Bank versus Abhishek Thepade — Banking and Recovery | DRT (2024)

¶1

Presented on : 05.04.2022 Registered on : 11.11.2022 Decided on : 02.02.2024 Duration : Y M D 01 09 27

¶2

IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1046/2022.

¶3

Canara Bank,

¶4

A Body Corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act 1970 having its head office at 112 JC Road, Bangalore and branch office at 1259, Renuka Complex, 1^st Floor, J.M. Road, Deccan Gymkhana, Pune 411004.

¶5

.. Applicant

¶6

Versus

¶7

1 Shri Abhishek Ashok Thepade,

¶8

Age Adult, Occ. Business,

¶9

2 Shri Ashok Shivnarayan Thepade, Age Adult, Occ. Business, Both R/o : 501, Galaxy, Jay Parijat, 134/1A54, Bhosale Nagar, Ganesh Khind, Pune 07.

¶10

.. Defendants

¶11

APPEARANCES

¶12

For Applicant Advocate R.B. Ganbote. For Defendants Ex parte.

¶13

TOTAL CLAIM AMOUNT –Rs.1,54,48,552/-

(OA No. 1046/2022)

Page 1 of 5

Sanap

JUDGMENT (Delivered on 02^nd February, 2024)

¶18

The Applicant Bank has filed the present application for recovery of the sum of Rs.1,54,48,552/- together with future interest @12.40% per annum with monthly rests from the date of Application till realization of the entire dues from the defendants.

¶19

Brief facts of the application are as under :

¶20

As per the loan application dated 23.09.2014 of defendant No.1, the applicant Bank sanctioned and disbursed the Housing Loan of Rs.1,55,00,000/- to defendant No.1 vide Sanction Letter dated 27.11.2014. Defendant No.2 stood guarantor for the said Housing Loan availed by defendant No.1.

¶21

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 Flat No. 401, Galaxy Jay Parijat, Plot No. 46 and 47 out of City Survey No. 2712/A/1, Survey No. 134/1A-5 at Bhamburda (Shivajinagar), Pune in favour of the applicant Bank.

¶22

Thereafter, the defendants executed Acknowledgement of Debt and Security on 07.07.2017 and 29.05.2019 and thereb

(OA No. 1046/2022)

Page 2 of 5

Sanap

confirmed the balance in the Housing Loan account.

¶27

The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Despite demand of payment by personal visits and telephonically to the defendants from time to time, the defendants failed and neglected to pay the outstanding dues of the applicant Bank.

¶28

Hence, this application is filed.

¶29

The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte as per Order dated 10.01.2024 passed below Application (Exhibit-1).

¶30

The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Amol Babanrao Paturde, Manager and Principal Officer of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1 to AW-9 along with list (Exhibit 7), which corroborates the case of the applicant Bank.

¶31

I have heard arguments of the learned Advocate for the applicant Bank.

¶32

Since the defendants failed to appear and contest the application, I find no reason to disbelieve evidence of the

(OA No. 1046/2022)

Page 3 of 5

Sanap

applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.

¶37

The applicant Bank has claimed future interest @12.40% per annum with monthly rests. 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.

¶38

Hence, I pass the following order :-

¶39

ORDER

¶40

(A) Original Application No.1046/2022 is allowed with costs.

¶41

(B) Defendant Nos.1 and 2 either jointly or severally shall pay to the applicant Bank the sum of Rs.1,54,48,552/(Rupees One Crore Fifty Four Lakhs Forty Eight Thousand Five Hundred Fifty Two only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 05.04.2022 till full payment/realization of the amount mentioned in this operative order.

(OA No. 1046/2022)

Page 4 of 5

Sanap

Jay Parijat, Plot No. 46 and 47 out of City Survey No. 2712/A/1, Survey No. 134/1A-5 at Bhamburda (Shivajinagar), Pune, more particularly described in the Para No. 5.8 of the Original Application.

¶47

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

¶48

(E) Issue Recovery Certificate.

¶49

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

¶50

Sd/(Dilip G. Murumkar) Place : Pune Presiding Officer Date : 02.02.2024 Debts Recovery Tribunal, Pune.

¶51

(OA No. 1046/2022)

¶52

Page 5 of 5

¶53

Sanap

Canara Bank v. Abhishek Thepade

Case brief

What is this about?

What did the court decide?

Canara Bank v. Abhishek Thepade

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

Punjab National Bank versus Pradip Pandurang Shinde

State Bank of India versus Pramila Salunke

Union Bank of India versus Arti Agarwal

State Bank of India versus M/S. Krishna Textiles Prop. Mr. Milind Kumar Mali

Union Bank of India versus Priyanka Agarwal

Federal Bank versus Deepak