Allowed

Indian Bank v. Hasina Inamdar

DRT21 Oct 2024OA/1079/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Indian Bank for recovery of housing loan dues. The court held the Defendants jointly and severally liable to pay the principal amount plus future interest, directing enforcement through the sale of the mortgaged property.

What did the court decide?

Defendants ordered to pay Rs. 2,61,66,839/ with future interest; mortgaged property made secure; entitlement to sell property granted; issues recovery certificate.

Indian Bank versus Hasina Inamdar — Banking and Recovery | DRT (2024)

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Presented on: 26.08.2022 Registered on: 08.12.2022 Decided on: 21.10.2024 Duration: Y M D

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.1079/2022.

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INDIAN BANK ,

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A Body Corporate constituted under the Banking Companies (Acquisition and transfer of undertakings) Act, V of 1970 Indian Bank, having its Branch office at SAM Small Pune, Building No.2, Plot No.S213, Jupiter Housing Society Nagar road, Kalyani Nagar Branch, Pune-411 006.

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… Applicant

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Versus

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1. Mrs. Hasina Riyaz Inamdar

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2. Mr. Mubin Riyaz Inamdar

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3 . Mr. Riyaz Babulal Inamdar R/at–Bungalow No.11, “Mayfair ELeganza Phase-II, NIBM Road, Kondhwa Khurd, Pune-411 048.

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… Defendants

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APPEARANCES

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For the Applicant Advocate - VNA Legal. For the Defendants Ex-parte.

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TOTAL CLAIM AMOUNT –2,61,66,839/-. JUDGMENT (Delivered on 21^st October, 2024)

(OA No.1079/2022)

Page 1 of 6

[ANIL]

The Applicant Bank has filed present application for recovery of aggregate sum of Rs.2,61,66,839/for Housing Loan A/c No. 6443434464 with future interest @8.85% per annum compounded with monthly rests from the date of filing of the Original Application till repayment/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 Applicant Bank states that Defendant Nos.1 & 2 being borrower and co-borrower and Defendant No.3 being Guarantor approached to the Applicant Bank on 01.06.2016 for Housing Loan of Rs.2.25 Crores for purchase of residential Bungalow.

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The Applicant Bank considered the request of Defendants and sanctioned Housing Loan for amount of Rs.2.25 Crores on 23.06.2016, for purchase of residential Bungalow on certain terms and conditions.

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In order to secure the aforesaid Housing Loan facilities, defendants have executed all the loan and security documents in the capacity of borrower as set out in Para No.5.7 of the Original Application in favour of the Applicant Bank.

(OA No.1079/2022)

Page 2 of 6

[ANIL]

In addition to this, defendant Nos.1&2 have executed Equitable Mortgage dated 24.06.2016 in favour of the Applicant Bank for securing the repayment under the Housing Loan facilities of Rs.2.25 Crores of the immovable property i.e. residential bungalow property being Unit No.11, area 3084 sq.ft. i.e. 286.51 sq. mtrs. comprising basement, ground floor, first floor, Terrace, Open space, Garden and two parking in MAYFAIR ELEGANZA PHASE II CO.OPERATIVE HOUSING SOCIETY LIMITED in bearing S. No.5A/2A/2+2B/2, 5A/2A/5A/2B/1,5A/2A/3, 5A/2B/3, situated at Kondhwa Khurd, Pune within the limits of Pune Municipal Corporation and within the jurisdiction of Sub Registrar, Haveli No.12, Pune, more particularly mentioned in Schedule-A of the Original Application.

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The Applicant Bank contended that Defendant No.1 and 2 have also created additional charge on the said immovable property in favour of the Applicant Bank to secure the loan facility availed by M/s KGN Motors Pvt. Ltd. For which, Defendant Nos.1 to 3 stood as guarantors.

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Defendant Nos.1 to 3 were not paying the installments on time and also failed to serve the EMI in the loan account as per the terms and conditions agreed and failed to make

(OA No.1079/2022)

Page 3 of 6

[ANIL]

any payment towards both the loan accounts.

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Therefore, on 11.06.2019, the Applicant Bank issued notice to Defendant Nos.1 to 3 under Section 13(2) of the SARFAESI Act. 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. Hence, the application proceeded ex-parte as per order dated 19.01.2024 passed below Application (Exhibit-1).

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The Applicant Bank has filed Claim Affidavit (Exhibit-6) of Mandeep Singh Wariach, Chief Manager, and produced on record the Original Loan Transaction documents at Annexures - AW-1 to AW-25 alongwith list, on 30.07.2024, 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 the evidence of the Applicant Bank. Therefore, the Applicant Bank is entitled for the reliefs claimed.

(OA No.1079/2022)

Page 4 of 6

[ANIL]

The Applicant Bank has claimed future interest @8.85% p. a. for Housing Loan. I am of the opinion that the interest rate claimed by the Applicant Bank 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.1079/2022 is allowed with costs.

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(B) Defendant Nos.1 to 3 jointly and severally shall pay to the Applicant Bank an aggregate sum of Rs.2,61,66,839/- (Rupees Two Crores Sixty One Lakhs Sixty Six Thousand Eight Hundred Thirty Nine only) towards Housing Loan A/c No.6443434464, with future interest @8.85% p.a. (Simple) respectively from the date of filing of the Original Application i.e.26.08.2022 till payment/realization of the amount mentioned in this operative order.

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(C) The adjudicated amount is secured by Mortgaging residential bungalow property i.e. Unit No.11, area 3084 sq.ft. i.e. 286.51 sq. mtrs. comprising basement, ground floor, first floor, Terrace, Open space, Garden and two parking in MAYFAIR ELEGANZA PHASE II CO-OPERATIVE HOUSING SOCIETY LTD on City Survey Number 5A/2A/2+2B/2, 5A/2A/5A/2B/1, 5A/2A/3, 5A/2B/3, situated at Kondhwa Khurd, Pune, within the limits of Pune Municipal Corporation and within the jurisdiction of Sub Registrar, Haveli No.12, Pune, more particularly mentioned in ScheduleA of the Original Application.

(OA No.1079/2022)

Page 5 of 6

[ANIL]

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

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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 Bank and the defendants.

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Sd/(Dilip G. Murumkar) Place : Pune Presiding Officer Date: 21.10.2024 Debts Recovery Tribunal, Pune

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(OA No.1079/2022)

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Page 6 of 6

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[ANIL]

Indian Bank v. Hasina Inamdar

Case brief

What is this about?

What did the court decide?

Indian Bank v. Hasina Inamdar

Case brief

What is this about?

What did the court decide?

What the court decided

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