Allowed

Idbi Bank v. Sachin Kashiram

DRT19 Mar 2024OA/119/2023

Case brief

AI extract

What is this about?

The court allowed an original application filed by IDBI Bank against two borrowers for recovery of outstanding dues of approximately Rs. 25.40 lakh, comprising housing loans, insurance premiums, and top-up loans, with interest and a direction to recover from mortgaged properties upon default.

What did the court decide?

Directed defendants to pay Rs. 25,40,197.07 with interest within 60 days; failure to pay will result in recovery from sale of mortgaged properties; directed not to deal with properties.

Idbi Bank versus Sachin Kashiram — Banking and Recovery | DRT (2024)

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OA 119 of 2023

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Registered on:18.04.2023

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Decided on: 19.03.2024

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IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI ORIGINAL APPLICATION NO. 119 of 2023

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IDBI BANK LTD., A company incorporated and 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 Centre, RAC-Thane, 1st Floor, Anmol House, Ghantali Mandir Road, Opp. Ghantali Mandir, Naupada, Thane (West)-400602 And Retail Recovery Department, IDBI Zonal Office, Mittal Court, B- wing, 2nd Floor, Nariman Point, Mumbai-400 021 Through The Dy Gen. Manager and Authority Holder, Shri Abhishek

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…. APPLICANT

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VERSUS

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MR. SACHIN KASHIRAM PEVEKAR Male, adult, Indian Inhabitant, Having address at A-1/701, Shankeshwar Nagar, Manapada Road, Dombivali (East), Thane -421201 Maharashtra. AND F-502, 5th Floor, Ramchandra Park, Nandivali, Opp. Big Bazar, Dombivli (E) - 421 201. AND At Post Khend, Mahalaxmi Nagar, N ew Vasahat, Tal. Chiplun, Dist. Ratnagiri. AND

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OA 119 of 2023

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Tech process Payment Service Ltd., 1st Floor, Building No.2, Mehra Est., LBS Marg, Vikhroli (W), Mumbai - 400 079. 2. MRS. SHRAVNI SACHIN PEVEKAR Female, adult, Indian Inhabitant, Having address at A-1/701, Shankeshwar Nagar, Manapada Road, Dombivali (East), Thane -421201, Maharashtra. AND F-502, 5th Floor, Ramchandra Park, Nandivali, Opp. Big Bazar, Dombivli (E) - 421 201. AND At Post Khend, Mahalaxmi Nagar, New Vasahat, Tal. Chiplun, Dist. Ratnagiri.

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… DEFENDANTS

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Counsel for the Applicant : Advocate A. W. Barve Counsel for the Defendants: 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 Defendants for recovery of following amounts:

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i. Rs. 18,80,205/- (Rupees Eighteen Lakh Eighty Thousand Two Hundred Five Only) under the said Housing Loan Account with further interest at the rate of contractual rate which is 7.70 % p.a. and penal interest at the rate of 5 % p.a. from 09.03.2023 till payment and or realisation, from the Defendants.

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ii. Rs. 22,150/- (Rupees Twenty Two Thousand One Hundred Fifty Only) under said Insurance Premium Account with further interest at the rate of contractual rate which is 7.70

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OA 119 of 2023

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% p.a. and penal interest at the rate of 5 % p.a. from 09.03.2023 till payment and or realisation, from the Defendants.

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iii. Rs. 5,91,535/- (Rupees Five Lakh Ninety One Thousand Five Hundred Thirty Five Only) under the said Home Loan Top up Non Housing Purpose Account with further interest at the contractual rate which is 9.65 % p.a. and penal interest @ 2 % p. a from 09.03.2023 till payment and or realisation, from Defendant No. 1.

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iv. Rs. 46,307.07 (Rupees Forty Six Thousand Three Hundred Seven and Paise Seven Only) under Insurance Premium Account with further interest at the contractual rate which is 9.65 % p.a. and penal interest @ 2 % p. a from 09.03.2023 till payment and or realisation, from Defendant No. 1.

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Facts as succinctly set out in the present OA are that the Defendant No. 1 & 2 are the borrowers.

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It is stated that Defendant No. 1 & 2 applied for Housing Loan of Rs. 19 Lakh vide application dated 29.12.2014 & also applied for loan insurance premium of Rs. 52,235/-. Pursuant to the said request, Applicant vide sanction letter dated 22.01.2015 sanctioned Housing Loan for not exceeding Rs. 18 Lakh and loan for insurance premium not exceeding Rs. 52,235.

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In consideration of sanction of aforesaid facilities, Defendant No. 1 & 2 executed following loaning and security documents on 31.01.2015:

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OA 119 of 2023

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i. Home Loan Agreement

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ii. Power of Attorney

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iii. Affidavit

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iv. Indemnity with respect to any claim against the Flat.

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In order to further secure the aforesaid facilities Defendant No. 1 & 2 executed Declaration and Undertaking in the matter of Mortgage by Deposit of title deeds dated 31.01.2015 in respect of the Flat No. 502, 5^th Floor, F-Wing, Ramchandra Park, Nandivali Manpada Road, Dombivali (East), Thane421 201, Maharashtra; admeasuring 480 sq. ft. build up area.

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It is also stated that the to secure the repayment of the loan for insurance Premium the Defendants executed loan for Insurance Premium Agreement dated 10.02.2015, wherein the Defendant No. 1 & 2 agreed to repay the amount of Rs. 52,235 along with interest with monthly rests within 228 months by equated monthly installment of Rs. 521 starting from 26.03.2015.

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It is further stated that Defendant No. 1 applied for Home Loan Top Up Non Housing Purpose of Rs. 5 Lakh vide application dated 20.01.2018. Pursuant to the said request Applicant vide sanction letter dated 27.02.2018 sanctioned Rs. 5 Lakh to Defendant No. 1. The said loan was to be repaid in 240 months by equated monthly installment of Rs. 4,355 starting from 19.03.2018.

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In consideration of sanction of aforesaid facility, Defendant No. 1 executed following loaning and security documents on 01.03.2018:

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i. Home Loan Agreement

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OA 119 of 2023

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ii. Power of Attorney

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iii. Affidavit

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iv. Indemnity with respect to any claim against the Flat

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In order to further secure the aforesaid facility, Defendant No. 1 extended the mortgage of the Flat No. 502 executed on 31.01.2015.

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Further, it is stated that Defendant No. 1 applied for loan for insurance Premium and the Applicant sanctioned the same.

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In consideration of sanction of aforesaid facility, Defendant No. 1 executed loan for insurance premium agreement dated 14.03.2018.

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However, after availing aforesaid various facilities, Defendant No. 1 & 2 become irregular and failed to regularize the accounts thus the accounts were classified as NPA on 10.04.2021. Thereafter, the Applicant through their Advocate issued legal notice dated 05.0.2022 and called upon the Defendants to pay the outstanding dues, but they failed to do so. Hence, the present OA has been filed.

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Notices were issued to the Defendants. Despite service, none appeared on behalf of the Defendant No. 1 & 2 nor any WS has been filed, thus they were proceeded ex-parte vide even order.

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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 Asst. Gen Manager/ Senior Manager/ Manager Haresh Goheja.

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

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OA 119 of 2023

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The witness of the Applicant Bank has fully corroborated the averments made in the OA, 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 defendants. 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.

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

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O R D E R

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(i) I allow the present O.A. and direct the Defendant No. 1 & 2 to pay to the Applicant, jointly and severally within a period of 60 days, a sum of following amount:

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a. Rs. 18,80,205/- (Rupees Eighteen Lakh Eighty Thousand Two Hundred Five Only) under the said Housing Loan Account with further interest at the rate of contractual rate which is 7.70 % p.a. and penal interest at the rate of 5 % p.a. from 09.03.2023 till payment and or realisation, from the Defendants.

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b. Rs. 22,150/- (Rupees Twenty Two Thousand One Hundred Fifty Only) under said Insurance Premium Account with further interest at the rate of contractual rate which is 7.70 % p.a. and penal interest at the rate

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OA 119 of 2023

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of 5 % p.a. from 09.03.2023 till payment and or realisation, from the Defendants.

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c. Rs. 5,91,535/- (Rupees Five Lakh Ninety One Thousand Five Hundred Thirty Five Only) under the said Home Loan Top up Non Housing Purpose Account with further interest at the contractual rate which is 9.65 % p.a. and penal interest @ 2 % p. a from 09.03.2023 till payment and or realisation, from Defendant No. 1.

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d. Rs. 46,307.07 (Rupees Forty Six Thousand Three Hundred Seven and Paise Seven Only) under Insurance Premium Account with further interest at the contractual rate which is 9.65 % p.a. and penal interest @ 2 % p. a from 09.03.2023 till payment and or realisation, from Defendant No. 1.

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Aggregating to Rs. 25,40,197.07 (Rupees Twenty Five Lakh Forty Thousand One Hundred Ninety Seven and Paise Seven Only) with interest mentioned herein above.

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(ii) Failing which the aforesaid amount shall be recovered from the sale of the mortgaged property, personal moveable and immoveable assets of the Defendant No. 1 & 2.

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

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

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OA 119 of 2023

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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 : 19.03.2024 Presiding Officer, DRT-1, Mumbai.

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Tjs/-

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Idbi Bank v. Sachin Kashiram

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Sachin Kashiram

Case brief

What is this about?

What did the court decide?

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