Idbi Bank v. Prakash Gulab
Case brief
What is this about?
The tribunal allowed the bank's original application for recovery of outstanding dues aggregating to approximately Rs. 29.65 lakhs along with interest from the borrowers who failed to service home loan and mortgage facilities.
What did the court decide?
Respondents directed to pay Rs. 29,65,551/- with interest within 60 days; property dealings restricted until recovery;
What the court decided
OA 162 of 2023
Registered on : 25.05.2023
Decided on :14.05.2024
IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI ORIGINAL APPLICATION NO. 162 of 2023
IDBI BANK LIMITED, A company incorporated and registered under Indian Companies Act, 1956 (1/1956) and a company within the meaning of Section 2 (20) of the Companies Act 2013 (Act 18 of 2013) and also, a banking company under section 5(c) of the Banking Regulation Act of 1949, (10/1949), Having its Head Office at IDBI Tower WTC Complex, Cuffe, Mumbai 400 005, and having one of Its branch amongst other places at Retail Assets Centre Mittal Court C wing, 2nd Floor, Nariman Point – 400021 & at Retail Recovery Department, Mittal Court C wing 2nd Floor, Nariman Point – 400021
…. APPLICANT
VERSUS
1. MR. PRAKASH GULAB SINGH (Applicant/ Borrower) D-302, Jay Vijay Greens, Jay Vijay Nagar, Link Road, Nalasopara (East), Thane 401209 And
Room No. 41, Adarsh Chawl, Durga Temple, Ganesh Nagar, Kandivali West, Mumbai 400067 And
Ivoclar Vivident Marketing (I) Pvt. Ltd. 503/504, Raheja Plaza, Veera Desai Road, 15 B, Shah Industrial Estate, Andheri (West) Mumbai 400 053
Issues for consideration
1 issue framed by the court
Whether the debt recovery tribunal ought to allow the original application for recovery of outstanding dues and interest under home loan, home loan top up, and mortgage loan agreements by the bank aga
Parties & counsel
- applicant
IDBI BANK LIMITED
- respondent
MR. PRAKASH GULAB SINGH
- respondent
MRS. SHWETA PRAKASH SINGH
- respondent
GULAB SHIVSHANKAR SINGH
Coram
Case details
As recorded by the court registry
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