Allowed

Idbi Bank v. Akshay Maruti

DRT16 May 2024OA/250/2023

Case brief

AI extract

What is this about?

The Tribunal allowed an original application filed by IDBI Bank against a defendant borrower for recovery of an auto loan amount of Rs. 20,96,897/- along with interest. The Bank claimed fraud in the loan documents. The 2% penal charge was declined, but the loan amount and interest were directed to be recovered.

What did the court decide?

Defendant directed to pay Rs. 20,96,897/- plus interest at 9.80% p.a.; 2% penal charges declined; defendant prohibited from dealing with properties.

Idbi Bank versus Akshay Maruti — Specific Performance | DRT (2024)

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OA 250 of 2023

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Registered on : 26.07.2023 Decided on : 16.05.2024

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IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI ORIGINAL APPLICATION NO. 250 of 2023

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IDBI BANK LTD, A company incorporated sand registered under Indian Companies Act, 1956, (1/1956) and a company within the meaning of the Companies Act, 2013 sand also a Banking company under section 5 (C) of Baking Regulation Act of 1949 (10/1949), having its head Office at IDBI Tower, WTC Complex Cuffe Parade, Mumbai- 400 005, having one of its offices at Retail Recovery Department, Mittal Court, C Wing, 2^nd Floor, Nariman Point, Mumbai- 400 021.

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…. APPLICANT

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VERSUS

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AKSHAY MARUTI YERUNKAR Having address at

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A2/303, Rutu Estate, Patilpada, Ghodbunder Road, Near Hiranandani, Thane West, Mumbai400 607. Also at

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A/204, Gayatri Satsang, Thakur Village, Near Thakur Cinema, Mumbai- 400 101. Also at:

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Maitri Enterprises, Shop No. G1 A, Ground Floor, Santakrupa Apartment, Shil Road, Diva, Thane400 612.

… DEFENDANT

OA 250 of 2023

_____________________________________________ Counsel for the Applicant : Adv. Brian 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 sum of Rs. 20,96,897/- (Rupees Twenty Lakh Ninety Six Thousand Eight Hundred Ninety Seven Only) as on 01.06.2023 with pendent lite interest at the rate of 9.80 % p.a. under the said Auto Loan along with 2 % penal charges on the overdue from 02.06.2023 till the date of realization

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Facts as succinctly set out in the present OA are that the Defendant is a borrower. Defendant approached the Applicant for an Auto Loan facility of Rs. 17 Lakh. Pursuant to the said request, Applicant vide sanction letter dated 04.01.2020 sanctioned an Auto Loan of Rs. 17 Lakh.

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In consideration of sanction of the aforesaid facility, Defendant executed following loaning and security documents on 06.01.2020:

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i. Auto Loan Agreement whereby inter alia hypothecated the Vehicle being TATA Hexa XTA 4x2 7 Seater (D+6) being Reg. No. MH04KD7415.

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ii. Demand Promissory Note

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It is further stated that pursuant to the disbursement of the aforesaid Auto Loan, the Applicant while conducting due diligence of its Auto Loan portfolio scrutinized the documents provided by the borrowers viz. Registration Certificates, Insurance policy, Proforma Invoices,

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OA 250 of 2023

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etc. pertaining to the auto loans sanctioned. During such scrutiny it was noticed that there were several irregularities in the documents and it prima facie appeared that these documents were forged. On further examination by the concerned branch of the Applicant it came to light that the details of the vehicle provided to the Applicant vis-avis those available on the VAHAAN Registry (an App provided by the Ministry of Road Transport and Highways, Government of India) were different in as much as the name of the person shown as owner on VAAHAN portal was different in comparison to name of the person who is the borrower of the same vehicle as per Applicants records. It was noticed that vehicles were hypothecated to other banks and lenders instead of Hypothecation in favour of IDBI. As the borrowers including the Defendant had committed a fraud on the Applicant, the Applicant through its Senior Regional Head & General Manager, Mumbai II Regional Office, Borivali West filed a complaint with the Inspector of Police, Vasai West Police Station. Palghar on 22.01.2021. The complaint is pending investigation.

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However, after availing aforesaid facility, Defendant failed and neglected to repay outstanding dues, thus, the account was classified as NPA on 30.04.2021. Thereafter, Applicant issued legal notice dated 03.05.2023 to the Defendant and called upon him to repay the outstanding dues, but he failed to do so. Hence, the present OA has been filed.

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Notice was issued to the Defendant. Despite service, none appeared on behalf of the Defendant nor any WS has been filed, thus, he was proceeded ex-parte vide order dated 04.04.2024.

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OA 250 of 2023

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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 Manager Smt. Sheela Menon.

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

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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 defendant. 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.

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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.

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The Applicant is claiming 2 % penal charge with respect of Auto Loan, however, the same is hereby declined.

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O R D E R

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(i) I allow the present O.A. and direct the Defendant to pay to the Applicant, within a period of 60 days, a sum Rs. 20,96,897/(Rupees Twenty Lakh Ninety Six Thousand Eight Hundred Ninety Seven Only) as on 01.06.2023 with pendent lite interest at the rate of 9.80 % p.a. under the said Auto Loan on the overdue from the date of filing of the present OA till the date of realization.

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OA 250 of 2023

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(ii) Failing which the aforesaid amount shall be recovered from the sale of the hypothecated assets, personal moveable and immoveable assets of the Defendant.

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

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

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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 : 16.05.2024 Presiding Officer, DRT-1, Mumbai.

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Tjs/-

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Idbi Bank v. Akshay Maruti

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Akshay Maruti

Case brief

What is this about?

What did the court decide?

What the court decided

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