Allowed

Idbi Bank v. Vaishali Ramesh Sangle

DRT20 Mar 2024OA/309/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the original application filed by IDBI Bank for recovery of a home loan. The court directed defendants to pay the principal sum along with interest, restrained them from dealing with properties, and directed issuance of a recovery certificate.

What did the court decide?

Directed defendants to pay Rs.34,80,257.62 with 14.15% p.a. interest within 60 days, recoverable from property sale; restrained from dealing with properties; recovery certificate directed.

Idbi Bank versus Vaishali Ramesh Sangle — Banking and Recovery | DRT (2024)

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O. A. No. 309 of 2022

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Registered on : 13.07.2022 Decided on : 20.03.2024

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IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI ORIGINAL APPLICATION NO. 309 of 2022

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IDBI BANK, (which has taken over IDBI Home Finance Ltd – IHFL) a body corporate established under the Industrial Development Bank of India Act, 1964 having its Registered Office at Chaturvedi Mansion, 2^nd Floor, 26/04 Old Palasiam, Agra-Mumbai Road, Indore452001 amongst its other branches (erstwhile branches of IHFL) a Branch Office at Sapna Building, Ground Floor, Plot No. 850, S. K. Bole Road, Agar Bazar, Dadar (West), Mumbai 400028 and Retail Collection & Recovery Department, Mittal Court, 2^nd Floor, “C” Wing, Nariman Point, Mumbai – 400021.

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VERSUS

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...APPLICANT

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1. MRS VAISHALI RAMESH SANGLE, 463/30, Bhat Chawl, Sane Guruji Marg, Tardeo, Mumbai – 400034.

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2. MR SUKHDEV RAMESH SANGLE, 463/30, Bhat Chawl, Sane Guruji Marg, Tardeo, Mumbai – 400034.

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3. MR SATAWAN NAMDEV SAWANT, Bouhad Parnakuti, Kajupada, Pipe Line, Kurla Andheri Road, Mumbai – 400 072.

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...DEFENDANTS

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Counsel for the Applicant : Advocate Akanksha.

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O. A. No. 309 of 2022

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Counsel for the Defendant : Ex-Parte

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J U D G M E N T

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The present OA has been filed by the Applicant for recovery of a sum of Rs.34,80,257.62 (Rupees Thirty Four Lakhs Fifty Four Thousand Two Hundred Two and Paisa Sixty Two only) with further interest as per mentioned particular of claim from 25.08.2019 till the date of realization.

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Facts as succinctly set out in the OA are that Defendant No.1 is a constituent of the Applicant Bank since the year 2005 and at the request of the Defendant, the Applicant Bank vide sanction letter dt.30.09.2005 sanctioned to the said Defendants Home Loan facility of Rs.6,00,000/- with terms and condition contained therein.

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In order to secure the aforesaid said Credit facility the Defendants executed the following document in favour of the Applicant Bank:-

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a. Loan Agreement dt.26.10.2005 executed by the Defendant No. 1 & 2.

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b. Irrevocable Power of Attorney dt.26.10.2005 executed by the Defendant No. 1 & 2.

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c. Letter of the Guarantee dt.26.10.2005 executed by the Defendant No. 3.

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d. Demand Promissory Note dt.26.10.2005 along with Continuing Security to DPN dt.26.10.2005.

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e. Article Reference for loan signed by Defendant No. 1 & 2.

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O. A. No. 309 of 2022

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It is also stated that the Defendants have availed Housing Loan to purchase the Immovable Property viz “Flat No.302, Om Sai Apt, Plot No. A-14, Sector 19, Koparkhairne, Navi Mumbai” has the Prime Security for the Loan sanctioned. Defendants have also executed the power of attorney in favour of the Applicant Bank to deal with the said property and also deposited the Original Title Deeds to the Applicant Bank. Then after Defendants created the Charge on the said property to the Applicant Bank is having all rights to sell the said property and appropriate their dues towards their outstanding.

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However, after availing the aforesaid Credit Facility, the Defendants failed to adhere to the terms and conditions of the Sanction of aforesaid Credit Facility and neglected to make the payment to the Applicant bank. Therefore, the account was declared as NPA and further the Applicant issuing Legal Notice on 24.08.2019 and called upon the Defendants to make the payment of the outstanding dues but the Defendants failed to pay the dues. Hence, the present OA has been filed.

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Notices were issued to the Defendants. Despite service, none appeared for the Defendants nor filed the WS thus, they were proceeded ex-parte on 27.02.2024.

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The Applicant Bank has produced all the Original Loan documents and other relevant documents along with their Claim Affidavit filed on 13.12.2023 through its Sheela Menom.

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

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O. A. No. 309 of 2022

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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 to 3 are joint and several.

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In the light of above discussions, the Original Application deserves to be allowed against the Defendant No. 1 to 3 are jointly and severally.

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As per NPA certificate for notional certificate (Exhibit A/10 List of Documents), the rate of interest was @11.90% p.a. i.e. Bank Prime Lending Rate, (BPLR) – 2.25% (Present Bank Prime Lending Rate (BPLR) – 14.15% p.a., BPLR as applicable from time to time with such spread as may be decided by the Bank), therefore, the same is hereby allowed.

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O R D E R

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(i) I allow the present OA and direct the Defendant No. 1 to 3 to pay to the Applicant Bank, jointly and severally, within a period of 60 days, a sum of Rs.34,80,257.62 (Rupees Thirty Four Lakhs Fifty Four Thousand Two Hundred Two and Paisa Sixty Two only) along with the rate of interest was 14.15% p.a. from the date of filing of the present OA till its realization.

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O. A. No. 309 of 2022

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(ii) Failing which the aforesaid amount shall be recovered from the sale of mortgage property and other personal moveable and immoveable assets of the Defendants.

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(iii) Defendants is hereby directed not to deal with his 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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(v) Recovery Certificate be issued forthwith and be sent to the Recovery Officer of this Tribunal. Copy of this order be sent to the parties as per rules. File be consigned to record. Place: Mumbai. (Dr. Rekha G. Dhakar) Date : 20.03.2024 Presiding Officer, DRT-1, Mumbai SP/-

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Idbi Bank v. Vaishali Ramesh Sangle

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Vaishali Ramesh Sangle

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

Parties & counsel

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Case details

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