Allowed

State Bank of India v. Juee

DRT5 Nov 2024OA/368/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed State Bank of India's application for recovery of dues from defendants who failed to repay a housing loan and life insurance funding cover. Court held future interest claim reasonable and ordered sale of mortgaged property to recover dues.

What did the court decide?

Respondents to pay aggregate sum of Rs.26,63,951.50 with future interest @7.75% p.a.; sale of mortgaged property authorized; Recovery Certificate issued.

State Bank of India versus Juee — Contract and Commercial Disputes | DRT (2024)

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Presented on: 23.02.2022 Registered on: 19.04.2022 Decided on: 05.11.2024 Duration: Y M D 02 08 12

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.368/2022.

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State Bank of India ,

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A Corporation constituted under the State Bank of India Act, 1955 and having one of its Local Head Office at Synergy State Bank Bhavan, Bandra-Kurla Complex, Bandra East, Mumbai and one of its branch known as - Sawantwadi Branch, Nevagi Complex, Near Moti Talav, Taluka Sawantwadi, District Sindhudurg-416 510.

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… Applicant

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Versus

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1. Mrs. Juee Mayuresh Deshpande

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2. Mr. Mayuresh Madhukar Deshpande Both R/at – Building No.A-2, Flat No.29, Popular Nagar, Warje, Pune-411 058. … Defendants

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APPEARANCES

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For the Applicant Advocate - Mr. Satyan Jagtap For the Defendants Ex parte.

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TOTAL CLAIM AMOUNT –Rs.26,63,951.50Ps.

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JUDGMENT (Delivered on 5^th November, 2024)

(OA No.368/2022)

Page 1 of 6

[ANIL]

The Applicant Bank has filed present application for recovery of an aggregate sum of Rs.26,63,951.50Ps. (i.e.Rs.26,18,863.50Ps. for Housing Loan A/c No. 35506454587 and Rs.45,088/- for Funding of Life Insurance Cover A/c No.35547534339) with future interest @7.75% per annum with monthly rests from the date of 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 approached to the Applicant Bank (Sawantwadi Branch) on 25.09.2015 for Housing Loan of Rs.22,54,000/- consisting of two facilities i.e. Home Loan for Rs.22,00,000/- and Funding of Life Insurance Cover for Rs.54,000/-.

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The Applicant Bank considered the request of Defendants and sanctioned Housing Loan for aggregate amount of Rs.22,54,000/- consisting of two facilities i.e. Home Loan for Rs.22,00,000/- and Funding of Life Insurance Cover for Rs.54,000/-, on 12.01.2016, on certain terms and conditions.

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In order to secure the aforesaid Housing Loan facility, the defendants have executed all the loan and security

(OA No.368/2022)

Page 2 of 6

[ANIL]

documents in the capacity of borrower as set out in Para No.5.5 of the Original Application in favour of the Applicant Bank.

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In addition to this, defendants as a security for repayment of the House Loan Facility of Rs.22.54 Lakhs, deposited original documents of title deed pertaining to Flat No.102, 1^st floor, Datta Anagha Park, Bearing Survey No.12, H.No.11A, S.No.30, H.No.9A, Sawantwadi, Taluka Sawantwadi, District Sindhudurg, admeasuring area 952 sq. ft., with intention to create Equitable Mortgage in favour of the Applicant Bank and it’s Memorandum of Deposit dated 12.01.2016 was recorded, more particularly mentioned in Para No.5.6 of the Original Application.

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The Applicant Bank contended that the Applicant Bank drew memorandum of deposit and both the Defendants also confirmed that the said Mortgage by a Confirmation Letter dated 12.01.2016. To confirm the mortgage both the Defendants also filed a Notice of Intimation with the Registrar of Assurance at Sawantwadi at Sr.No.SWN-112016 dated 12.01.2016. But, Defendant Nos.1 and 2 failed to make any payment towards both the loan accounts as per the terms of Sanction and it became irregular and declared as NPA on 16.05.2019.

(OA No.368/2022)

Page 3 of 6

[ANIL]

Therefore, on 11.07.2020, the Applicant Bank sent a Legal Notice through its Advocate to the Defendants and thereby called upon to repay the entire amount outstanding in both the accounts. 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 30.04.2024 passed below Application (Exhibit-1).

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The Applicant Bank has filed Claim Affidavit (Exhibit-6) of Mr.Vikas Suresh Thakur, Branch Manager, & produced on record Original Loan Transaction documents at Annexures - AW-1 to AW-11 alongwith list (Exhibit 7), on 18.02.2022, 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.368/2022)

Page 4 of 6

[ANIL]

The Applicant Bank has claimed future interest @7.75% p. a. for Housing Loan and Funding of Life Insurance Cover. I am of the opinion that future interest claimed by the Applicant Bank is just and reasonable. Hence, it may be granted.

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Hence, I pass the following order:-

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ORDER

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(A) Original Application No.368/2022 is allowed with costs.

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(B) Defendant Nos.1 and 2 jointly and severally shall pay to the Applicant Bank an aggregate sum of Rs.26,63,951.50Ps (Rupees Twenty Six Lakhs Sixty Three Thousand Nine Hundred Fifty One and Fifty Paise only) (i.e. Rs.26,18,863.50Ps towards Housing Loan A/c No.35506454587 and Rs.45,088/- for Funding of Life Insurance Cover Account No.35547534339) , with future interest @7.75% p.a. from the date of filing of the Original Application i.e.23.02.2022 till payment / realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by the Mortgaging immovable property i.e. Flat No.102, 1^st floor, Datta Anagha Park, Bearing Survey No.12, H.No.11A, S.No.30, H.No.9A, Sawantwadi, Taluka Sawantwadi, District Sindhudurg, admeasuring area 952 sq. ft., more particularly mentioned in Para No.5.6 of the Original Application.

(OA No.368/2022)

Page 5 of 6

[ANIL]

(D) The Applicant Bank is entitled to sell the mortgaged immovable 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: 05.11.2024 Debts Recovery Tribunal, Pune

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(OA No.368/2022)

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Page 6 of 6

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[ANIL]

State Bank of India v. Juee

Case brief

What is this about?

What did the court decide?

State Bank of India v. Juee

Case brief

What is this about?

What did the court decide?

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