Allowed

Idbi Bank v. Sadhana Jadhav

DRT29 Apr 2024OA/429/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application by IDBI Bank Limited for recovery of mortgage loan dues against a defaulting defendant. The court reduced the principal claim by penal interest and awarded future interest at 9% p.a., securing the amount via a recovery certificate and mortgage sale rights.

What did the court decide?

Defendant ordered to pay Rs.21,59,347 plus future interest at 9% p.a. from filing date, secured by mortgage; Recovery Certificate to be issued.

Idbi Bank versus Sadhana Jadhav — Contract and Commercial Disputes | DRT (2024)

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Presented on : 28.03.2022 Registered on : 26.04.2022 Decided on : 29.04.2024 Duration : Y M D 02 01 01

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 429/2022.

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IDBI Bank Limited,

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A Company incorporated and registered under the Companies Act, 1956 and a company within the meaning of Section 2 (20) of the Companies Act, 2013 and a Banking Company under Section 5(c) of the Banking Regulation Act, 1949, having its registered office at IDBI Tower, WTC Complex, Cuffe Parade, Mumbai 400005 and branch at – C F C Bldg., Old MIDC, Godoli, Satara 415 004.

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.. Applicant

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Versus

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Mrs. Sadhana Sanjay Jadhav, Age 50 years, Occ. Employment, R/o : (1) – R.S. No. 376/2A, Plot No.4, Datta Digambar Colony, Ambedare Road, Shahapuri, Satara 415 001. (2) - Shop No. 1 and 2, Ground Floor, Prathamesh Shree Building, City S. No.

(OA No. 429/2022)

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209/A/1/2, Near Mangalwar Tale, Vyankatpura Peth, 415 001. (3) - The SDC Bank, Opp. to Collector Office, Satara 415 001.

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.. Defendant

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APPEARANCES

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For Applicant Advocate Nikhil D. Barsode. For Defendant Ex parte.

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TOTAL CLAIM AMOUNT –Rs.21,63,804=58

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JUDGMENT

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(Delivered on 29^th April, 2024)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.21,63,804=58 together with future interest for Mortgage loan @12.10% and for Mortgage Top Up loan @12.25% per annum from the date of Application till realization of the entire dues from the defendant.

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Brief facts of the application are as under:

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As per the loan application of the defendant, the applicant Bank sanctioned and disbursed the following loan facilities to

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the defendant.

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Name of the facility	Amount	Date of sanction
LAP Non Residential Loan(Mortgage)	Rs.15,00,000/-	17.10.2018
LAP (Mortgage) Top Up for renovation	Rs.4,30,000/-	30.04.2019

(OA No. 429/2022)

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Sanap

In order to secure the aforesaid loan facilities, the defendant executed necessary loan and security documents in favour of the applicant Bank along with deed of mortgage of Shop Nos. 1 and 2, Ground Floor, Prathamesh Shree, City S. No. 209/A/1/2, Near Mangalwar Tale, Vyankatpura Peth, Satara, in favour of the applicant Bank.

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The applicant Bank contended that the defendant committed defaults in payment of installments and failed to regularize the accounts. Therefore, on 06.05.2021, the applicant Bank issued legal Notice to the defendant. Despite service of Notice, the defendant failed and neglected to pay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendant failed to appear despite service of summons. Hence, the application proceeded ex-parte as per Order dated 21.02.2024 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Emerson Jesus Desouza, Senior Manager and Authorized Signatory of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1-1 to AW-1-19 along with list (Exhibit 9), which corroborates the case of the applicant Bank.

(OA No. 429/2022)

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I have heard arguments of the learned Advocate for the applicant Bank.

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Since the defendant failed to appear and contest the application, I find no reason to disbelieve evidence of the applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.

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The applicant Bank has claimed Penal Interest of Rs.4,458/(Rs.3,497/- for Mortgage loan and Rs.961/- for Mortgage Top Up Loan), which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.21,63,805/- is reduced to Rs.21,59,347/-.

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The applicant Bank has claimed future interest for Mortgage loan @12.10% and for Mortgage Top Up loan @12.25% per annum. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% per annum (simple), it would be just and reasonable rate of interest.

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Hence, I pass the following order :-

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ORDER

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(A) Original Application No. 429/2022 is allowed with costs.

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(B) The defendant shall pay to the applicant Bank the

(OA No. 429/2022)

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sum of Rs.21,59,347/- (Rupees Twenty One Lakhs Fifty Nine Thousand Three Hundred Forty Seven only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 28.03.2022 till full payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of Shop Nos. SH-1 and SH-2, Ground Floor, Prathamesh Shree, City S. No. 209/A/1/2, Near Mangalwar Tale, Vyankatpura Peth, Satara, more particularly described in the Schedule-I of the Original Application.

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(D) The applicant Bank is entitled to sell the mortgaged 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 and defendant.

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Sd/(Dilip G Murumkar) Place : Pune Presiding Officer Date : 29.04.2024 Debts Recovery Tribunal, Pune.

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(OA No. 429/2022)

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Sanap

Idbi Bank v. Sadhana Jadhav

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Sadhana Jadhav

Case brief

What is this about?

What did the court decide?

What the court decided

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