Allowed

Idbi Bank v. Balkrishna Ramchandra Desai

DRT28 Feb 2024OA/438/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an original application filed by IDBI Bank Limited for recovery. The court found the defendants liable for the home loan dues and jointly and severally liable to pay the outstanding sum with interest within 60 days.

What did the court decide?

Defendant No. 1 to 3 directed to jointly and severally pay Rs. 29,94,993.98 plus 11.65% p.a. interest within 60 days, failing which amount shall be recovered from sale of assets; recovery certificate

Idbi Bank versus Balkrishna Ramchandra Desai — Contract and Commercial Disputes | DRT (2024)

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O. A. No. 438 of 2022

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Registered on : 25.08.2022 Decided on : 28.02.2024

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IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI ORIGINAL APPLICATION NO. 438 of 2022

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IDBI Bank Limited , (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, 26/4 Old Palasiam, Agra – Mumbai Road, Indore – 452 001 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 – 400 028 and Retail Collection & Recovery Department, Mittal Court, 2^nd Floor, “C” wing, Nariman Point Mumbai – 400 021 through Asst. Manager Sandeep T.

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VERSUS

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...APPLICANT

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1. MR. BALKRISHNA RAMCHANDRA DESAI, Omkar Apts, Flat No. 303, Plot No. 150, Sector 31, Vashi, Navi Mumbai.

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2. MRS. SAVITA BALKRIHNA DESAI, Omkar Apts, Flat No. 303, Plot No. 150, Sector 31, Vashi, Navi Mumbai.

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3. MR. RUPESH ARUN DHENGARE, 11, Surat Apartments, 2^nd Floor, Tembii Naka, Thane (W) 400 602.

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...DEFENDANTS

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Page 1 of 5

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O. A. No. 438 of 2022

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_____________________________________________

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Counsel for the Applicant : Advocate Kushal Sawant i/b Adv.

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Rathina Marvaraman. Counsel for the Defendant : Already 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. 29,94,993.98 (Rupees Twenty Nine Lakhs Ninety Four Thousand Nine Hundred Ninety Three and Paise Ninety Eight Only) and further interest thereon 11.65% p.a. from the date of filing of this application till the date of realization.

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Facts as succinctly set out in the OA are that Defendant No.1 approached the Applicant Bank for sanctioning the Home Loan facility. The Applicant Bank sanctioned the said facility vide sanction letter dt.25.08.2005 for an amount of Rs.11,00,000/- with the terms and conditions contained therein.

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It is stated that the Defendants have availed housing loan to purchase the Immovable property being the prime security for the loan sanctioned, and more particularly described in Annexure “A” in favour of the Applicant in which the Defendants have executed the Power of Attorney authorizing the Applicant Bank with depositing the Title deeds of the said property with the Bank.

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In order to secure the aforesaid said Home Loan facility the Defendants the following document in favour of the Applicant Bank to secure the facility sanctioned to the Defendants.

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Page 2 of 5

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O. A. No. 438 of 2022

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a. Loan Application dt.22.08.2005 executed by the Defendant No. 1 & 2.

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b. Loan Agreement executed by the Defendant No. 1 & 2.

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c. Irrevocable Power of Attorney dt.29.09.2005 executed by the Defendant No. 1 & 2.

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d. Letter of Guarantee executed by Defendant No.3.

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e. Demand Promissory Notice dt.05.10.2005 along with delivery letter to DPN dt.05.10.2005.

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f. Article Reference for loan executed by the Defendant No. 1 & 2.

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g. Confirmation letter executed by the Defendant No. 1 & 2.

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However, after availing the said Home Loan 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 issued the Legal Notice dt.24.08.2019 called upon the Defendant 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 Defendant nor filed the WS thus, he was proceeded ex-parte on 29.01.2024.

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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 the Manager Sheela Monon.

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Page 3 of 5

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O. A. No. 438 of 2022

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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 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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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. 29,94,993.98 (Rupees Twenty Nine Lakhs Ninety Four Thousand Nine Hundred Ninety Three and Paise Ninety Eight Only) and further interest thereon 11.65% p.a. from the date of filing of the present OA till its realization.

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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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Page 4 of 5

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O. A. No. 438 of 2022

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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.

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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 : 28.02.2024 Presiding Officer, DRT-1, Mumbai

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Page 5 of 5

Idbi Bank v. Balkrishna Ramchandra Desai

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Balkrishna Ramchandra Desai

Case brief

What is this about?

What did the court decide?

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