Allowed

Bank of Maharashtra v. Praveenkumar Menon

DRT14 Feb 2024OA/478/2022

Case brief

AI extract

What is this about?

This is an ex parte original application by Bank of Maharashtra for recovery of housing loan dues. The Tribunal allowed the application and directed the defendant to pay principal sums with future interest, secured by mortgaged flats, and issued a recovery certificate.

What did the court decide?

Recovery of Rs. 2.07 crores each for two loans, secured by mortgaged flats, with future interest at 8.20% p.a. and issuance of recovery certificate.

Bank of Maharashtra versus Praveenkumar Menon — Contract and Commercial Disputes | DRT (2024)

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Presented on: 22.04.2022 Registered on: 04.06.2022 Decided on: 14.02.2024 Duration: Y M D 1 9 23

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No.478/2022

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Bank of Maharashtra,

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A Banking Company constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, having its Head Office at “Lokmangal”, 1501, Shivajinagar, Pune-411 005, Maharashtra, India and its Branch i.e. Bank of Maharashtra, Housing Finance Branch, 1^st Floor, Yashomangal, 1183-A, F.C. Road, Shivajinagar, Pune-411 005.

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… Applicant

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Versus

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Mr. PraveenKumar Pradeepkumar Menon, Unit No.2, Sr.No.2, Sai Shraddha Enclave, Near Kingston Elysia, Pisoli, Pune-411 060.

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… Defendant

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APPEARANCES

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For the Applicant	Mrs. Sudha Koloti – Advocate
For Defendant	None
	TOTAL CLAIM AMOUNT –Rs.4,14,34,605/-

(OA No.478/2022)

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JUDGMENT (Delivered on 14^th February, 2024)

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The Applicant Bank has filed the present Application for recovery of aggregate sum of Rs.4,14,34,605/i.e. Rs.2,07,16,984/- on account of Housing Loan-I and Rs.2,07,17,621/- on account of Housing Loan-II together with future interest @8.20% p.a. with monthly rests, from the date of the Application i.e. from 18^th April, 2022 till full repayment/realization of entire dues from defendant.

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Brief facts of the application are as under:

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The applicant Bank contended that defendant who is the borrower wanted to purchase two Flats and therefore, approached it for Housing Loan.

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The applicant Bank further contended that defendant applied under the Maha Super Housing Loan Scheme for aggregate amount of Rs.4,04,00,000/- consisting of two facilities i.e. Housing Loan-I of Rs.2,02,00,000/- and Housing Loan-II of Rs.2,02,00,000/-.

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The applicant Bank sanctioned and disbursed the aforesaid Housing Loans on 18^th May, 2021 with interest @6.90% p.a., to be repaid in 360 EMIs of Rs.1,52,500/-.

(OA No.478/2022)

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In order to secure the repayment of both the Housing Loans, defendant executed Equitable Mortgage of the Flats being (1) Flat No.405 on 4^th Floor, admeasuring 79.93 sq. mtrs. and (2) Flat No.406 on 4^th Floor, admeasuring 98.46 sq. mtrs., more particularly mentioned in paragraph No.5.6 of the Original Application.

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On 19^th May, 2021 the defendant executed loan transaction and security documents as set out in paragraph Nos.5.5 and 5.6 of the Original Application.

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The applicant Bank further contended that in order to confirm the two mortgages in favour of the applicant Bank, defendant also filed Notice of Intimation with the Registrar of Assurances at Haveli No.19 at Serial No.794/2021 dated 23^rd November, 2021 and Haveli No.10 at Serial No.1751/2021 dated 26^th November, 2021.

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The applicant Bank further contended that it has also registered its charge with CERSAI on 28^th July, 2021 for both the accounts.

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The applicant Bank further contended that defendant made last repayment of Rs.1,00,000/- each in both the

(OA No.478/2022)

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Housing Loan accounts. Thereafter, the account of defendant became irregular. The officers of the applicant Bank personally called up defendant for repayment. However, defendant neither made any efforts to approach the applicant Bank not paid any amount due and payable to regularize its loan accounts. Therefore, the Housing Loan-I & II accounts of defendant were classified as NonPerforming Assets on 09^th March, 2022.

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Thereafter, the applicant Bank through its Advocate issued Recall Notice on 11^th April, 2022 calling upon defendant to regularize the account. However, defendant failed and neglected to comply with the same.

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Hence, this application is filed.

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Defendant failed to appear despite service of summons. Hence, the application proceeded ex parte against him vide Order dated 17^th January, 2024 passed below the Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Shri Swapnil Bhuyar, Chief Manager which supports the case of the applicant Bank elucidated in the

(OA No.478/2022)

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application.

The applicant Bank has produced on record the original loan transaction documents in evidence (AW-1-1 to AW-127) which corroborate 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 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.926/each in both the loan accounts as mentioned in Particulars of Claim at paragraph No.5.22 of the Original Application which cannot be granted and these amounts are deducted from respective total claim amounts. Thus, the aggregate claim amount stands reduced from Rs.4,14,34,605/- to Rs.4,14,32,753/-.

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The applicant has claimed future interest @8.20% p.a. with monthly rests for both the Housing Loan accounts.

(OA No.478/2022)

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However, considering the facts of the case, I am of the opinion that if future interest is granted @8.20% p.a. (simple) for both the loan accounts, 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.478/2022 is allowed with costs.

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(B) Defendant shall pay to the applicant Bank towards Housing Loan-I account the sum of Rs.2,07,16,058/(Rupees Two Crores Seven Lakhs Sixteen Thousand and Fifty-Eight only) with future interest @8.20% p.a. from the date of filing of the Original Application i.e.22^nd April, 2022 till full realization of the amount mentioned in this operative order.

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(C) Defendant shall pay to the applicant Bank towards Housing Loan-II account the sum of Rs.2,07,16,695/- (Rupees Two Crores Seven Lakhs Sixteen Thousand Six Hundred and Ninety-Five only) with future interest @8.20% p.a. from the date

(OA No.478/2022)

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of filing of the Original Application i.e.22^nd April, 2022 till full realization of the amount mentioned in this operative order.

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(D) The aforesaid adjudicated amounts are secured by the mortgage of immovable properties i.e.

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(A) Flat No.405, on the 4^th Floor admeasuring 79.93 sq. mtrs. along with servants Room and Service area admeasuring 29.05 sq. mtrs. and attached Open Terrace admeasuring 16.33 sq. mtrs. along with exclusive right to use 2 Covered Car Parking Space in the project known as “Alfa Premio” constructed on Plot No.71 S.No.199+204+205+206/1+209/1 situated at Village Lohegaon, Viman Nagar, within the limits of the Pune Municipal Corporation Taluka Haveli, District Pune and

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(B) Flat No.406, on the 4^th Floor admeasuring 98.46 sq. mtrs. along with servants Room and Service area admeasuring 16.76 sq.

(OA No.478/2022)

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mtrs. and attached Open Terrace admeasuring 13.01 sq. mtrs. along with exclusive right to use 2 Covered Car Parking Space in the project known as “Alfa Premio” constructed on Plot No.71 S.No.199+204+205+206/1+209/1 situated at Village Lohegaon, Viman Nagar, within the limits of the Pune Municipal Corporation Taluka Haveli, District Pune,

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more particularly mentioned in paragraph No.5.6 of the Original Application.

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(E) The applicant is entitled to sell the mortgaged properties to recover its dues.

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(F) Issue Recovery Certificate.

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(G) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant Bank and defendant.

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Sd/- (Dilip G Murumkar) Place : Pune Presiding Officer Date : 14.02.2024 Debts Recovery Tribunal, Pune

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(OA No.478/2022)

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Bank of Maharashtra v. Praveenkumar Menon

Case brief

What is this about?

What did the court decide?

Bank of Maharashtra v. Praveenkumar Menon

Case brief

What is this about?

What did the court decide?

What the court decided

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