Allowed

Idbi Bank v. Jameer Mujawar

DRT29 Nov 2024OA/499/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 35.61 lakh and ordered future interest at 9% simple interest, adjusting the claimed penal interest downwards while securing the debt via a mortgage of the defendants' property.

What did the court decide?

Decree for payment of Rs.35,61,252/- plus future interest at 9% p.a. secured by mortgage; direction to sell property if needed; issuance of Recovery Certificate.

Idbi Bank versus Jameer Mujawar — Specific Performance | DRT (2024)

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Presented on : 10.02.2022 Registered on : 04.06.2022 Decided on : 29.11.2024 Duration : Y M D 02 09 19

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 499/2022.

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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, Colaba, Mumbai 400005 and branch at – Vishwasta Bhavan, 218, Pratapganj Peth, Satara 415 002.

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.. Applicant

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Versus

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1 Mr. Jameer Nazir Mujawar, Age 42 years, Occ. Business, R/o : CTS No. 164/2, Plot No. 18, Shivtej Colony, Shajunagar, Godoli, Satara 415 001.

(OA No. 499/2022)

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2 Mr. Amir Nazeer Mujawar, Age 40 years, Occ. Business, R/o : CTS No. 164/2, Plot No. 18, Shivtej Colony, Shajunagar, Godoli, Satara 415 001. .. Defendants

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APPEARANCES

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For Applicant Advocate Nikhil Barsode. For Defendants Ex parte.

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Total Claim Amount –Rs.35,81,942/-

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JUDGMENT (Delivered on 29^th November, 2024)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.35,81,942/- together with future interest @9.9% per annum and Penal Interest @2%, total @11.9% per annum from the date of Application till realization of the entire dues from the defendants.

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Brief facts of the application are as under:

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As per the loan application dated 22.01.2018 of defendant Nos.1 and 2, the applicant Bank sanctioned the Credit facility by way of loan against property for Rs.30,00,000/- to the defendants vide Sanction Letter dated 25.01.2018.

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In order to secure the aforesaid loan facility, the defendants executed necessary loan and security documents in

(OA No. 499/2022)

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favour of the applicant Bank along with deed of mortgage of Plot No. 18, CTS No. 164/2, admeasuring 2201.49 sq. ft. with standing residential bungalow admeasuring 901 sq. ft. at Shivtej CHS, Shahunagar, Godoli, Satara, in favour of the applicant Bank.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Hence, on 09.12.2019, the applicant Bank has classified the account of the defendants as Non Performing Asset in accordance with guidelines of Reserve Bank of India. Therefore, on 31.10.2020, the applicant Bank issued legal Notice to the defendants. Despite service of Notice, the defendants failed and neglected to pay the outstanding dues of the applicant Bank. 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 15.10.2024 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit 6) of Yogesh Anil Shrike, Authorized Signatory holding power of attorney of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1 to AW-10 along with list (Exhibit 10), which corroborates the case of the applicant Bank.

(OA No. 499/2022)

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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 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.20,690/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.35,81,942/- is reduced to Rs.35,61,252/-.

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The applicant Bank has claimed future interest @9.9% per annum and Penal Interest @2%, total @11.9% 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. 499/2022 is allowed with proportionate costs.

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(B) Defendant Nos.1 and 2 either jointly or severally shall pay to the applicant Bank the sum of Rs.35,61,252/(Rupees Thirty Five Lakhs Sixty One Thousand Two

(OA No. 499/2022)

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Hundred Fifty Two only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 10.02.2022 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 Plot No. 18, CTS No. 164/2, admeasuring 2201.49 sq. ft. with standing residential bungalow admeasuring 901 sq. ft. at Shivtej Co-operative Housing Society, Shahunagar, village Godoli, Taluka and District 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 defendants.

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Place : Pune Date : 29.11.2024

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Sd/(Dilip G Murumkar) Presiding Officer Debts Recovery Tribunal, Pune.

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(OA No. 499/2022)

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Sanap

Idbi Bank v. Jameer Mujawar

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Jameer Mujawar

Case brief

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