Allowed

Idbi Bank v. Devdas Savekar

DRT29 Nov 2024OA/502/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal, Pune, adjudicated an original application filed by IDBI Bank Limited for recovery of dues against Devdas Prakash Savekar. The defendant appeared ex-parte. The Tribunal allowed the application, adjudicated principal amounts after deducting erroneous penal interest claims, and directed the payment of principal plus future simple interest with rights to sell the mortgaged

What did the court decide?

Order allowed; defendant to pay principal amounts (Rs.12,74,500/-, Rs.11,26,356/-, Rs.89,667/-) with future simple interest; right to sell mortgaged property granted; Recovery Certificate issued.

Idbi Bank versus Devdas Savekar — Execution and Attachment | DRT (2024)

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Presented on : 28.03.2022 Registered on : 04.06.2022 Decided on : 29.11.2024 Duration : Y M D 02 08 01

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 502/2022.

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IDBI Bank Limited,

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A Company 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 400 005 and branch at – Karanje Turf, Satara.

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.. Applicant

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Versus

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Mr. Devdas Prakash Savekar, Age 50 years, Occ. : Business, Address - (1) 250, Guruwar Peth, Behind Archana Apartment, Satara 415 002. (2) Flat No.3, Stilt Floor Megha Residency, C.T.S. No. 258/A at Guruwar Peth, Satara 415 001.

.. Defendant

(OA No. 502/2022)

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APPEARANCES

For Applicant Advocate Nikhil Barsode. For Defendant Ex parte.

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Total Claim Amount –Rs.24,94,742=70

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JUDGMENT

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(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.24,94,742=70 together with future interest for Home loan @7.55% + 2% Penal Interest = @9.55% per annum, for Home loan Top Up @7.7% + 2% Penal Interest = @9.7% per annum and for Loan Insurance Premium @7.45% + 2% Penal Interest = @9.45% 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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On or about May 2019, the defendant approached the applicant Bank and requested and applied for Take Over Housing loan from SVC Co-op. Bank Ltd. Accordingly, the applicant Bank sanctioned Housing loan of Rs.11,40,000/- and Insurance Premium Loan of Rs.78,013/- to the defendant vide Sanction Order dated 20.05.2019.

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In order to secure the aforesaid loan facilities, the

(OA No. 502/2022)

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defendant executed necessary loan and security documents in favour of the applicant Bank. The defendant also executed deed of mortgage dated 31.05.2019 in respect of Flat No.3, Megha Residency, S. No. 258/A, Guruwar Peth, Satara, in favour of the applicant Bank.

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Thereafter, again as per the Home Loan Top Up loan application dated 31.05.2019 of the defendant, the applicant Bank sanctioned and disbursed the Home Top Up loan of Rs.10,00,000/- to the defendant on execution of the necessary loan and security documents in favour of the applicant Bank. 3. The applicant Bank contended that the defendant committed defaults in payment of installments and failed to regularize the accounts. Hence, on 08.02.2021, the applicant Bank has classified the account of the defendant as Non Performing Asset in accordance with guidelines of Reserve Bank of India. Therefore, on 23.07.2021, 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.

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Hence, this application is filed.

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The defendant failed to appear despite service of summons.

(OA No. 502/2022)

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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 Alok Srivastava, Authorized Signatory and Power of Attorney of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW-1-21 along with list (Exhibit 7), 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 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.2,101/- for Home Loan Account; Rs.1,927/- for Home Top Loan Account and Rs.191/- for Loan Insurance Premium, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amounts of Rs.12,76,601/- for Home Loan; Rs.11,28,283/- for Home Top Up Loan and Rs.89,858/- for Loan Insurance Premium are reduced

(OA No. 502/2022)

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to Rs.12,74,500/- for Home Loan; Rs.11,26,356/- for Home Top Up Loan and Rs.89,667/- for Loan Insurance Premium.

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The applicant Bank has claimed future interest for Home loan @7.55% + 2% Penal Interest = @9.55% per annum, for Home loan Top Up @7.7% + 2% Penal Interest = @9.7% per annum and for Loan Insurance Premium @7.45% + 2% Penal Interest = @9.45% per annum. However, the applicant Bank is not entitled to penal interest. Thus, considering the facts of the case, I am of the opinion that if future interest for Home loan @7.55% per annum (simple); for Home loan Top Up @7.7% per annum (simple) and for Loan Insurance Premium @7.45% per annum (simple) is granted, 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. 502/2022 is allowed with proportionate costs.

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(B) The defendant shall pay to the applicant Bank the sum of Rs.12,74,500/- (Rupees Twelve Lakhs Seventy Four Thousand Five Hundred only) towards Home Loan along with future interest @7.55% per annum

(OA No. 502/2022)

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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 defendant shall pay to the applicant Bank the sum of Rs.11,26,356/- (Rupees Eleven Lakhs Twenty Six Thousand Three Hundred Fifty Six only) towards Home Loan Top Up along with future interest @7.7% per annum from the date of filing of the Original Application i.e. 28.03.2022 till full

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payment/realization of the amount mentioned in this operative order.

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(D) The defendant shall pay to the applicant Bank the sum of Rs.89,667/- (Rupees Eighty Nine Thousand Six Hundred Sixty only) towards Home Loan Top Up along with future interest @7.45% 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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(E) The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of Flat No.3, admeasuring 53.90 sq. mtr/580 sq. ft., Megha

(OA No. 502/2022)

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Residency, S. No. 258/A, Guruwar Peth, Satara, more particularly described in the Schedule I of the Original Application.

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(F) The applicant Bank is entitled to sell the mortgaged property to recover its dues.

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(G) Issue Recovery Certificate.

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(H) 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 : 29.11.2024 Debts Recovery Tribunal, Pune.

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(OA No. 502/2022)

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Idbi Bank v. Devdas Savekar

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Devdas Savekar

Case brief

What is this about?

What did the court decide?

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