Allowed

Idbi Bank v. Mr Shivaji Madhav Jadhav

DRT2 Feb 2024OA/650/2022

Case brief

AI extract

What is this about?

In this Debt Recovery Tribunal application, the bank sought recovery of over Rs. 27 lakh home loan dues. The Tribunal allowed the application, directing the borrowers to repay the principal, interest, and penal charges within 60 days and to recover the amount through asset sale if unpaid.

What did the court decide?

Defendants directed to pay Ra 27,22,789.73 plus interest and penal charges within 60 days; Recovery Certificate issued to Recovery Officer.

Idbi Bank versus Mr Shivaji Madhav Jadhav — Specific Performance | DRT (2024)

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OA 650 of 2022

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Registered on:30.11.2022 Decided on: 31.01.2024

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IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI ORIGINAL APPLICATION NO. 650 of 2022

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IDBI BANK LIMITED, A Company incorporated and registered under the Companies Act, 1956 (Act 1 to 1956) and a banking company within the meaning of Section 2 (20) of the companies Act 2013 (Act 18 of 2013) and a banking company within the meaning of Section 5(C) under the Banking Regulation Act, 1949 (10 of 1949) and having its Registered Office at IDBI Tower, W.T.C. Complex, Cuffe Parade, Mumbai 400 005

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And amongst others At Retail Asset Center Nariman Point and at Retail Recovery Department at IDBI Zonal Office, Mittal Court, C-Wing, 2^nd Floor, Nariman Point, Filed Through Mr. Sanjay Valechha, its Deputy General Manager

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…. APPLICANT

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VERSUS

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MR. SHIVAJI MADHAV JADHAV

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a. Room No. 5, Ganesh Chawl No. 7, Mhasobadev Nagar, Near Sai Baba Mandir, Deeva (East) Mumbai-400 612. Also having address at

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b. Flat No- 403, 4^th Floor, Dhanraj CHSL Belavalli, Village Pawar Complex Badlapur (West), Thane- 421 503.

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c. JD Textiles Shop No. 1069, 1^st Floor, Hawkers Plaza, Janta Market, Dadar (West) Mumbai- 400014.

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2. MRS. PRIYA SHIVAJI JADHAV

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a. Room No. 5, Ganesh Chawl No.7, Mhasobadev Nagar, Near Sai Baba Mandir, Deeva (East) Mumbai- 400 612

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Also having address at

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OA 650 of 2022

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b. Flat No- 403, 4th Floor, Dhanraj CHSL Belavalli, Village Pawar Complex Badlapur (West), Thane- 421 503.

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c. JD Textiles Shop No. 1069, 1^st Floor, Hawkers Plaza, Janta Market, Dadar (West) Mumbai- 400014.

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… DEFENDANTS

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Counsel for the Applicant : Advocate Brian C. Counsel for the Defendants: Ex-parte

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J U D G M E N T

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The Original Application has been filed by the Applicant against the Defendants for recovery of Rs. 27,22,789.73 (Rupees Twenty Seven Lakh Twenty Two Thousand Seven Hundred Eighty Nine and Paise Seven Three Only) together with further interest at the rate of 7.40% p.a. i.e. 6 months MCLR (present MCLR is 7.40 % p.a. the rate of interest shall be benchmarked with 6 months MCLR with 6 months reset clause from the date of first/ initial disbursement, MCLR to be reset based on extant Internal/ Regulatory guidelines issued from time to time) with monthly rests and Penal Interest at the rate of 2% p.a. from 14.07.2022 till its realization.

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Facts as succinctly set out in the present OA are that the Defendant No. 1 is a borrower & Defendant No. 2 is the Co-borrower who have availed home loan facilities from the Applicant.

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It is stated that Defendants approached the Applicant by making a loan application for an amount of Rs. 23 Lakh. Pursuant to the said request, Applicant vide sanction letter dated 16.11.2017 sanctioned home loan balance transfer facility of Rs. 22,93,000/-. The said loan

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OA 650 of 2022

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was to be repayable in 240 months with an equated monthly installment of Rs. 19,682/-

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In consideration of sanction of the home loan facility, Defendants executed following loaning and security documents on 16.11.2017; 17.11.2017:

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i. Home Loan Agreement

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ii. Power of Attorney

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iii. Indemnity

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iv. Affidavit

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v. Declaration & Undertaking

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In order to secure the aforesaid home loan, Defendants created equitable mortgage by way of deposit of title deeds in favour of the Applicant of the property being: Flat No. 403, 4^th Floor, Dhanraj CHSL Belavali, Village Pawar Complex, Badlapur West, Thane- 421 503.

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However, after availing aforesaid home loan facility, Defendants failed to pay the outstanding dues, thus the accounts of Defendants were classified as NPA on 08.01.2020. Thereafter, Applicant through their Advocate was constrained to issue a legal notice dated 12.05.2021 and call upon the Defendants to pay the outstanding dues, but the Defendants failed to do so.

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Notices was issued to the Defendants. Despite service, none appeared on behalf of the Defendants nor any WS has been filed, thus they were proceeded ex-parte vide order dated 17.01.2024.

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OA 650 of 2022

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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 01.01.2024 through Assistant General Manager Ms. Pamreichon Shimrah.

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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 & 2 is joint and several.

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In the light of above discussions, the Original Application filed by the Applicant Bank deserves to be allowed against the Defendant No. 1 & 2.

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O R D E R

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(i) I allow the present O.A. and direct the Defendant No. 1 & 2 to pay to the Applicant, jointly and severally within a period of 60 days, a sum of Rs. 27,22,789.73 (Rupees Twenty Seven Lakh Twenty Two Thousand Seven Hundred Eighty Nine and Paise Seven Three Only) together with further interest at the rate of 7.40% p.a. i.e. 6 months MCLR (present MCLR is 7.40 % p.a. the rate of interest shall be benchmarked with 6 months MCLR with 6 months reset clause from the date of first/ initial disbursement, MCLR to be reset based on extant Internal/ Regulatory guidelines issued from time to time) with monthly rests and

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OA 650 of 2022

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Penal Interest at the rate of 2% p.a. from 14.07.2022 till its realization.

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(ii) Failing which the aforesaid amount shall be recovered from the sale of the personal moveable and immoveable assets of the Defendants.

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(iii) Defendants are hereby directed not to deal with their properties till further direction of Ld. Recovery Officer.

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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 : 31.01.2024 Presiding Officer, DRT-1, Mumbai.

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Tjs/-

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Idbi Bank v. Mr Shivaji Madhav Jadhav

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Mr Shivaji Madhav Jadhav

Case brief

What is this about?

What did the court decide?

What the court decided

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