Allowed

State Bank of India v. Reshma Khan

DRT10 Dec 2024OA/652/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application by State Bank of India against two borrowers for recovery of housing and car loan dues. The court granted joint and several liability, ordered payment of principal with interest, permitted sale of mortgaged properties, and ordered issue of a recovery certificate.

What did the court decide?

Respondents ordered to pay principal dues Rs. 28,76,336.03 along with pendentlite and future interest at 9.75%, 9.45%, and 10.15% p.a. respectively, with costs. Recovery Certificate issued. Injunction

State Bank of India versus Reshma Khan — Contract and Commercial Disputes | DRT (2024)

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DEBTS RECOVERY TRIBUNAL : JABALPUR

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(for the States of Madhya Pradesh and Chhattisgarh)

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(Presiding Officer - Hon'bte Shri Ram Niwas patet)

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Originol Application No. - 652/23

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State Bank of lndia, Stressed Assets Recovery Branch, State Bank Bhawan, 5, Y.N. Road, lndore (M.P.)

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..... Applicant

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Versus

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Reshma Khan, 01 ) W/o Rehan Khan

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Rehan Khan,

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S/o Late Raheed Khan

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(Both R/o H.No.-Junion MIG-'12, Antyoday Nagar, Bag Ditkhusha, Bhopal, M.P.462023)

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Defendants

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Counsel for the Appticant : Shri Arun K. Pandey, Advocate

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Defendants : Ex-parte

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JUDGMENT

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(Datedrio-oecemuer,2024)

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The Appticant-Bank has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 11 /05123 against the Defendants for recovery of Rs. 28,76,336.03 (Rupees Twenty Eight Lakh, Seventy Six thousand, Three Hundred Thirty Six and Paisa Three onty) along with interest and other reliefs as stated.

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The brief facts of the case are that on the request of Defendant No,-1, the Appticant Bank sanctioned Car Loan of Rs. 6.10 Lac on 27/12/18 for purchase of Hyundai i20 which was restructured on 27/08121 , First Housing Loan of Rs. 10.56 Lac granted to Defendant No.-'l and 2 on 15102/20 and Second Housing Loan of Rs. 9.80 for purchase of Ftat and funding of Home Loan lnsurance Cover of Rs. 2'l ,000/- aggregating Rs. 10.01 Lac on 09/02/21 granted to Defendant No.-1. ln consideration of the sanction of credit facitities the Defendants in addition to execution of loan documents have atso created equitabte mortgage over the immovabte properties, i.e.,

oA 652123

Ftat No. Jr. MIG-10, First Ftoor, Block No.-02,^{admeasuringarea} i) 520.35 sq.feet at Scheme Antyoday Nagar,^{Bagdilkusha,Tehsit-Huzur,Bhopal} (M.P.); betonging to Defendant No.-1;

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ii) F[at No. Jr. MIG-'12, Second Floor, admeasuring area^520.35 sq.feet at Scheme Antyoday Nagar, Bagdilkusha,^{Tehsi['Huzur,BhopaI} (M.P.); belonging to Defendant No.-1.

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The Defendant No.-1 purchased and hypothecated Hyundai^{i20 Car} bearing Registration No.-MP04CW/3469 in favour^{of the Appticant-Bank.The} Defendants avaited the credit facitities but faited to tiquidate^the outstanding dues despite issuance of Legal Notice on^09/03/23 by^the Appticant Bank. The Applicant-Bank has relied upon the documents at^{Ex A'1} to A-33 which were^proved by Shri Sanjay Mehta, Chief Manager.

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Despite service of notice, the Defendants neither appeared nor fited written statement. They were proceeded ex-parte vide order dated 17 /01 124. There is therefore, no reason to disbelieve the contentions of the Bank, Admittedty Defendant No.-2 executed document to avail Fist^Housing Loan and the Bank has atso ctaimed relief to the extent of outstanding dues under this account only against him. Thus the tiabitity of Defendant No.-2 coextensive with Defendant No.-1 is restricted to the dues in First Housing Loan. Considering the facts of the case, I opine that the Defendants are jointly and severatly liable to pay the ctaim amount together with interest and costs. The Appticant-Bank in its apptication has claimed interest @9.75% p.a., @9,45% p.a., @10.157o/o p.a. with monthty rests in car [oan, first home loan and second home loan accounts respectively. However, I feet it fair and reasonable to grant interest @9.75/" p.a., @9.45% p.a., @10.'15%% p.a. simple in car loan, first home loan and second home [oan accounts respective[y^pendentetite and future tit[ realization of the dues. The mortgaged properties and hypothecated Hyundai i20 Car bearing Registration No.-MP04CW/3469 are tiabte to be sotd for recovery of amount due along with the personal properties and assets of the Defendants.

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The Original App[ication is at[owed and it is ordered as under-

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i) The Defendant No.-1 & 2 do pay jointly and severally Rs. 12,43,628.42 (Rupees Twetve Lakh, Fourty Three Thousand, Six Hundred Twenty Eight and Paisa Fourty Two onty) due in first home loan account and Defendant No.-1 do further pay Rs. 16,32,707.61 (Rupees Sixteen Lakh, Thirty Two Thousand, Seven Hundred Seven and Paisa Sixty One onty) due in

II-IT

oA 652123

car loan and second housing loan accounts together with pendentetite and future interest @9.75% p.a., @9.45% p.a., @10.15%% p.a. simple in car [oan, first home toan and second home loan accounts respectivety from the date of fiting of the OA, i.e.,11 105123, with costs titI its realization.

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ii) The Appticant Bank is entitted to se[[ the hypothecated Hyundai i20 Car bearing Registration No.-MPO4CW/3469 and mortgaged as wetl as personal properties and assets of the Defendants for reatization of its dues. The Defendants are hereby restrained by means of injunction from depleting, transferring, encumbering, alienating olin any way deating with their properties/ assets without first paying the respective ctaim of the Appticant Bank.

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iii) A Recovery Certificate be issued uls 19(22) of Recovery of Debts and Bankruptcy Act. The applicant bank may file a memo of cost within 7 days for preparing Recovery Certificate,

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Judgment pronounced in the open court on this 1Oth Day of December,2074.

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eh
o
<br>(Ram Niwas Patel)
Presidin Off icer

State Bank of India v. Reshma Khan

Case brief

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State Bank of India v. Reshma Khan

Case brief

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