Idbi Bank v. Amrit
Case brief
What is this about?
The tribunal allowed the bank's application for recovery of a housing loan default. The court directed joint and several payment of the principal amount with regular interest but declined the claim for penal interest.
What did the court decide?
Payment of Rs.59,29,301.68 with interest @ 8.85% p.a. within 60 days; Recovery from assets; Restriction on dealing with properties; Issue of Recovery Certificate.
What the court decided
O. A. No. 658 of 2022
Registered on : 03.11.2022 Decided on : 20.03.2024
IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI ORIGINAL APPLICATION NO. 658 of 2022
IDBI BANK LIMITED, a Company incorporated and registered under the Companies Act, 1956 (1 of 1956) and a banking company within the meaning of Section 5 (c) fo the Banking Regulations Act, 1949 (10 of 1949) and having its Registered Office at IDBI Tower IDBI Bank, WTC Complex, Cuffe Parade, Mumbai – 400005 and amongst others at Retail Asset Centre Virar and at Retail Recovery Department, IDBI Zonal Office, Mittal Court, C-Wing, 2nd Floor, Nariman Point, Mumbai – 400021 through its officer Sanjay Valecha.
...APPLICANT
VERSUS
1. AMRIT BUDHARAM SOLANKI, an adult Indian inhabitant having address at Flat No. 001, Elizabeth Apartment, Near Pragati Complex, Fatherwadi, Vasai (East), Dist. Palghar – 401208 and also having address at Krishna Collection, Shop No.2, Tungareshwar Shopping, Gokuldham Society, Fatherwadi, Vasai East, Dist. Palghar – 401208 and at Shop No.08, Ground Floor, Building No.2, Sagar Deep Co-operative Housing Society Ltd., Gokhivare, Vasai (East) Palghar4001208.
2. POOJA AMRITLAL SOLANKI, an adult Indian inhabitant having address at Flat No. 001, Elizabeth Apartment, Near Pragati Complex,
Issues for consideration
2 issues framed by the court
Whether to allow the Original Application for recovery of dues against the borrower and guarantor.
Whether to grant penal interest claimed at 2% p.a.
Parties & counsel
- applicant
IDBI BANK LIMITED
- respondent
AMRIT BUDHARAM SOLANKI
- respondent
POOJA AMRITLAL SOLANKI
Coram
Case details
As recorded by the court registry
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