Idbi Bank v. Vinayak
Case brief
What is this about?
The Debt Recovery Tribunal allowed an original application filed by IDBI Bank Ltd against two borrowers for recovery of dues aggregating to Rs 26,65,473/- along with interest and penal charges, directing recovery from mortgaged properties and issuance of a Recovery Certificate.
What did the court decide?
Defendants directed to pay Rs 2,665,473/- with interest and costs within 60 days; order for sale of mortgaged properties; issuance of Recovery Certificate; restriction on dealing with properties.
What the court decided
OA 730 of 2022
Registered on:21.12.2022 Decided on: 30.01.2024
IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI ORIGINAL APPLICATION NO. 730 of 2022
IDBI BANK IDBI, Bank Ltd. a company incorporated and registered under Indian companies Act, 1956, (1/1956) and a company within the meaning of companies Act, 2013 and also a banking company under section 5[C] of Banking regulation Act of 1949 [10/1949], having its head office at IDBI Tower, WTC Complex, Cuffe parade, Mumbai 400 005 and having one of its branches amongst other places at Retail Asset Centre, Andheri, Marol MIDC, Andheri (East), Mumbai 400093 and Retail Asset Collection & Recovery Department, IDBI Zonal Office, Mittal Court, C-wing, 2nd Floor, Nariman Point, Mumbai – 400 021.
…. APPLICANT
VERSUS
1. Mr. VINAYAK VISHNU PATOLE (Applicant/ Borrower) Residing at Room No. 105, 1/B, Natwar Parekh Compound, Ghatkopar Mankhurd Link Road, Chembur (West), Mumbai – 400043.
And also at, Flat No. 403, 4th Floor, SAI BABA MANZIL Building, Bhoper Road, Nandivali, Dombivali East, Dist. Thane – 421201.
2. Mrs. JYOTI VINAYAK PATOLE (CoApplicant/Co- Borrower) Residing at Room No. 105, 1/B, Natwar Parekh Compound, Ghatkopar Mankhurd Link Road, Chembur (West), Mumbai – 400043.
Issues for consideration
2 issues framed by the court
Whether the original application for recovery of dues from defaulting borrowers deserves to be allowed on merits.
Whether the primary and equitable mortgage documents are sufficient to establish joint and several liability of the borrowers.
Parties & counsel
- applicant
IDBI Bank Ltd
- respondent
Vinayak Vishnu Patole
- respondent
Jyoti Vinayak Patole
Coram
Case details
As recorded by the court registry
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