Allowed

Idbi Bank v. Mr Lalit Prakash Kocharekar

DRT16 May 2024OA/731/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's application for recovery of an outstanding home loan and premium dues of approximately Rs. 34.68 lakh, directing payment with interest and permitting recovery from mortgaged or personal assets.

What did the court decide?

Direct defendants to pay Rs. 34,68,423.84 with interest at 9.65% within 60 days; recover from sale of mortgaged/personal assets; issue Recovery Certificate.

Idbi Bank versus Mr Lalit Prakash Kocharekar — Banking and Recovery | DRT (2024)

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OA 731 of 2022

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Registered on : 26.07.2023 Decided on : 16.05.2024

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IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI ORIGINAL APPLICATION NO. 731 of 2022

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IDBI BANK LIMITED, Having its registered address at IDBI Tower, WTC Complex, Cuffe Parade, Mumbai- 400 005, and its Retail Recovery Department, Mittal Court, C - Wing, 2^nd Floor, Nariman Point, Mumbai- 400 021.

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…. APPLICANT

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VERSUS

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MR. LALIT PRAKASH KOCHAREKAR i. 201, White Rose, Vishwajeet Meadows, Near Green City, Ambarnath (E) 421 501 Also at:

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ii. Shri Ambarnath Sai Kripa Co-op Hsg, Society, B3/3, Ambarnath (W), 421 501. Also at:

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iii. Flat No. 503, 5^th Floor, B Wing, Gulmohar Residencies, Near Nana Dharmadhikari Hall, Nandivali Gaon, Dombivali West, Maharashtra, Mumbai- 421 201.

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MRS. NIVEDITA LALIT KOCHAREKAR

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i. 201, White Rose, Vishwajeet Meadows, Near Green City, Ambarnath (E) 421 501 Also at:

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ii. Shri Ambarnath Sai Kripa Co-op Hsg, Society, B3/3, Ambarnath (W), 421 501. Also at:

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OA 731 of 2022

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iii. Flat No. 503, 5^th Floor, B Wing, Gulmohar Residencies, Near Nana Dharmadhikari Hall, Nandivali Gaon, Dombivali West, Maharashtra, Mumbai- 421 201.

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… DEFENDANT

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Counsel for the Applicant : Adv. Brian 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 sum of Rs. 34,68,423.84 (Rupees Thirty Four Lakh Sixty Eight Thousand Four Hundred Twenty Three and Paise Eighty Four Only) with further interest at the rate of 9.65 % with monthly rests and penal interest at the rate of 2 % from 19.07.2022 to till the date of payment.

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Facts as succinctly set out in the present OA are that the Defendant No. 1 is the borrower. Defendant No. 2 is the co-borrower.

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It is stated that the Defendants approached the Applicant by making a loan application dated 17.04.2015 for an amount of Rs. 25 Lakh and Loan for Insurance Premium of Rs. 47,110/-. Pursuant to the said request, Applicant vide sanction letter dated 29.05.2015 sanctioned Home Loan facility of Rs. 24 Lakh and Loan for Insurance Premium of Rs. 47,110/-. The said loans were to be repayable in 336 months and 324 months with an Equated Monthly installment of Rs. 21,311/for Home Loan Facility and Equated Monthly installment of Rs. 421/-

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OA 731 of 2022

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In consideration of sanction of the aforesaid facility, Defendants executed following loaning and security documents on 22.05.2016; 05.06.2015:

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i. Home Loan Agreement

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ii. Loan for Insurance Premium Agreement

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iii. Power of Attorney

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iv. Indemnity

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v. Affidavit

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vi. Declaration

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In order to further secure the aforesaid facility, Defendants created equitable mortgage by way of deposit of title deeds in favour of the Applicant over the property viz. Flat No. 503, 5^th Floor, B Wing, Gulmohar Residencies, Near Nana Dharmadhikari Hall, Nanivali Gaon, Dombivali (W), Maharashtra, Mumbai- 421 201.

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However, after availing aforesaid facility, Defendants failed and neglected to repay outstanding dues, thus, the account was classified as NPA on 09.12.2018. Thereafter, Applicant issued recall notice dated 12.05.2021 to the Defendants and called upon them to repay the outstanding dues, but they failed to do so. Hence, the present OA has been filed.

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Notice was issued to the Defendants. Despite service, none appeared on behalf of the Defendant No. 1 & 2 nor any WS has been filed, thus, they were proceeded ex-parte vide order dated 04.04.2024.

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The Applicant Bank has produced all the Original Loan documents and other relevant documents along with their Claim Affidavit filed through Manager Haresh M. Goheja.

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OA 731 of 2022

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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 defendant. 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 Rs. 34,68,423.84 (Rupees Thirty Four Lakh Sixty Eight Thousand Four Hundred Twenty Three and Paise Eighty Four Only) with further interest at the rate of 9.65 % with monthly rests from the date of filing of the present OA till the date of payment.

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(ii) Failing which the aforesaid amount shall be recovered from the sale of the mortgaged property, 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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OA 731 of 2022

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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 : 16.05.2024 Presiding Officer, DRT-1, Mumbai.

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Tjs/-

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Idbi Bank v. Mr Lalit Prakash Kocharekar

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Mr Lalit Prakash Kocharekar

Case brief

What is this about?

What did the court decide?

What the court decided

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