Allowed

Bank of India v. Mr Deepak Uttam Naik

DRT6 May 2024OA/76/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the Bank of India's original application for recovery of Rs. 20.47 lakhs plus interest from the co-borrower and legal heirs of the deceased borrower, who had defaulted on Term and Vehicle loans.

What did the court decide?

Allowed recovery of Rs.20,47,672.45 with interest from respondents within 60 days; directed issuance of Recovery Certificate; imposed property restraint.

Bank of India versus Mr Deepak Uttam Naik — Banking and Recovery | DRT (2024)

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Registered on: 16.03.2023 Decided on: 06.05.2024

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IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI ORIGINAL APPLICATION NO. 76 of 2023

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BANK OF INDIA, a body Corporate constituted under the Banking Companies (Acquisition Transfer of Undertaking) Act V of 1970, having their Head Office at “Star House” C-5, “G” Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400051, and having its one of the Branches situated at Bandeshwar P. Box No. 5, Near Municipal Garden, Mapuca, Bardez, Goa - 403507 known as “Mapuca Branch” through its Constituted Attorney Holder/ Mr. Harikumar S.

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.... APPLICANT

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VERSUS

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1. MR. DEEPAK UTTAM NAIK, Co-borrower / Legal Heir of Late Smt. Shilpa Deepak Naik, An adult, Indian Inhabitant of Goa, having His address at: House No. 73/3, Shree Dev Rashtroli, Gaonkar Waddo, Camurlim Bardez, North Goa - 403 507; And having his another address at: Flat No. AG/1, House No. 2/155/U1, Building A, "Orchid Green Apartment", Dangui Colony, Mapusa, Bardez, North Goa-403 507;

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2. MR. SUBHAM DEEΡΑΚ ΝΑΙΚ Son/Legal Heir of Late Smt. Shilpa Deepak Naik, an adult, Indian Inhabitant of Goa, having his address at: House No. 73/3, Shree Dev Rashtroli, Gaonkar Waddo, Camurlim Bardez, North Goa - 403 507;

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And having his another address at: Flat No. AG/1, House No. 2/155/U1, Building A, "Orchid Green Apartment", Dangui Colony, Mapusa, Bardez, North Goa-403 507;

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3. MISS. ISHA DEEPAK NAIK Daughter (Minor)/Legal Heir of Late Smt. Shilpa Deepak Naik, If minor through her father and local Guardian Mr. Deepak Uttam Naik i.e. Defendant No. 1 hereinabove; Indian Inhabitant of Goa, having her address at: House No. 73/3, Shree Dev Rashtroli, Gaonkar Waddo, Camurlim Bardez, North Goa - 403 507; And having his another address at: Flat No. AG/1, House No. 2/155/U1, Building A, "Orchid Green Apartment", Dangui Colony, Mapusa, Bardez, North Goa-403 507;

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...DEFENDANTS

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Counsel for the Applicant : Advocate O. A. Das. Counsel for the Defendants: None

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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 for recovery of a sum of Rs.20,47,672.45 (Rupees Twenty Lakh Forty Seven Thousand Six Hundred and Seventy Two and Paise Forty Five only) with further interest as applicable from time to time presently @ 9.25% p.a. Under Loan Against Property - Term Loan A/c. and @ 8.10% p.a under Vehicle Loan A/c. + Penal Interest @ 2% p.a. as on 22.11.2022 with monthly rests till the date of realization.

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Facts as succinctly set out in the OA are that the Late Smt. Shilpa Deepak Naik was Borrower and Defendant No.1 is the Co-borrower, doing business of Transport and Wine store, Defendant No. 1 to 3 are the Legal Heirs and representatives of Late Smt. Shilpa Deepak Naik who was principle borrower. Defendant No.1 is liable to repay the outstanding due to Applicant as Co-borrower as well as Legal Heirs of Late Smt. Shilpa Deepak Naik. Defendant No.3. is Minor

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and represented by father and natural guardian Defendant No. 1 i.e. Mr. Deepak Uttam Naik.

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It is stated that in or about May, 2017, Late Smt. Shilpa Deepak Naik and Defendant No.1 have approached Applicant and requested for Term Loan Facility- Against Property of Rs.12,50,000/- and the same was sanctioned by the Applicant vide sanction letter dt. 30.05.2017.

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It is also stated that the Defendants has agreed to pay the outstanding amount in 143 months EMIs of Rs.15,283/- each per month commencing from one month after first disbursement with further interest 10.40% p.a. interest rest subject to change from time to time and have also agreed to execute the necessary security documents in favour of the Applicant.

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In order to secure the aforesaid facilities, the Defendant no.1 executed the following loaning and security documents in favour of the Applicant:-

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a. Demand Promissory Note dt.30.05.2017.

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b. Bearer Letter, Instalment Letter and Authority Letter dt.30.05.2017.

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c. Non Relation with any Director of Bank dt.30.05.2017.

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d. Affidavit Cum Undertaking dt.30.05.2017.

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e. Special Power of Attorney dt.30.05.2017.

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f. MCLR Agreement dt.30.05.2017.

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g. Multipurpose Documents dt.30.05.2017.

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h. Term Loan Agreement dt.30.05.2017.

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It is further stated that the Defendant No.1 as well as Mortgagor and Lage Smt. Shilpa Deepak Naik, create a mortgage in respect of Equiable Mortgage of their property viz. Flat No. AG/1 bearing House No. 2/155/U1, Building ‘A’, of the Building “Orchid Green” Apartment, Dongui Colony, Duler Hill Road, Mapusa, Bardez, Goa - 403 507, admeasuring 100 Mtr. Super Built Up area (including the incidence of Common areas such as stair case and Lift) on the Ground Floor, Chalta No. 56-E & 56-Q of the PT Sheet No. 73, standing in the name of Mr. Deepak Uttam Naik and Lage Smt. Shilpa Deepak Naik by submitting the Title Deed dt.14.10.2016.

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It is also stated that in or about May 2017, Late Smt. Shilpa Deepak Naik have again approached Applicant and request for Vehicle Loan of Rs.9,10,000/- for purchase of New Four Wheeler “Ford Ecospaort” and the same was sanctioned by the Applicant vide sanction letter dt.16.05.2017.

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It is also stated that the Defendants has agreed to pay the outstanding amount in 83 months EMIs of Rs.14,884/- each per month commencing from one month after first disbursement with further interest 9.25% p.a. interest rest subject to change from time to time and have also agreed to execute the necessary security documents in favour of the Applicant.

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In order to secure the aforesaid Vehicle Loan, Late Smt. Shilpa Deepak Naik executed the following loaning and security documents in favour of the Applicant:-

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a. Demand Promissory Note dt.17.05.2017.

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b. Bearer Letter, Instalment Letter and Authority Letter dt.17.05.2017.

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c. Installment letter dt.17.05.2017.

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d. Non Relation with any Director of Bank dt.17.05.2017.

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e. Letter to Bank dt. 17.05.2017.

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f. Multipurpose document dt. 17.05.2017.

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g. Agreement of Hypothecation for Consumer Loan in respect of Vehicles dt.17.05.2017.

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It is stated that Defendant No.1 have informed to Applicant that the Borrower Late Smt. Shilpa Deepak Naik has expired on 04.10.2017 and have submitted Death Certificate and also informed that Defendant no. 1 to 3 are the Legal Heirs and representative of Late Shilpa Deepak Naik and have agreed and undertake to pay the outstanding due of the outstanding due of Late Smt. Shilpa Deepak Naik.

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However, after availing the said Credit Facilities, the Defendants failed to adhere to the terms and conditions of the Sanction of aforesaid Credit Facilities and neglected to make the payment to the Applicant. Therefore, the Loan Accounts of the Defendant declared as NPA, on 30.05.2017. Thereafter, the Applicant through their Advocates letter dated 24.11.2017 called upon the Defendants to pay the outstanding dues but they failed to pay the dues. Hence, the present OA.

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Notice was issued to the Defendants. Defendant No.1 put their appearance through counsel, however, despite opportunities no WS

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has been filed by Defendant No.1. Since, 19.12.2023 no one appeared on behalf of the Defendant No.1. Record reveals that despite notice no one is appeared on behalf of Defendant no. 2 & 3.

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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 18.08.2023 through the Chief Manager Kumar Sahjanand.

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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 has fully corroborated the averments made in the OA, even otherwise the whole case of the Applicant 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 and the Applicant has proved its case beyond reasonable doubt against the Defendants. The liability of Defendant No.1 to 3 are joint and several.

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In the light of above discussions, the Original Application deserves to be allowed against the Defendant No. 1 to 3.

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O R D E R

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(i) I allow the present OA and direct the liability of Defendant No.1 & 2 are joint and several, within a period of 60 days, a sum of Rs.20,47,672.45 (Rupees Twenty Lakh Forty Seven Thousand Six Hundred and Seventy Two and Paise Forty Five only) with further interest @ 9.25% p.a. Under Loan Against Property - Term Loan A/c. and @ 8.10% p.a under Vehicle Loan A/c. +

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Penal Interest @ 2% p.a. from the filing of the present O.A. till its realization.

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(ii) Failing which the aforesaid amount shall be recovered from the sale of 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 : 06.05.2024 Presiding Officer, DRT-1, Mumbai.

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SP/-

Bank of India v. Mr Deepak Uttam Naik

Case brief

What is this about?

What did the court decide?

Bank of India v. Mr Deepak Uttam Naik

Case brief

What is this about?

What did the court decide?

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