Allowed

Idbi Bank v. Sarla Singh Borkar

DRT1 Oct 2024OA/762/2022

Case brief

AI extract

What is this about?

The Division Bench allowed an Original Application by IDBI Bank under Section 19 of the Recovery of Debts and Bankruptcy Act for recovery of an outstanding home loan. The court awarded principal, interest at 10% p.a., and costs, while issuing an injunction against transferring mortgaged assets.

What did the court decide?

Defendants ordered to pay Rs. 29,78,532/- plus 10% p.a. interest and costs; Recovery Certificate to be issued; injunction granted on disposal of assets.

Idbi Bank versus Sarla Singh Borkar — Banking and Recovery | 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'ble Shri Ram Niwas Patel)

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Originol Applicotion No. - 762122

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lDBl Bank Ltd., Wright Town, Jabatpur (M.P.)

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..... Appticant

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Versus

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Smt. Sarla Singh Borkar,

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01 ) W/o Shri Praveen Kumar Borkar

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1. Shri Praveen Kumar Borkar, S/o Shri Nelson Borkar

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(Both at House No.-2889/2, Saket Nagar, Vatika Vihar, Ranjhi, Jabalpur, M.P. 482002) Defendants

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Counse[ for the Appticant : Shri Jagbandan Patet, Advocate

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Defendants : Ex-parte

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JUDGMENT

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(Datedl oa't octob6r, 202a)

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The Appticant-Bank has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 24/06122 against the Defendants for recovery of Rs. 29,78,532.00 (Rupees Twenty Nine Lac, Seventy Eight Thousand, Five Hundred and Thirty Two onty) along with 'interest and other re[iefs as stated.

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The brief facts of the case are that on the request of Defendant No.-1 and 2, the Applicant Bank sanctioned Home Loan of Rs. 28.50 Lac on27103115 and in consideration of the same the Defendants in addition to execution of loan documents have also created equitabte 'mortgage^{over the immovableproperty, i.e., Part or portion} of entire land bearing Unit No.-1, Mohit Township, Mouza Rimzha, Khasra No.-15711 & 158/1, setttement No.-401, PC No.-23l79, EIC Maharajpur, Tehsil-panagar, District-Jabatpur; admeasuring 1389.90 sq.ft. The Defendants availed the credit facitities but faited to tiquidate the outstanding dues despite issuance of Recall Notice on 71 105/22 by the Appticant Bank. The Appticant-Bank has relied upon the documents at Ex. A-1 to A-9 which were proved by Shri Arvind Kumar Pyasi, Branch Head.

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oA762122

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Despite service of notice,^{the Defendants neither appeared nor} fited written statement.^{They wereproceededex-parte vide order dated} 12104t24, There is^{therefore, no reasonto disbetieve the contentionsof the} Bank. considering the^{facts of the case, I opinethat the Defendantsare} jointty and severatty tiabte to^pay the ctaim^{amount togetherwith interest} and costs. The^{Appticant-Bank in its apptication has ctaimedinterest} contractuaI rate but^has not^{specifiedthe prevaitingrate of interest.} However, lfeet it fair and^{reasonable to grant interest@10% p.a. simpte} pendentetite and future titt reatization^{of the dues. The mortgaged property} is tiabte to be sotd for^{recovery of amountdue along with the personal} properties and assets of the Defendants.

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The Originat Apptication is attowed^{and it is orderedas under'}

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i) The Defendants do^{pay jointty} and^{severattyRs. 29,78,532.00} (Rupees Twenty Nine Lac, Seventy Eight^{Thousand, Five Hundred and Thirty} Two onty) together with^{pendentetiteand future interest@10%perannum} simpte from the date of fiting of^{the OA, i.e., 24106122,with costs titl its} reatization.

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ii) The Appticant Bank is entitled to^{sett the mortgagedas wetl as} personal properties and assets of the Defendants^{for realizationof its dues.} The Defendants are hereby^{restrained by means of injunctionfrom} depteting, transferring, encumbering,^{alienating or in anyway dealingwith} their properties/assets without^{first paying the claimof the AppticantBank.}

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iii) A Recovery Certificate^{be issued uls '19(271 of Recovery of} Debts and Bankruptcy^{Act. The appticant bank may fite a memo of cost} within 7 days for^{preparingRecoveryCertificate.}

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Judgment^{pronouncedin the oPen court on this 01't Day of October,2024.}

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0 (Ram Niwas Pate t) Presidine Officer

Idbi Bank v. Sarla Singh Borkar

Case brief

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Idbi Bank v. Sarla Singh Borkar

Case brief

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