Allowed

State Bank of India v. Mallikarjuna Khed

DRT24 Jun 2024OA/793/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal adjudicated an application filed by State Bank of India for a recovery certificate on an overdue housing loan. The defendants were absent. The court adjusted the future interest rate to 9%. It ordered repayment of the adjudicated sum, directed sale of the mortgaged property if necessary, and issued the recovery certificate.

What did the court decide?

Recovery Certificate issued; Defendants directed to pay Rs.48,96,875 with future interest at 9% p.a.; Bank entitled to sell mortgaged property.

State Bank of India versus Mallikarjuna Khed — Contract and Commercial Disputes | DRT (2024)

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Presented on: 24.06.2022 Registered on: 29.08.2022 Decided on: 24.06.2024 Duration: Y M D 2 - -

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.793/2022.

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State Bank of India,

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A Banking Company constituted under the State Bank of India Act, 1955, having its Corporate Office at State Bank Bhavan, Madam Cama Road, Nariman Point, Mumbai400 021 and a Branch amongst other places at Wardhman, Seven Loves Chowk, 2^nd floor, 321/A/ 3, Mahatma Phule Peth, Seven Loves Chowk, Shankarsheth Road, Pune-42, known as Stressed Assets Recovery Branch’, Pune, through one of its Asst. General Manager, Smt. Jyoti Bandmantri.

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… Applicant

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Versus

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Mr. Mallikarjuna Chanappa Khed 2. Smt. Sunita Mallikarjuna Khed Both R/at- Flat No.202, 2^nd Floor, Homkar Heights, Homkarnagar, Bhavani Peth, Solapur-413 002.

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… Defendants

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APPEARANCES

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For the Applicant Mrs. Sudha Koloti - Advocate For the Defendants Ex parte

(OA No.793/2022)

Page 1 of 6

[ANIL]

TOTAL CLAIM AMOUNT –Rs.48,96,875/-

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JUDGMENT

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(Delivered on 24^th June, 2024)

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The applicant Bank has filed present application for recovery certificate of aggregate sum of Rs.48,96,875/- together with future interest thereon @10.25% per annum with monthly rests till 18.06.2022 and interest from 19.06.2022 till repayment/realization of entire dues/debts from the defendants.

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Brief facts of the application are as under:

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Defendant No.1 and 2 approached and requested the Applicant Bank on 03.03.2015 for Housing Loan of Rs.38,00,000/- and SBI Life Suraksha for an amount of Rs.1,97,000- (Total aggregate Rs.39,97,000/-) for purchase of flat. The Applicant Bank considered the request of the defendants and sanctioned Housing Loan for a sum of Rs.38,00,000/-(Account No.62409233180) and SBI Life Suraksha of Rs.1,97,000/- (Account No.62409233714) (Total aggregate Rs.39,97,000/-) for purchase of flat on 12.03.2015.

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In order to secure the Housing Loan, the defendants executed necessary loan transaction and security documents, on 18.03.2015 in favour of the Applicant Bank for securing

(OA No.793/2022)

Page 2 of 6

[ANIL]

the aggregate Home Loan facility of Rs.39,97,000/-. Further, the defendants mortgaged the immovable property i.e. all that piece and parcel of Flat No.504, 5^th Floor, Wing –E, admeasuring 63.96 sq. mtrs. of the carpet area, terrace attached to the said flat admeasuring 8.08 sq. mtrs. Thus, total carpet area is 72.04 sq. mtrs. inclusive of balcony, Dry Balcony internal passage and terrace in project known as “DSK Vishwa Phase-VI”, Aanandghan constructed on Gat No.186 (Old S.No.22/1) Gat Nos.187 & 188 at village Kirkatwadi, Taluka Haveli, District Pune.

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It is contended that after availing and utilizing Housing Loan, defendants failed and neglected to repay the Home loan amounts as per terms of sanction. Hence, the said loan account has become Non-Performing Asset on 28.01.2021, as per Reserve Bank of India norms, however, the same came to be notified on 31.03.2021. Thereafter, the Applicant Bank on 14.05.2022 issued Legal Notice through Advocate Sudha Koloti to the defendants calling upon to pay the outstanding amounts of Housing Loan account & Insurance account. Despite service of Notice, defendants failed & neglected to comply with the demand in the said Notice.

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Hence, this application is filed.

(OA No.793/2022)

Page 3 of 6

[ANIL]

Defendants failed to appear despite service of summons. Hence, the application proceeded ex parte against the defendant vide Order dated 02.02.2024 passed below the Application (Exhibit-01).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Smt. Jyoti Bandmantri, which supports the case of the applicant elucidated in the application.

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The applicant Bank has produced in evidence the original loan documents at Exhs.AW-1 to AW-14 which corroborate the case of the Applicant Bank.

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I have heard arguments of the learned Advocate for the Applicant Bank.

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Since the defendants failed to appear and contest the application, I find no reason to disbelieve the evidence of the Applicant Bank. Therefore, the Applicant Bank is entitled for reliefs as claimed.

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Considering the facts of the present case, I am of the opinion that if future interest is granted @9% per annum (simple) for all the facilities, it would be just and reasonable.

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10 Hence, I pass the following order: -

(OA No.793/2022)

Page 4 of 6

[ANIL]

ORDER

(A) Original Application No.793/2022 is allowed with costs.

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(B) Defendants either jointly or severally shall pay to the Applicant Bank towards Housing Loan Account Rs.47,22,977/- (Rupees Fourty Seven Lakhs Twenty Two Thousand Nine Hundred Seventy Seven only) and towards SBI Life Suraksha Account Rs.1,73,898/- (Rupees One Lakh Seventy Three Thousand Eight Hundred Ninety Eight only) ( Total Rs.48,96,875/- ) with future interest @9% per annum from the date of filing of the Original Application i.e.24.06.2022 till payment/ realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of immovable property i.e. all that piece and parcel of Flat No.504, 5^th Floor, Wing –E, admeasuring 63.96 sq. mtrs. of the carpet area & Terrace admeasuring 8.08 sq. mtrs. Thus, total carpet area is 72.04 sq. mtrs. inclusive of balcony, Dry Balcony internal passage and terrace in project known as “DSK Vishwa Phase-VI”, Aanandghan constructed on Gat No.186 (Old S.No.22/1) Gat Nos.187&188 at village Kirkatwadi, Taluka Haveli, District Pune, as described in Para No.5.5 (d) of the Original Application.

(OA No.793/2022)

Page 5 of 6

[ANIL]

(D) The Applicant Bank is entitled to sell the mortgaged immovable property to recover its dues.

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(E) Issue Recovery Certificate.

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(F) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants.

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Sd/(Dilip G. Murumkar) Place: Pune Presiding Officer Date: 24.06.2024 Debts Recovery Tribunal, Pune

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(OA No.793/2022)

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Page 6 of 6

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[ANIL]

State Bank of India v. Mallikarjuna Khed

Case brief

What is this about?

What did the court decide?

State Bank of India v. Mallikarjuna Khed

Case brief

What is this about?

What did the court decide?

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