Allowed

Idbi Bank v. Sanjay Andre

DRT11 Nov 2024OA/954/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application filed by IDBI Bank for recovery of housing, top-up, and loan against property dues. The court adjusted the claim amount and fixed future interest at 9% per annum, granting relief to recover the balance with costs.

What did the court decide?

Defendants jointly or severally to pay Rs.20,73,342/- with future interest @9% p.a., mortgage to be sold for recovery, and issue of Recovery Certificate.

Idbi Bank versus Sanjay Andre — Contract and Commercial Disputes | DRT (2024)

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Presented on: 23.06.2022 Registered on: 18.08.2022 Decided on: 11.11.2024 Duration: Y M D 02 04 18

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.954/2022.

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IDBI BANK LIMITED ,

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A Company incorporated and registered under the Companies Act, 1956 ( 1 of 1956) and a company within the meaning of Section 2(20) of the Companies Act, 2013 (18 of 2013) and a Banking Company under Section 5(c) of Banking Regulation Act of 1949 (10 of 1949) having its registered office at IDBI Tower, WTC Complex, Cuff Parade, Colaba, Mumbai-400 005 and having one of its branches amongst other places at Patil Plaza, Near Jayshree Talkies, PuneMumbai Road, Near Chinchwad Station, Chinchwad, Pune-411 019.

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… Applicant

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Versus

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1. Mr. Sanjay Raghuji Andre

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Age 50 years, Occ.- Business,

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2. Mrs. Manisha Sanjay Andre

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Age 43 years, Occ.- Business Both R/at Flat No.29, 4^th Floor, Chaitraban Society, Mohan Nagar, Chinchwad, Pune-411 019.

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…Defendants

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APPEARANCES

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For the Applicant Advocate – Mr. Nikhil Barsode For the Defendants Ex parte.

(OA No.954/2022)

Page 1 of 5

[ANIL]

TOTAL CLAIM AMOUNT –Rs.20,75,620.86Ps.

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JUDGMENT (Delivered on 11^th November, 2024)

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The Applicant Bank has filed present application for recovery of aggregate sum of Rs.20,75,620.86Ps. (i.e. towards Housing Loan of Rs.3,51,516/-; towards Top Up Loan of Rs.3,82,341/- & towards LAP for Rs.13,41,763.86 Ps.) together with future interest @11.90% p.a.; @9.65% p.a. & @11.40% p.a. and penal interest @% monthly rests respectively from the date of filing the Original Application till repayment/realization of the entire dues from the defendants. 2. Brief facts of the application are as under:-

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The Applicant Bank states that Defendant Nos.1 & 2 approached the Applicant Bank on 12.03.2006 and requested for Housing Loan to buy residential Flat No.29, at Chaitraban, Chinchwad, Pune. The Applicant Bank vide its Sanction Letter dated 03.10.2006, granted Housing Loan of Rs.5,65,000/- to the defendants.

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Defendant No.1 and 2 again approached to Applicant Bank on 21.12.2014 and requested for Top-up loan for Rs.4,50,000/-. Pursuant to the said request, applicant had sanctioned Top-up loan of Rs.4,50,000/- on 16.01.2015, on certain terms and conditions.

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Defendants again approached to the Applicant Bank on 13.02.2016 and requested for Loan Against Property (LAP) against mortgage of Flat No.29, Chaitraban, Mohan Ngar, Chinchwad, Pune. Upon due scrutiny, on 14.03.2016, Applicant Bank had sanctioned LAP loan for Rs.14,45,000/- to the defendants.

(OA No.954/2022)

Page 2 of 5

[ANIL]

In order to secure the aforesaid Loan facilities, the defendants have executed loan and security documents as set out in Para Nos.5.6, 5.10 & 5.13 of the Original Application, in favor of the Applicant Bank.

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In addition to this, defendants have mortgaged the property i.e. Flat No.29, 4^th Floor, area admeasuring 560 sq.ft. Carpet/728 sq.ft. built up and terrace attached area of 64 sq.ft. (1BHK Flat) in the building known as Chaitraban, and Society known as Chaitraban Co-operative Housing Society Ltd., which is standing on the land bearing CTS No4788/S.No.126/2 at Akurdi (Mohan Nagar), Chinchwad within the limits of Pimpri Chinchwad Municipal Corporation and for the purpose of registration within the limits of Sub Registrar Haveli Office No.1, more particularly mentioned in Schedule-1 of the Original Application.

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The Applicant Bank contended that because of non-remittance of installments and accrued interest, the accounts of Defendants with the Applicant Bank downgraded to Non-Performing Asset on 10.03.2021. The Applicant Bank issued statutory Demand Notice dated 22.07.2021 calling upon the Defendants to liquidate the entire dues under Section 13(2) of the Securitization Act, 2002; however, there is no repayment of the dues. The Applicant Bank has taken Symbolic Possession of the mortgaged asset as per Possession Notice dated 13.10.2021. Though ample opportunities were given to the defendants, however, defendants have miserably failed to make any repayment.

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Hence, this application is filed.

(OA No.954/2022)

Page 3 of 5

[ANIL]

Defendant No.1 appeared but failed to file Written Statement, hence, ‘No WS’ order was passed against him on 09.10.2024 and matter proceeded hearing without WS against Defendant No.1. Defendant No.2 failed to appear despite service of summons. Hence, the application proceeded ex-parte as per order dated 09.10.2024 against Defendant No.2, passed below Application (Exhibit-1).

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The Applicant Bank has filed Claim Affidavit (Exhibit-6) of Mr. Sunil Yashwant Panse and has produced on record the Original Loan Transaction documents at Exhibits AW-1/1 to AW-1/24, which corroborates the case of the Applicant Bank.

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I have heard arguments of learned Advocate for the Applicant Bank. 8. Since, Defendant No.1 failed to file written statement and Defendant No.2 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 the reliefs claimed.

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The Applicant Bank has claimed total Penal Interest of Rs.2279/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.20,75,620.86Ps is reduced to Rs.20,73,341.86Ps.

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The Applicant Bank has claimed future interest @11.90% p.a., @9.65% p.a. and @11.40% p.a. and Penal Interest @2% with monthly rests respectively, for the above mentioned Loans. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% per annum (simple), it would be just and reasonable rate of interest.

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Hence, I pass the following order:-

(OA No.954/2022)

Page 4 of 5

[ANIL]

ORDER

(A) Original Application No.954/2022 is allowed with costs.

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(B) Defendant Nos.1 &2 either jointly or severally shall pay sum of Rs. Rs.20,73,342/- (Rupees Twenty Lakhs Seventy Three Thousand Three Hundred Fourty Two only) with future interest @ 9% per annum from the date of filing of the Original Application till payment/realization of the amount mentioned in this operative order, to the Applicant Bank.

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(C)

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The aforesaid adjudicated amount is secured by the mortgage of immovable property i.e. Flat No.29, 4^th Floor, area admeasuring 560 sq.ft. Carpet/728 sq.ft. built up and terrace attached area of 64 sq.ft. (1BHK Flat) in the building known as Chaitraban, and Society known as Chaitraban Co-operative Housing Society Ltd., which is standing on the land bearing CTS No4788/S.No.126/2 at Akurdi (Mohan Nagar), Chinchwad within the limits of Pimpri Chinchwad Municipal Corporation and for the purpose of registration within the limits of Sub Registrar Haveli Office No.1, more particularly mentioned in Schedule1 of the Original Application.

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

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

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Place : Pune Date: 11.11.2024

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Sd/(Dilip G. Murumkar) Presiding Officer, Debts Recovery Tribunal, Pune.

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(OA No.954/2022)

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Page 5 of 5

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[ANIL]

Idbi Bank v. Sanjay Andre

Case brief

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Idbi Bank v. Sanjay Andre

Case brief

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