Allowed

State Bank of India v. Gursewak

DRT2 Feb 2024TA/19/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the Applicant Bank's Original Application for recovery of Housing and Top-up Loan dues aggregating to Rs. 1.60 Crore. The Court noted that Rs. 1.48 Crore was already recovered from the sale of the mortgaged property and directed the Defendant to pay the balance within 60 days.

What did the court decide?

Defendant directed to pay balance recovery amount of Rs. 12.3 Lacs with interest within 60 days; properties not to be dealt with till further direction; Recovery Certificate issued.

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

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T. A. NO. 19 of 2023

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Registered on: 03.12.2021 Decided on: 02.02.2024

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IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI TRANSFER APPLICATION NO. 19 of 2023

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STATE BANK OF INDIA, a body corporate constituted under the Provisions of State Bank of India Act of 1955, having Central Office at Madam Cama Road, Mumbai 400 021, and one of its Branch office at Stress Assets Recovery Branch, 6^th Floor, the International, 16, Maharshi Karve Road, Churchgate, Mumbai – 400 020, Through its Chief Manager Mr. Subhash C. Sarawat

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....APPLICANT

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VERSUS

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MR GURSEWAK SANSAR SINGH, an Adult, Indian inhabitant Residing at 1103, Bldg. No. HID 1, Valley Ship CHSL, Kharghar, Sector- 36, Taloja Jail – 410210.

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Also at:

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Flat No. 503, 5^th Floor, Bldg. No. H-6, “Valley Ship” Near Taloja Jail, Sector – 36, Kharghar, Navi Mumbai – 410 210.

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...DEFENDANT

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___________________________________________ Counsel for the Applicant : Advocate Safina Ghaswala i/b M/s. Ghaswala & Associates. Counsel for the Defendant : Ex-parte

Page 1 of 6

T. A. NO. 19 of 2023

J U D G M E N T

The present OA has been filed by the Applicant against Defendant for recovery of following amount:-

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a. Rs. 1,41,52,104/- (Rupees One Crore Forty One Lakhs Fifty Two Thousand One Hundred Four only) as on 18.11.2021 along with future interest from 19.11.2021 @ 7.25% (0.25% above MCLR) and as per present rate/contractual rate with 2% overdue interest with monthly rest.

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b. Rs. 19,26,710/- (Rupees Nineteen Lakh Twenty Six Thousand Seven Hundred Ten only) as on 18.11.2021 along with future interest from 19.11.2021 @ 7.45% (0.45% above MCLR) and as per present rate/contractual rate with 2% overdue interest with monthly rest. Aggregating to an amount of Rs.1,60,78,814/- (Rupees One Crore Sixty Lakh Seventy Eight Thousand Eight Hundred Fourteen only) with the interest as mentioned above.

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Facts as succinctly set out in the OA are that the Defendant approached and requested the Applicant for granting the Home Loan. In pursuance to the request of the Defendant, the Applicant Bank sanctioned the said loan vide Arrangement letter dt.10.12.2018 for an amount of Rs.1,25,00,000/-. The said loan was repayable by the Defendant in Monthly Instalments of Rs. 1,07,251/- form the disbursement of loan to the entire loan repayable to the Applicant.

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In order to secure the said amount, the Defendant executed and delivered the following document with the Applicant Bank:-

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Page 2 of 6

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T. A. NO. 19 of 2023

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a. Memorandum of Loan Agreement dt.10.12.2018.

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b. Agreement to Mortgage dt.10.12.2018.

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c. Deed of Understanding dt.10.12.2018.

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d. Memorandum of Deposit of title deeds dt.10.12.2018.

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e. Affidavit dt.10.12.2018.

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Further, in order to secure the said loan, the Defendant created a mortgage by depositing the original title deeds in respect of the property being Flat No. 503, adm. 140.148 sq.mtrs, 5^th Floor, Bldg. No. H-6 in HIG in Valley Ship Housing Scheme constructed on land bearing sector – 36 Khaghar, Navi Mumbai- 410210 and also executed necessary documents in favour of the Applicant.

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It is further stated that the Defendant again approached and requested the Applicant for personal Loan under SBI Home Topup Scheme for Rs.16,90,000/- and the said request was considered by the Defendant. The said loan was repayable by the Defendant in Monthly Instalments of Rs. 14,759/- form February, 2019.

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In order to secure the said amount, the Defendant executed and delivered the following document with the Applicant Bank:-

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a. Agreement Home Top-up Loan dt.24.01.2019.

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b. Extension of Equitable Mortgage dt.13.03.2019.

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c. Registration receipt of notice of intimation for extension of equitable mortgage.

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Page 3 of 6

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T. A. NO. 19 of 2023

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It is further stated that the Defendant created first charge on the property specified as above for due repayment of Housing Loan together with interest, costs, charges.

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However, after availing the said Home Loan Facility, the Defendant failed to adhere to the terms and conditions of the Sanction of aforesaid facilities and neglected to make the payment to the Applicant Bank. Therefore, the Applicant issued the Demand Notice dated 10.12.2020 and called upon the Defendant to make the payment of the outstanding dues but the Defendant failed to pay the dues. Hence, the present O.A. has filed.

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Notice was issued to the Defendant. Despite service, none appeared for the Defendant nor filed the WS thus, he was proceeded ex-parte vide order dated 11.01.2024.

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The Applicant Bank has produced all the Original Loan documents and other relevant documents along with their Claim Affidavit filed on 08.09.2023 through Chief Manager Rambhau T.

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I have heard the Ld. Counsel for the Applicant Bank and perused the record.

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It is informed by the Applicant Bank that after the filing of the present OA, the Applicant has received a sum of Rs.1,48,50,000/- by selling the mortgage property being Flat No. 503, adm. 140.148 sq.mtrs, 5^th Floor, Bldg. No. H-6 in HIG in Valley Ship Housing Scheme constructed on land bearing sector – 36 Khaghar, Navi Mumbai- 410210.

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Page 4 of 6

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T. A. NO. 19 of 2023

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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.

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In the light of above discussions, the Original Application deserves to be allowed against the Defendant.

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O R D E R

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(i) I allow the present OA and direct the Defendant to pay to the Applicant Bank, within a period of 60 days, the following sums:

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a. Rs. 1,41,52,104/- (Rupees One Crore Forty One Lakhs Fifty Two Thousand One Hundred Four only) in Housing Term Loan Account along with pendentelite and future interest @ 7.25% (0.25% above MCLR) and as per present rate/contractual rate with monthly rests plus 2% overdue interest from 19.11.2021 till its realization.

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b. Rs.19,26,710/- (Rupees Nineteen Lakh Twenty Six Thousand Seven Hundred Ten only) in respect of SBI Housing Top Up Loan Account along with pendentelite and future interest @ 7.45% (0.45% above MCLR) and as per present rate/contractual rate with monthly rest plus 2% overdue interest from 19.11.2021 till its realization.

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Page 5 of 6

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T. A. NO. 19 of 2023

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Aggregating to an amount of Rs.1,60,78,814/(Rupees One Crore Sixty Lakh Seventy Eight Thousand Eight Hundred Fourteen only) alongwith interest as mentioned above.

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After adjusting the amount of Rs.1,48,50,000/- recovered by the Applicant during the pendency of the OA from the sale of the mortgaged property.

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(ii) Failing which the aforesaid amount shall be recovered from the sale of personal moveable and immoveable assets of the Defendant.

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(iii) Defendant is hereby directed not to deal with his properties till further direction of Ld. Recovery Officer.

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(iv) Defendant 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. File be consigned to record.

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Place: Mumbai. (Dr. Rekha G. Dhakar) Date : 02.02.2024 Presiding Officer, DRT-1, Mumbai

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SP/-

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Page 6 of 6

State Bank of India v. Gursewak

Case brief

What is this about?

What did the court decide?

State Bank of India v. Gursewak

Case brief

What is this about?

What did the court decide?

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