Allowed

Idbi Bank Limited v. Rita Khanna and Others

DRT15 Jan 2025OA/1099/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application by IDBI Bank Ltd. for recovery of Rs. 29,39,462 against three defaulting borrowers who had failed to repay a sanctioned housing loan. The court granted a recovery certificate and ordered uniform simple interest at 8% p.a., permitting enforcement via mortgaged properties or personal assets.

What did the court decide?

Recovery of Rs. 29,39,462 jointly and severally with costs and simple interest at 8% p.a. Recovery Certificate issued; enforcement allowed via sale of mortgaged properties or personal assets.

Idbi Bank Limited versus Rita Khanna and Others — Banking and Recovery | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1099/2024

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PRESIDED OVER BYMRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 21.08.2024

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DATE OF DECISION: 15.01.2025

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IDBI Bank Ltd., i.e. company incorporated under the provisions of company Act, 1956 and a banking companies within the meaning of Banking Regulations Act, 1949 and having its head office at IDBI Bank Tower, WTC Complex, Cuffe Parade, Mumbai 40005 and its branches at various places including office at IDBI Bank Limited, 10-F, SCF, BRS Nagar, Near Orient Theater, Ludhiana Punjab through its Assistant General Manager, duly constituted attorney Sh. Ajit Walia.

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……..Applicant

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Versus

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1. Smt. Rita Khanna W/o Sh. Mohinder Khanna, R/o House No.B34-2420/1, Peer Wali gali, Rajesh Nagar, Haibowal Kalan, Ludhiana Punjab.

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Sh. Gagan Khanna, S/o Sh. Mohinder Khanna, R/o House No.B- 34-2420/1, Peer Wali gali, Rajesh Nagar, Haibowal Kalan, Ludhiana Punjab.

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Sh. Rakesh Khanna, S/o Sh. Mohinder Khanna, R/o House No.B34-2420/1, Peer Wali gali, Rajesh Nagar, Haibowal Kalan, Ludhiana Punjab.

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….……Defendants

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Advocates:

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Argued by Sh. Sukhvinder Singh, Advocate for Applicant Defendants are ex-parte

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FINAL ORDER

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1.Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.29,39,462.00 (Rupees Twenty Nine Lacs Thirty Nine Thousand Four Hundred Sixty Two only). The Original Application has been filed through Sh. Ajit Walia, Constituted Attorney of the applicant, who is

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competent to institute the Original Application vide Copy of power of delegation, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant no.1 to 3 had approached the applicant for the grant of Housing Loan of Rs.32.00 Lacs vide Loan application dated 09.03.2021, which is Annexure A2 to this OA. 3. The applicant sanctioned the Housing Loan of Rs.30.50 Lacs vide Letter of Intent dated 30.03.2021, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. 4. Defendant nos.2 and 3 had mortgaged their immovable properties residential measuring 108 sq. yards situated at Plot no.99, bearing Corporation no. B-XXXIV-6524/99, Village Jassian, Hadbast No.101, Abadi New Raghbir Park Near Tarsem Colony, Tehsil and District Ludhiana vide Equitable Mortgage of Sale Deed bearing vasika no.2019-20/101/1/2822 dated 14.05.2019 and Fard Jamabandi for the year 2007-2008 with their translations, which are Annexures A5 & A6 and A8 and A9 to this OA. Documents executed:- Copy of DP note dated 31.03.2021, which is Annexure A4 to this OA; Copy of affidavit dated 22.03.2021, which is Annexure A7 to this OA; Copy of Recall notice dated 14.03.2024 with postal receipts, which is Annexure A10 to this OA and Statement of Accounts with certificate, which is Annexure A11 to this OA. 5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.29,39,462.00, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 07.01.2025. 7. In support of the OA, affidavit of Sh. Ajit Walia, Constituted Attorney, IDBI Bank Limited, has been filed.

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Heard arguments and perused record.

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It was argued by learned counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A11 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which was granted to them and for that they had executed all the relevant documents in favour of the applicant. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.29,39,462.00p (Rupees Twenty Nine Lacs Thirty Nine Thousand Four Hundred Sixty Two only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @10.45%p.a. along with penal interest @2.00%p.a. from 12.03.2024 till the realization.

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The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property, undertaking of the defendants, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @8.00%p.a. in the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.29,39,462.00p (Rupees Twenty Nine Lacs Thirty Nine Thousand

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Four Hundred Sixty Two only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.

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Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 24.02.2025.

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Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.

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Pronounced by me in the open Tribunal . Dated: 15.01.2025

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Idbi Bank Limited v. Rita Khanna and Others

Case brief

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Idbi Bank Limited v. Rita Khanna and Others

Case brief

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