Allowed

State Bank of India v. Mitul Vyas

DRT9 Dec 2025OA/320/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the applicant bank's application for recovery. The court authorized the payment of principal amounts and future interest across three term loans and validated a charge on the secured flat.

What did the court decide?

Defendants to pay Rs.99,06,178/- comprising principals for three loans and future interest at 8.65%. Charge created on mortgaged flat. Recovery Certificate issued.

State Bank of India versus Mitul Vyas — Specific Performance | DRT (2025)

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Presented on: 07.03.2022 Registered on: 24.03.2022 Decided on: 09.12.2025 Duration: Y M D 03 09 02

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.320/2022.

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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, Nariman Point, Madam Cama Road, Mumbai-400021 and its Stressed Asset Recovery Branch at Vardhaman Building, 2^nd floor, 321/A/3, 7 Loves Chowk, Shankarsheth Road, Pune-411 042.

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… Applicant

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Versus

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Mr. Mitul Jagdishbhai Vyas Age Adult, Occ.:- Service, R/at Shivganga, A-6, JMC Nagar, Street No.1, Near Raiya Circle, 150 Ring Road, Rajkot, Gujrat-360 007.

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Mrs. Mudra Mitul Vyas Age Adult, Occ.:- Service, R/at Shakti Krupa, 4 Vaishali Nagar, Raiya Road Rajkot, Gujrat-360 007.

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.. Defendants

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APPEARANCES

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For the Applicant Mrs. Nisha Ruikar – Advocate For the Defendants Ex parte.

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TOTAL CLAIM AMOUNT –Rs.99,06,178/-.

(OA No.320/2022)

Page 1 of 6

[ANIL]

JUDGMENT

(Delivered on 9^th December, 2025)

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The Applicant Bank has filed present Application for recovery of an aggregate sum of Rs.99,06,178/- towards Term Loan-I; Term Loan-II & Term Loan-III together with future interest thereon @8.65% p. a. which is contractual rate with monthly rests from 07.03.2022 till full repayment/realization of entire dues from the defendants.

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Brief facts of the application are as under:-

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(i)- Defendants have approached the applicant bank and made application on 27.10.2015 for Housing Loan for purchasing Flat. The request of the defendants was considered by the applicant bank and sanctioned Home Loan Facility of Rs.79,41,000/- on 30.03.2019, on certain terms and conditions mentioned in the sanction letter.

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Defendants have executed the loan transaction and security documents in favour of the applicant bank for securing Housing Loan of Rs.79,41,000/-, as set out in para. No.5.4 of the Original Application.

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Defendants have executed Affidavit of Declaration and Indemnity dated 30.03.2019 and thereby undertake and declared that they have availed Housing Loan Facility of Rs.79,41,000/- for acquisition of property and they have deposited the documents of Title Deed pertaining to the property i.e. Flat No.1403, Antheia, Wing A1, 14^th Floor, carpet area 1180 sq. ft. 88.80 sq. fts. double heighted terrace aggregate 1050 sq. ft. built up area 1580 sq. ft. in the

(OA No.320/2022)

Page 2 of 6

[ANIL]

name of Scheme “Mahindra Lifespace” situated at Pimpri situated at CTS No.6017, Taluka Haveli, District Pune, more particularly mentioned in Para NO.5.5 of the Original Application.

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(ii)- Defendants have further approached the applicant bank on 25.03.2019 and requested for Top-up loan facility for newly purchase flat. The applicant bank considered the request and sanctioned Home Top-up loan facility to the tune of Rs.7,87,000/- by the applicant bank on certain terms and conditions mentioned therein. Defendants have executed the loan transaction and security documents in respect of Home Top-up loan (Term Loan-II) of Rs.7,87,000/- for purchasing the flat in favour of the applicant bank, as set out in Para No.5.7 of the Original Application.

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The applicant Bank further contended that defendants utilized the advance by withdrawing amounts from its account with the applicant bank and made partial repayments. Since the said Housing Loan for individual Term Loan account of the defendants became irregular, the applicant bank classified the said Loan Account of the defendants as NPA on 05.09.2020, in pursuance of the guidelines of Reserve Bank of India.

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As the defendants failed and neglected to comply with terms and conditions in which the said facilities were granted, therefore, the applicant through advocate issued Legal Notice dated 11.01.2022 to the defendants and called upon them to repay the entire amount

(OA No.320/2022)

Page 3 of 6

[ANIL]

outstanding under Term Loan accounts. The defendants failed to comply with the requisitions contained in the Legal Notice and failed to repay the amounts outstanding in the said loan accounts. Hence, this application is filed.

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Despite service of summons, defendants failed to appear. Hence, application proceeded ex-parte against defendants & order of ex-parte hearing is passed on 26.11.2024 below application (Exh.-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mrs. Padmaja Pol, Chief Manager (SARB), which supports the case of the applicant Bank elucidated in the application. The applicant Bank has produced on record the original loan transaction documents (Sr.Nos.AW-1/1 to AW-1/13) 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 evidence of the applicant Bank. Therefore, the applicant Bank is entitled for the reliefs as claimed.

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Applicant Bank has claimed future interest @8.65% p.a. for Term Loans availed by the defendants. I am of the opinion that future interest claimed by the applicant bank is just and reasonable and it would be granted.

(OA No.320/2022)

Page 4 of 6

[ANIL]

Hence, I pass the following order:-

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ORDER

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(A) Original Application No.320/2022 is allowed with costs.

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(B) Defendant Nos.1 to 3 either jointly or severally shall pay an amount of Rs.99,06,178/- (Rupees Ninety Nine Lakhs Six Thousand One Hundred Seventy Eight only) to the applicant bank as under –

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(i)- Out of Rs.99,06,178/-, Defendants No.1 & 2 either jointly or severally shall pay an amount of Rs.93,35,672 /- (Rupees Ninety Three Lakhs Thirty Five Thousand Six Hundred Seventy Two only) towards Housing Term Loan-I Account No.38363637615 with future interest @8.65% p.a. (Simple) from the date of filing of the Original Application i.e.07.03.2022 till full realization of the amount mentioned in this operative order.

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(ii)- Out of Rs.99,06,178/-, Defendants No.1 & 2 either jointly or severally shall pay an amount of Rs.5,02,315 /- (Rupees Five Lakhs Two Thousand Three Hundred Fifteen only) towards Top-up Term Loan-II Account No.38363641951 with future interest @8.65% p.a. (Simple) from the date of filing of the Original Application i.e.07.03.2022 till full realization of the amount mentioned in this operative order.

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(iii)- Out of Rs.99,06,178/-, Defendants No.1 & 2 either jointly or severally shall pay an amount of Rs.68,191 /- (Rupees Sixty Eight Thousand One Hundred Ninety One only) towards SBI Suraksha Loan Term Loan-III Account No.38363651562 with future interest @8.65% p.a. (Simple)

(OA No.320/2022)

Page 5 of 6

[ANIL]

from the date of filing of the Original Application i.e.07.03.2022 till full realization of the amount mentioned in this operative order

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(C) The above said amount is secured by keeping charge on the immovable property i.e. Flat No.1403, Antheia, Wing A1, 14^th Floor, carpet area 1180 sq.ft. 88.80 sq. fts. double heighted terrace aggregate 1050 sq.ft. built up area 1580 sq.ft. in the name of Scheme “Mahindra Lifespace” situated at Pimpri situated at CTS No.6017, Taluka Haveli, District Pune, more particularly mentioned in Para No.5.5 of the Original Application.

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(D) The Applicant Bank is entitled to sell the abovementioned charged 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 Bank and defendants.

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Sd/- Place : Pune (Dilip G Murumkar) Date : 09.12.2025 Presiding Officer, Debts Recovery Tribunal, Pune.

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(OA No.320/2022)

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Page 6 of 6

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[ANIL]

State Bank of India v. Mitul Vyas

Case brief

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State Bank of India v. Mitul Vyas

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