Allowed

Dcb Bank Limited v. Faiyaj Inamdar

DRT28 Apr 2025OA/418/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed DCB Bank Ltd's application for recovery of approximately Rs. 1.39 Crore against two defendants who defaulted on vehicle loans. The court reduced the claimed future interest rate to 9% p.a. granted a recovery certificate, and awarded costs.

What did the court decide?

Defendants to jointly or severally pay Rs.1,38,88,805/- with future interest @9% p.a. from filing date till realization. Recovery Certificate directed.

Dcb Bank Limited versus Faiyaj Inamdar — Contract and Commercial Disputes | DRT (2025)

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Presented on: 21.11.2022 Registered on: 03.03.2022 Decided on: 28.04.2025 Duration: Y M D 02 05 07

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.418/2023.

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DCB Bank Ltd ,

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DCB Bank Ltd incorporated under the Companies Act, 1956 having its registered office at 6^th Floor, Tower A, Peninsula Business Park Senapati Bapat Marg, Lower Parel, Mumbai 400 013 and branch amongst other places at Ferguson College Road, Shivajinagar, Pune—411 005, known as F C Road, Shivajinagar Branch, Pune. Versus

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… Applicant

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1. Mr. Faiyaj Babulal Inamdar Age-Adult, Occ.:-Business,

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2. Sou. Safiya Shafi Inamdar Age-Adult, Occ.:-Business, Both R/at Flat No.502, Building-H, Hill Mist Harmony, Near Kausar Bag, Kondhwa Khurd, Off NIBM Road, Pune-411 048.

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…Defendants

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APPEARANCES

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For the Applicant Advocate – Mr. R. B. Ganbote For the Defendants Ex parte

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TOTAL CLAIM AMOUNT – Rs.1,38,88,805/-.

(OA No.418/2023)

Page 1 of 5

[ANIL]

JUDGMENT (Delivered on 28^th April 2025)

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The Applicant Bank has filed present application for recovery of aggregate sum of Rs.1,38,88,805/towards Three Vehicle Loans of Rs.28,50,000/- each for Chassis and Three Loans of Rs.2,50,000/- each for Body as on 30.09.2022 with future interest @12.01% p.a. with monthly rests respectively till actual realization of the entire amount from the defendants.

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Brief facts of the application are as under:

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Defendants No.1&2 approached the Applicant Bank on 13.06.2018 and requested for three (3) vehicle loans of Rs.28,50,000/- each for Chassis and three (3) loans of Rs.2,50,000/- each for Body to be purchased from KGN Motors Pvt. Ltd.

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Applicant Bank considered the request of the defendants and sanctioned three vehicle loans of Rs.28,50,000/-each for Chassis and three loans of Rs.2,50,000/-each for Body on 2.06.2018 (Total Rs.93 Lakhs).

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Defendant No.1 & 2 have executed security documents on 22.06.2018 in favour of the applicant bank for securing the aggregate sanction of Rs.93,00,000/-, as mentioned in Para No.5.5 of the Original Application.

(OA No.418/2023)

Page 2 of 5

[ANIL]

The Applicant Bank contended that after execution of security documents, defendants No.1 and 2 have availed the credit facilities for purchase of Chassis and Body and agreed to repay the repay the same by equated monthly installments of Rs.62,700/- for 58 months and Rs.5,500/- for 58 months.

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The Applicant Bank contended that defendants No.1 and 2 have cheated the applicant bank and hypothecated the vehicles to other banks. Therefore, the applicant bank has filed FIR with Shivajinagar Police Station for cheating and fraud against the defendants. However, there is no progress in the Police Investigation, hence, the applicant bank filed RCS No.709/2021 against the defendants, which is still pending.

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Defendant Nos. 1 and 2 are not paying the installments in the vehicle loan account on time and they have committed breach of the sanction terms and conditions. Hence, the accounts of Defendants No.1 and 2 classified as NPA as per Reserve Bank of India norms.

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Therefore, the applicant bank issued foreclosure letters to the defendants on 01.10.2022 and recalled the dues in the loan accounts. However, the defendants have failed to pay

(OA No.418/2023)

Page 3 of 5

[ANIL]

the installments or regularize the accounts of the defendants with the applicant bank.

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Hence, this application is filed.

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Defendants failed to appear despite service of summons. Hence, the application proceeded ex parte against the Defendants vide Order dated 17.02.2025 passed below the Application (Exhibit-01).

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The Applicant Bank has filed Claim Affidavit (Exhibit-6) of Mr. Sagar Chavan and produced on record the Loan Transaction documents at Annexures.AW-1 to AW-11, which corroborates 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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The Applicant Bank has claimed interest @12.01% for loan accounts availed by the defendants. 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.418/2023)

Page 4 of 5

[ANIL]

ORDER

(A) Original Application No.418/2023 is allowed with costs.

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(B) Defendants No. 1 and 2 either jointly or severally shall pay aggregate sum of Rs.1,38,88,805/- (Rupees One Crore Thirty Eight Lakhs Eighty Eight Thousand Eight Hundred Five only) to the Applicant Bank towards vehicle loan accounts with future interest @9% p.a. from the date of filing of the Original Application i.e.21.11.2022 till payment /realization of the amount mentioned in this operative order.

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

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Sd/Place : Pune (Dilip G. Murumkar) Date: 28.04.2025 Presiding Officer, Debts Recovery Tribunal, Pune.

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(OA No.418/2023)

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Page 5 of 5

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[ANIL]

Dcb Bank Limited v. Faiyaj Inamdar

Case brief

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Dcb Bank Limited v. Faiyaj Inamdar

Case brief

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