Allowed

Canara Bank v. Mr. Neelesh Damodar Phuge

DRT14 Feb 2025OA/48/2022

Case brief

AI extract

What is this about?

The Tribunal allowed an Original Application filed by Canara Bank for recovery of an outstanding housing loan debt. The defendant failed to appear. The court adjusted penal interest, granted future interest at 9% p.a., and directed recovery secured by a mortgage deed.

What did the court decide?

Recovery of Rs.55,59,480/- plus future interest at 9% p.a. (simple) pursuant to a Mortgage of Title Deed.

Canara Bank versus Mr. Neelesh Damodar Phuge — Banking and Recovery | DRT (2025)

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Presented on: 04.02.2021 Registered on: 11.01.2022 Decided on: 14.02.2025 Duration: Y M D 03 11 20

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.48/2022.

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CANARA BANK ,

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A Body corporate constituted under the Banking Companies Acquisition and Transfer of Undertakings Act, 1970 having its Head Office at- 1^st Floor, Rambag Colony, Paud Road, Kothrud, Pune-411 038.

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… Applicant

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Versus

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Mr. Nilesh Damodar Phuge R/at Pandari Niwas, Madhale Phuge Talim, Near Sant Dnyaneshwar Bhaji Mandai, Bhosari, Pune- 411 039. … Defendant

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APPEARANCES

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For the Applicant Mrs. Pooja Mali, i/b M.V. Kini & Co. For the Defendant Ex-parte.

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TOTAL CLAIM AMOUNT –Rs.56,66,464.35Ps. JUDGMENT

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(Delivered on 14^th February, 2025)

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The Applicant Bank has filed present application for recovery of a sum of Rs.56,66,464.35Ps towards Housing Loan Account No.

(OA No.48/2022)

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0382619012651 together with future floating interest @09.50% p.a. from the date of filing 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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Defendant in the capacity of Borrower as well as Mortgager approached to the Applicant Bank and requested for Housing Loan for Rs.48 Lakhs.

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Applicant Bank considered the request of Defendant and sanctioned Rs.48,00,000/-towards Housing Loan Facility to Defendant on 17.11.2016 on certain terms and conditions.

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In order to secure the Housing Loan facility, Defendant has executed necessary loan transaction and security documents, in favour of the Applicant Bank for securing the above said loan facility, as set out in the Original Application.

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Defendant also created security interest over immovable property by way of Notice of Intimation of Mortgage of Title Deed dated 28.11.2016 in respect of all piece and parcel of Flat No.A-41, admeasuring 996 sq.fts. situated on 4^th floor building name SerenityB constructed on the land bearing Survey No.69/2E at village Ghorpadi, Tal.-Haveli, District Pune-411 001, as mentioned in Schedule-A of the Original Application.

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It is further contended that after availing and utilizing the said loan facility, the Defendant did not operate the said loan account in

(OA No.48/2022)

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[ANIL]

a disciplined manner. The operations in the said loan account were irregular and not satisfactory. The Defendant failed to repay the loan amount as per terms of sanction. Hence, the loan account was classified as NPA on 24.10.2018, as per Reserve Bank of India norms.

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The Applicant Bank issued Notice dated 24.11.2020 through Advocate to the Defendant calling upon him to pay the remaining outstanding amounts but despite notice, the Defendant failed to regularize the account or close the account.

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Hence, this application is filed.

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Defendant failed to appear despite service of summons. Hence, the application proceeded ex-parte against him vide Order dt.04.02.2025 passed below Application (Exhibit-01).

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Applicant Bank filed Claim Affidavit of evidence (Exhibit-6) of Mr. Sagarkumar Suresh Wankhade, authorized signatory, which supports the case of the Applicant Bank elucidated in the application.

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Applicant Bank has produced in evidence original loan documents at Sr. Nos. 1 to 13, which corroborate the case of the Applicant Bank.

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I heard arguments of the learned Advocate for the Applicant Bank.

(OA No.48/2022)

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Since the Defendant 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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Applicant Bank has claimed Rs.1,06,984/- towards Penal Interest, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.55,66,464.35 is reduced to

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Rs.55,59,480/-.

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10 Applicant Bank has claimed future floating interest @09.50% p.a. for Housing Loan Facility. Considering the facts of the present case, I am of the opinion that if future interest is granted @9% per annum (simple) for all the facilities, it would be just and reasonable.

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11 Hence, I pass the following order: -

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ORDER

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(A) Original Application No.48/2022 is allowed with costs.

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(B) Defendant shall pay to the Applicant Bank Rs.55,59,480/- (Rupees Fifty Five Lakhs Fifty Nine Thousand Four Hundred Eighty only) towards Housing Loan Account No.0382619012651 with future interest @9% p.a. (Simple) from the date of filing of the Original Application i.e.04.02.2021 till payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by creating security interest by way of Notice of Intimation of Mortgage of Title Deed dated 28.11.201 in respect of the immovable property i.e. all that piece and parcel of Flat No.A-41, admeasuring 996 sq. fts. situated on 4^th floor building name Serenity-B constructed on the land bearing Survey No.69/2E at village Ghorpadi, Taluka Haveli, District Pune-411 001, more particularly described in Schedule-A of the Original Application.

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(D) The Applicant Bank is entitled to sell the mortgaged 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 and Defendants.

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Place: Pune Date: 14.02.2025

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

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(OA No.48/2022)

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[ANIL]

Canara Bank v. Mr. Neelesh Damodar Phuge

Case brief

What is this about?

What did the court decide?

Canara Bank v. Mr. Neelesh Damodar Phuge

Case brief

What is this about?

What did the court decide?

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