Allowed

Idbi Bank v. Shiraj

DRT27 Feb 2025OA/508/2022

Case brief

AI extract

What is this about?

The Appellant Bank filed an Original Application for recovery of Rs. 29.06 lakh with future interest against Respondents who defaulted on a housing loan secured by a mortgage. The Debts Recovery Tribunal allowed the application, reduced penal interest, fixed future interest at 9%, and directed recovery from the mortgaged property.

What did the court decide?

Defendants to pay Rs. 29,06,211 with future interest @9% p.a. from 28.03.2022; Recovery Certificate issued; Rights to sell mortgaged property exercised.

Idbi Bank versus Shiraj — Execution and Attachment | DRT (2025)

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Presented on : 28.03.2022 Registered on : 04.06.2022 Decided on : 27.02.2025 Duration : Y M D 02 11 00

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 508/2022.

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IDBI Bank Limited,

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A Company incorporated and registered under the Companies Act, 1956 (1/1956) and a company within the meaning of Section 2 (20) of the Companies Act, 2013 and a Banking Company under Section 5(c) of the Banking Regulation Act, 1949, having its registered office at IDBI Tower, WTC Complex, Cuffe Parade, Mumbai 400005 and branch at – Godoli Branch, C F C Bldg., Old MIDC, Godoli, Satara 415 004.

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.. Applicant

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Versus

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1 Mr. Shiraj Khudbuddin Sayyad, Age 47 years, Occ. Business, R/at - (1) At/Post Kameri, Taluka and District Satara 415019.

(OA No. 508/2022)

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Sanap

(2) Flat No. F/2, 1^st Floor, Aarush Residency Plot No. 6+7, S. No. 334/2B/2, Mauje Kodoli, Sambhajinagar Grampanchayat, Taluka and District Satara 415 004.

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2 Mrs. Shakila Shiraj Sayyad, Age 44 years, Occ. Housewife, R/at - (1) At/Post Kameri, Taluka and District Satara 415019.

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(2) Flat No. F/2, 1^st Floor, Aarush Residency Plot No. 6+7, S. No. 334/2B/2, Mauje Kodoli, Sambhajinagar Grampanchayat, Taluka and District Satara 415 004.

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.. Defendants

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APPEARANCES

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For Applicant	Advocate Bet i/b Advocate Barsode.
For Defendants	Exparte.

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Total Claim Amount –Rs.29,21,948=51

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JUDGMENT

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(Delivered on 27^th February, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.29,21,948=51 by rounding Rs.29,21,949/- together with future interest @10.90% per annum from the date of Application till realization of the entire dues from the defendants.

(OA No. 508/2022)

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Brief facts of the application are as under:

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Defendant Nos.1 and 2 wanted to purchase residential flat, and therefore, they approached the applicant Bank in the month of February 2019. As per the loan application of the defendants, the applicant Bank sanctioned the following loan facilities to the defendants.

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Name of the facility	Amount	Date of sanctio
Housing Loan	Rs.22,50,000/-	18.02.2019
Loan Insurance Premium	Rs.1,40,612/-	18.02.2019

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In order to secure the aforesaid loan facilities, the defendants executed loan and necessary security documents in favour of the applicant Bank along with deed of mortgage of Flat No. F/2, 1^st Floor, Admeasuring 725 Sq. Ft / 67.37 Sq. Mtr. Alongwith Car Parking space area 120 sq. ft. in buiding known Aarush Residency, standing on S. No. 334/2B/2, Plot No. 6 & 7, Near Amar Laxmi Sadan, Sambhajinagar, Kodoli village, Taluka and District Satara, in favour of the applicant Bank.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed

(OA No. 508/2022)

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to regularize the accounts. Hence, on 09.12.2019, the applicant Bank has classified the account of the defendants as Non Performing Asset in accordance with guidelines of Reserve Bank of India. Therefore, on 14.12.2020, the applicant Bank issued legal Notice to the defendants. Despite service of Notice, the defendants failed and neglected to pay the outstanding dues of the applicant Bank. The applicant Bank obtained symbolic possession vide possession notice dated 30.08.2021.

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Hence, this application is filed.

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The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte as per Order dated 06.02.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Emerson Jesus De’souza, Authorized Signatory of the applicant Bank holding power of attorney for and on behalf of the applicant Bank and has produced on record the original loan transaction documents at Sr. Nos. AW-1-1 to AW-1-16 along with list (Exhibit 9), which corroborates the case of the applicant Bank.

(OA No. 508/2022)

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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 reliefs as claimed.

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The applicant Bank has claimed Penal Interest of Rs.14,844/- towards Home Loan and Rs.894/- towards Loan Insurance Premium total of Rs.15,738/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.29,21,949/- is reduced to Rs.29,06,211/-.

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The applicant Bank has claimed future interest @10.90% per annum. 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 :-

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ORDER

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(A) Original Application No.508/2022 is allowed with proportionate costs.

(OA No. 508/2022)

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(B) Defendant Nos.1 and 2 either jointly or severally shall pay to the applicant Bank the sum of Rs.29,06,211/(Rupees Twenty Nine Lakhs Six Thousand Two Hundred Eleven only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 28.03.2022 till full payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of Flat No. F/2, 1^st Floor, Admeasuring 725 Sq. Ft / 67.37 Sq. Mtr. Alongwith Car Parking space area 120 sq. ft. in buiding known Aarush Residency, standing on S. No. 334/2B/2, Plot No. 6 & 7, Near Amar Laxmi Sadan, Sambhajinagar, Kodoli village, Taluka and District Satara, more particularly described in the Schedule-I of the Original Application.

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(D) The applicant Bank is entitled to sell the mortgaged property to recover its dues.

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(E) Issue Recovery Certificate.

(OA No. 508/2022)

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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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Sd/(Dilip G Murumkar) Place : Pune Presiding Officer Date : 27.02.2025 Debts Recovery Tribunal, Pune

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(OA No. 508/2022)

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Sanap

Idbi Bank v. Shiraj

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Shiraj

Case brief

What is this about?

What did the court decide?

What the court decided

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