Allowed

Icici Bank Limited v. Sou. Shweta Borude

DRT27 Mar 2025OA/56/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the recovery application of ICICI Bank against three borrowers who defaulted on a housing and mortgage insurance loan. The court confirmed the dues adjusted for charges, fixed interest at 9%, and issued a recovery certificate securing the amount against mortgaged property.

What did the court decide?

Order allowed. Defendants to pay Rs.49,47,054 plus 9% future interest. Recovery certificate issued against mortgaged property. Sale of property permitted to recover dues.

Icici Bank Limited versus Sou. Shweta Borude — Specific Performance | DRT (2025)

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Presented on: 29.12.2018 Registered on: 19.01.2023 Decided on: 27.03.2025 Duration: Y M D 06 02 27

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.56/2023.

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ICICI Bank Ltd.,

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Registered under the Companies Act, 1956, having its registered at ICICI Bank Ltd, Near Chakli Circle, Old Padra Road, Vadodara 390 007 and having their Branch Office at ICICI Bank Ltd., 870/1, Suma House, Bhandarkar Road, Pune-411 004.

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… Applicant

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Versus

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Sou.Shweta Niteen Borude Age Adult, Occ.- Business, R/at –

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a. Flat No.3, Building No. Wing-8, Pleasant Part-I Co-operative Housing Society, Fatima Nagar, Wanawadi, Pune-411 040.

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b. Flat No1407, Plot No.R-2, 155 to 164, 14^th Floor, Tower 4, Kul Nation Phase-1, Manjari Khurd, Pune, Gat No.124 to 170 and 194, Pune-412 307.

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c. G-202, Astonia Royal, Survey No.62/63, Ambegaon Budruk, Narhe Road, Near Mumbai Bangalore Express Highway,Pune-46.

(OA No.56/2023)

Page 1 of 7

[ANIL]

d. Plot No.20, Nisar Manik Nagar, Ahmednagar – 414 001.

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Mr. Niteen Gundurao Borude Age: Adult, Occ.- Business, R/at-

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a. Flat No.3, Building No. Wing-8, Pleasant Part-I Co-operative Housing Society, Fatima Nagar, Wanawadi, Pune-411 040.

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b. Flat No1407, Plot No.R-2, 155 to 164, 14^th Floor, Tower 4, Kul Nation Phase-1, Manjari Khurd, Pune, Gat No.124 to 170 and 194, Pune-412 307.

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Sou. Lilabai Gundurao Borude Age adult, Occ.- Business, R/at -

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a. Flat No.3, Building No. Wing-8, Pleasant Part-I Co-operative Housing Society, Fatima Nagar, Wanawadi, Pune-411 040.

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b. Flat No1407, Plot No.R-2, 155 to 164, 14^th Floor, Tower 4, Kul Nation Phase-1, Manjari Khurd, Pune, Gat No.124 to 170 and 194, Pune-412 307.

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… Defendants

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APPEARANCES

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For the Applicant Mr. V. V. Chandavale - Advocate For the Defendants Ex-parte.

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TOTAL CLAIM AMOUNT –Rs.54,47,054.10Ps.

(OA No.56/2023)

Page 2 of 7

[ANIL]

JUDGMENT

(Delivered on 27^th March, 2025)

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The Applicant Bank has filed present application for recovery certificate of Rs.54,47,054.10Ps. with future interest @9.35% per annum with monthly rests from the date of filing of Original Application till payment or realization of entire debts, from the defendants.

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Brief facts of the application are as under:

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Defendant No.1 & 2 are the borrowers and defendant No.3 is co-borrower. Defendant Nos.1 to 3 approached to the Applicant Bank and requested for purchasing Flat No.1407 on 14^th floor, Building No.4 situated in the building known as “Kul Nation (Phase One), at village Manjri Khurd, Taluka Haveli, District Pune. Accordingly, the Applicant Bank considered the request of defendants and sanctioned Housing Loan of Rs.50,00,000/-, on 29.11.2015, on certain terms and conditions.

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In order to secure the said Housing Loan Facility, the defendants have executed necessary loan transaction and security documents, in favour of the Applicant Bank, as set out in Para No.5.4 of the Original Application.

(OA No.56/2023)

Page 3 of 7

[ANIL]

Further, defendants have executed equitable mortgage by depositing title deeds on 30.10.2015 of the immovable property i.e. Flat No.1407 on 14^th floor, Building No.4, situated in the building known “Kul Nation (Phase One), constructed on Plot No.R-2, Survey No.155 to 164, Gat No.124 to 170 and 194 at village Manjri Khurd, Taluka Haveli District Pune, in favour of the Applicant Bank.

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The defendant Nos.1 to 3 have also executed Mortgage Insurance Loan Application Form on 29.10.2015 and applicant bank sanctioned and disbursed Mortgage Insurance Loan of Rs.1,34,000/- on 29.12.2015. The Mortgage was executed on 30.10.2015 by depositing Articles of Agreement to sale dated 27.10.2015 and deposited certain documents in favour of applicant bank, as set out in Para No.5.6 (e) of the Original Application.

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It is contended that after availing the loan facilities, defendants have failed and neglected to comply with terms and conditions in which the said facility was granted. The loan account has been identified as Non-Performing Asset as per Reserve Bank of India norms. Therefore, the Applicant Bank has sent Loan Recall Notice dated 16.09.2017 to the defendants and demanded the entire dues in both Home

(OA No.56/2023)

Page 4 of 7

[ANIL]

Loan and Mortgage Insurance Loan and invoking the mortgage. Even after repeated fallow-up, the defendants failed to pay the installments and failed to regularize the said Loan Account.

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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 them vide Order dated 17.02.2025 passed below the Application (Exhibit-01).

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The Applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Basavraj Laxman Naganuri, Dy. Manager, which supports the case of the applicant elucidated in the application.

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The Applicant Bank has produced in evidence the original loan documents at Annexures-AW-1-1 to AW-1/14, 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 the evidence of the Applicant Bank. Therefore, the Applicant Bank is entitled for reliefs as claimed.

(OA No.56/2023)

Page 5 of 7

[ANIL]

The Applicant Bank has claimed Typing and Xerox charges of Rs.5,000/- and the same are required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.54,47,054.10Ps is reduced to Rs.49,47,054.10Ps .

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10 The Applicant Bank has claimed future interest at the rate of 9.90% p.a. for Home Loan and Mortgage Insurance Loan Facility, but, 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.56/2023 is allowed with costs.

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(B) Defendant No.1 to 3 either jointly or severally shall pay an aggregate amount of Rs . 49,47,054/- (Rupees Fourty Nine Lakhs Fourty Seven Thousand Fifty Four only) to the Applicant Bank towards Home Loan (Account No.LBPUN00002375339) and Mortgage Insurance Loan (Account No. LBPUN00002712702) with future interest @9% per annum from the date of filing of the Original Application i.e.29.12.2018 till payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by executing equitable mortgage deed on 30.10.2015 of the immovable property i.e. Flat No.1407 on 14^th floor, Building No.4, situated in the building known

(OA No.56/2023)

Page 6 of 7

[ANIL]

“Kul Nation (Phase One), constructed on Plot No.R2, Survey No.155 to 164, Gat No.124 to 170 and 194 at village Manjri Khurd, Taluka Haveli District Pune, in favour of the Applicant Bank, more particularly described in the Schedule of Mortgage Property in the Original Application.

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(D) The Applicant Bank is entitled to sell the above mentioned 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 the Defendants.

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Place: Pune Date: 27.03.2025

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

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(OA No.56/2023)

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Page 7 of 7

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[ANIL]

Icici Bank Limited v. Sou. Shweta Borude

Case brief

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Icici Bank Limited v. Sou. Shweta Borude

Case brief

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