Allowed

Bank of India v. Mr Shitanshu Mistry

DRT2 Jul 2025OA/623/2022

Case brief

AI extract

What is this about?

A Debt Recovery Tribunal allowed an application filed by Bank of India for recovery of Rs. 1.21 crore and future interest from the defendant, who was adjudged the legal heir of a deceased borrower. The court enforced the mortgage on a flat in Mumbai and directed the issuance of a Recovery Certificate.

What did the court decide?

Defendant ordered to pay Rs. 1.21 crore plus future interest; mortgage property made available for sale; Recovery Certificate to be issued.

Bank of India versus Mr Shitanshu Mistry — Execution and Attachment | DRT (2025)

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Presented on .. 23.12.2021 Registered on .. 21.06.2022 Decided on .. 02.07.2025 Duration .. Y—M—D 03--06--09

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 623/2022.

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Bank of India,

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A Banking company incorporated under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 having its head office at C-5, G Block, BandraKurla Complex, Bandra (East), Mumbai – 400051 and branch at – Laxmi Road, 592, Sadashiv Peth, Near Shagun Chowk LAX, Pune 411 030.

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… Applicant

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Versus

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Mr. Shitanshu Sandeep Mistry, (Co-borrower-mortgagor and also Legal heir of deceased borrower Mrs. Trupti Sandeep Mistry) 107, Azalea Apartment, Near BSNL Telephone Exchange, Baner Road, Baner, Pune 411 045.

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… Defendant

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:- Appearances

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For Applicant Adv Mrs. Gauri i/b Adv M V Kini & Co. For Defendant Ex parte.

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Sanap ( OA No. 623/2022 ) 1 of 5

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Total Claim Amount – Rs. 1,21,72,721/-

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JUDGMENT (Delivered on 02^nd July, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.1,21,72,721/- together with future interest @7.55% per annum from the date of Application till realization of the entire dues from the defendant.

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Brief facts of the application are as under :-

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The borrower Mrs. Trupti Sandeep Mistry after availing loan facility from the applicant Bank, died on 24.08.2021. The defendant is legal heir of deceased Trupti being her son. As per the loan application of the defendant and deceased Trupti, the applicant Bank sanctioned the Star Home loan facility of Rs.96,37,000/- to the defendant and deceased Trupti vide Sanction Letter dated 30.11.2017. Thereafter, again at the request of deceased Trupti and the defendant, the applicant Bank sanctioned Top Up Loan facility of Rs.10,00,000/- to them vide Sanction Letter dated 04.01.2018.

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In order to secure the aforesaid loan facility, the defendant and deceased Trupti have executed necessary loan and security documents in favour of the applicant Bank. Deceased Trupti and the defendant have also

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Sanap ( OA No. 623/2022 ) 2 of 5

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executed deed of mortgage in respect of Flat 1701, Admeasuring area 945 sq. ft., 17^th Floor, Imeria Versova Andheri Swagat CS Ltd Plot No. 45 RCS 21 SVP Nagar, Versova Andheri West, Mumbai, in favour of the applicant Bank. The defendant and deceased Trupti have also executed Acknowledgment of Debt on 12.11.2020 and thereby confirmed the balance outstanding in loan account.

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The applicant Bank contended that the defendant and deceased Trupti committed defaults in payment of installments and failed to regularize the accounts. Hence, on 30.09.2019, the applicant Bank has classified the account of the defendant as Non Performing Asset in accordance with guidelines of Reserve Bank of India. Therefore, on 01.10.2019, the applicant Bank issued legal Notice to the defendant and deceased Trupti. Despite service of Notice, the defendant and deceased Trupti failed and neglected to pay the outstanding dues of the applicant Bank.

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Hence, this application is filed.

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The defendant failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendant as per Order dated 01.07.2024 passed below Application (Exhibit-1).

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Sanap ( OA No. 623/2022 ) 3 of 5

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Rajendra Sadashiv Kale, Chief Manager and Authorized Signatory of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-27 along with list (Exhibit 7), 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 defendant 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 future interest @7.55% per annum. Considering the facts of the case, I am of the opinion that if future interest is granted @7.55% 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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O R D E R

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A} Original Application No. 623/2022 is allowed with costs.

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B} The defendant shall pay to the applicant Bank the sum

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Sanap ( OA No. 623/2022 ) 4 of 5

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of Rs.1,21,72,721/- (Rupees One Crore Twenty One Lakhs Seventy Two Thousand Seven Hundred Twenty One only) along with future interest @7.55% per annum from the date of filing of the Original Application i.e. 23.12.2021 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 in respect of Flat 1701, Admeasuring area 945 sq. ft., 17^th Floor, Imeria Versova Andheri Swagat CS Ltd Plot No. 45 RCS 21 SVP Nagar, Versova Andheri West, Mumbai, more particularly described in the Schedule 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.

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F} The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendant.

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Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 02.07.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 623/2022 ) 5 of 5

Bank of India v. Mr Shitanshu Mistry

Case brief

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Bank of India v. Mr Shitanshu Mistry

Case brief

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