Allowed

State Bank of India v. Indrajeet Babalal Lakhara

DRT5 Aug 2025OA/740/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of a housing loan of Rs. 39,04,813.96 PS plus future interest at 9% simple per annum, granting a recovery certificate and authorizing the sale of mortgaged properties.

What did the court decide?

Defendants directed to pay Rs. 39,04,813.96 PS with future interest at 9% simple per annum; Recovery Certificate issued; authority granted to sell mortgaged property.

State Bank of India versus Indrajeet Babalal Lakhara — Execution and Attachment | DRT (2025)

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Presented on: 04.09.2024 Registered on: 04.09.2024 Decided on: 05.08.2025 Duration: Y M D - - 11 01

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Shri Dr. J. R. Chauhan Presiding officer)

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TOTAL CLAIM AMOUNT – Rs.39,04,813.96 PS.

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ORIGINAL APPLICATION No.740/2024

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State Bank of India , A body corporate constituted under the provisions of the State Bank of India Act, 1955 (23 if 1955) having it’s one of Local Head office at Synergy, Bandra-Kurla Complex, Bandra €, Mumbai & Branches amongst the other places at Ahmednagar & having Stressed Assets Recovery Branch (SARB) at Plot No.79, N-5, CIDCO Aurangabad – 431 003 through its Authorized Officer, Mr. Nanasaheb Bhimaji Kolpe (Manager & CC)), Age: 46 yrs., Occu: Service, R/o. CIDCO, Aurangabad,

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… Applicant

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[DAK] (OA No.740/2024) Page 1 of 9

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Versus

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1. Indrajeet Babalal Lakhara Age: Major, Occu.: Business, R/o: House No. 4330, Shani Chowk, Gujar Galli, Ahmednagar, AND / OR Indrajeet Babalal Lakhara Age: Major, Occu.: Business, R/o: Flat No. 301, 2^nd Floor, Platinum Pride, Sub Plot No. 42, Final Plot No. 11, TP No. 4, Savedi, Ahmednagar,

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2. Uttara Indrajeet Lakhara Age: Major, Occu.: Business, R/o: House No. 4330, Shani Chowk, Gujar Galli, Ahmednagar,

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[DAK] (OA No.740/2024) Page 2 of 9

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Uttara Indrajeet Lakhara Age: Major, Occu.: Business, R/o: Flat No. 301, 2^nd Floor, Platinum Pride, Sub Plot No. 42, Final Plot No. 11, TP No. 4, Savedi, Ahmednagar, Dist. Ahmednagar Defendants

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APPEARANCES

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For the Applicant Mr. K. D. Pande - Advocate For Defendants Exparte

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JUDGMENT (Delivered on 5^th August, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs. 39,04,813.96 PS (Rs. Thirty Nine Lacs Four Thousand Eight Hundred Thirteen & Ninety Six Ps Only) together with interest 9.10% per annum with monthly rests upon Housing loan from 15.07.2024 till the

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[DAK] (OA No.740/2024) Page 3 of 9

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full realization of the entire dues and costs from the defendants.

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Brief facts of the application are as under :

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That, the Defendant Nos. 1 & 2 had approached to the Applicant Bank and requested to sanction a Housing Loan facility. Upon considering the representations/requests and need of the defendants, the Applicant Bank sanctioned Housing Loan of Rs. 28,00,000/- & Funding of Home Loan Insurance Cover (Suraksha Loan) of Rs. 1,50,000/- vide sanction letter dated 30.01.2018 on certain terms & conditions. The agreed rate of interest was @ 8.55 % per annum with monthly rests. The defendants also agreed to pay an additional interest by way of liquidated damages @ 2% p.a. in case of default in repayment.

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In order to secure the aforesaid loan facilities, the defendants executed loan documents in favour of the applicant bank namely arrangement letter, memorandum of loan agreement for housing loan, deed of undertaking, agreement to mortgage, confirmation letter dated 30.01.2018, registered sale deed bearing daybook 636 dated 03.02.2018, vide list of documents Exh.5.

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[DAK] (OA No.740/2024) Page 4 of 9

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The applicant bank contended that to secure the Housing loan facility, the defendants have mortgaged their immovable property by creating Equitable Mortgage by way of deposit of title deed on 30.01.2018 in favour of the applicant bank in respect of following property.

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All that piece and parcel of Flat No. 301 admeasuring built up area 54.29 sq.mtrs., covered terrace 3.38 sq.mtrs., formed terrace 9.90 sq.mtrs., open terrace 14.96 sq.mtrs. (carpet area 49.10 sq.mtrs.) on Second Floor in a Building ‘Platinum Pride’ constructed on Sub Plot No. 42 out of Final Plot No. 11 in TP Scheme No. 4, Savedi, Ahmednagar which is bounded as under:

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East: Flat No. 302 West: 10.00 mtr. road South: Side Margin North: Side Margin

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The applicant bank contended that the defendants have failed to keep their promises and commitments agreed by them with regard to due repayment of the loan amount. The defendants failed to operate the loan account properly within a year and failed to pay the agreed rate of interest as per terms and conditions of the arrangement letter.

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[DAK] (OA No.740/2024) Page 5 of 9

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Thereafter, the applicant bank repeatedly made demand of loan amount and called upon the defendants to pay with the agreed rate of interest thereon, but the defendants failed and neglected to pay the same. The loan account of the defendants became irregular and classified as nonperforming asset on 26.11.2023. Therefore on 18.07.2024, the applicant Bank issued legal notice to the defendants through their Advocate. Despite service of Notice, the defendants failed and neglected to repay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendants failed to appear in the matter though they were duly served, hence the defendants proceeded exparte as per Order dated 29.04.2025.

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The applicant Bank has filed Claim Affidavit of Evidence (Exhibit-4) ofNanasaheb s/o. Bhimji Kolpe , Manager & CCO of the applicant Bank and has produced on record the original loan transaction documents as Exh. A-1 to A-16, along with list of documents Exh. 5 which corroborates the case of the applicant Bank.

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I have heard arguments of the learned Advocate for the

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[DAK] (OA No.740/2024) Page 6 of 9

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applicant bank.

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Since the defendants failed to appear and contest the application, I find no reason to disbelieve the unrebutted 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 @ 9.10% per annum with monthly rests compoundable from 16.07.2024 till the full realization of the entire dues and costs from the defendants. However, considering the facts and circumstances 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.740/2024 is allowed with costs.

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(B) Defendants are ordered and directed to pay jointly and severally to the applicant the aggregate sum of Rs. 39,04,813.96 PS (Rs. Thirty Nine Lacs Four Thousand Eight Hundred Thirteen & Ninety Six Ps Only) alongwith future

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[DAK] (OA No.740/2024) Page 7 of 9

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interest @ 9% per annum (simple) from 04.09.2024 till full payment/realization of the amount.

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(D) The applicant bank is entitled to sell the mortgaged immovable properties, 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

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[DAK] (OA No.740/2024) Page 8 of 9

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applicant and defendants.

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(G) File be consigned to the record room after due compliance.

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Place : Aurangabad. Date : 05.08.2025.

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Sd/(Dr. J. R. Chauhan) Presiding Officer Debts Recovery Tribunal, Aurangabad

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[DAK] (OA No.740/2024) Page 9 of 9

State Bank of India v. Indrajeet Babalal Lakhara

Case brief

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State Bank of India v. Indrajeet Babalal Lakhara

Case brief

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