Allowed

State Bank of Indore v. Mr. Avinash Namdeo Sawant S/O. Namdeo Sawant

DRT1 Apr 2025OA/784/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of loan dues from the defendants who failed to appear. The bank was granted the principal amount reduced by penal interest, with future interest at 9% per annum, secured by the mortgaged property.

What did the court decide?

Payment of Rs. 30,72,738/- with future interest at 9% p.a.; direction to sell mortgaged property; issue of Recovery Certificate.

State Bank of Indore versus Mr. Avinash Namdeo Sawant S/O… — Banking and Recovery | DRT (2025)

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Presented on .. 24.06.2022 Registered on .. 29.08.2022 Decided on .. 01.04.2025 Duration .. Y—M—D 02--09--07

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 784/2022.

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State Bank of India,

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A Banking Company constituted under the State Bank of India Act, 1955 and having its Corporate Office at State Bank Bhavan, Nariman Point, Madam Cama Road, Mumbai 400021 and its branch at – Wakdewadi, Pune and thereafter matter transferred to State Bank of India, Stressed Assets Recovery Branch, Second Floor, Wardhaman, Seven Loves Chowk, Plot No. 321/A/3, Mahatma Phule Peth, Pune 411 042.

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… Applicant

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Versus

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1 Mr. Avinash Namdeo Sawant S/o Namdeo Sawant,

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2 Mrs. Swati Avinash Sawant, Both R/o : At Post Kalamwadi, (Kolakmala), Taluka Walva, District Sangli 415 406.

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… Defendants

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Sanap ( OA No. 784/2022 ) 1 of 5

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:- Appearances For Applicant For Defendants

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Advocate Sudha Koloti. Ex parte.

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Total Claim Amount – Rs. 30,74,244/-

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JUDGEMNT (Delivered on 01^st April, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.30,74,244/- together with future interest @9.25% per annum from the date of Application till realization of the entire dues from the defendants.

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Brief facts of the application are as under :- Defendant Nos.1 and 2 wanted to purchase housing property. Hence, as per the loan application dated 05.12.2016 of the defendants, the applicant Bank sanctioned two facilities i.e. Home Loan of Rs.25,90,000/and Home Loan Insurance Cover of Rs.69,000/-, aggregating amount of Rs.26,59,000/- to the defendants vide Arrangement Letter dated 26.12.2016.

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In order to secure the aforesaid loan facility, the defendants executed necessary loan and security documents along with deed of mortgage of Flat No. 209, 2^nd Floor, Building B (proposed building name : Bhumika) admeasuring 57.12 sq. mtrs. along with terrace

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Sanap ( OA No. 784/2022 ) 2 of 5

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space admeasuring 5.78 sq.mt, total saleable area 84.17 sq. mtr. in the scheme known as ―Suvidha Vrindavan‖, Gat No.222/B1 and 222/B2 situated at Mouje Kasurdi (Kheba), Taluka Bhor, District Pune, 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 to regularize the accounts. Hence, on 27.02.2020, 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 14.05.2022, 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. 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 19.02.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Smt. Jyoti Bandmantri, Assistant General Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr.

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Sanap ( OA No. 784/2022 ) 3 of 5

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Nos. AW-1 to AW-20 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 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.1,506/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.30,74,244/- is reduced to Rs.30,72,738/-.

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The applicant Bank has claimed future interest @9.25% 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. Hence, I pass the following order.

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O R D E R

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A} Original Application No. 784/2022 is allowed with proportionate costs.

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B} Defendant Nos.1 and 2 either jointly or severally shall pay to the applicant Bank the sum of Rs.30,72,738/-

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Sanap ( OA No. 784/2022 ) 4 of 5

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(Rupees Thirty Lakhs Seventy Two Thousand Seven Hundred Thirty Eight only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 24.06.2022 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. 209, 2^nd Floor, Building B (proposed building name : Bhumika) admeasuring 57.12 sq. mtrs. along with terrace space admeasuring 5.78 sq.mt, total saleable area 84.17 sq. mtr. in the scheme known as ―Suvidha Vrindavan‖, Gat No.222/B1 and 222/B2 situated at Mouje Kasurdi (Kheba), Taluka Bhor, District Pune, more particularly described in Para No. 5.5(d) 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 defendants.

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Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 01.04.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 784/2022 ) 5 of 5

State Bank of Indore v. Mr. Avinash Namdeo Sawant S/O. Namdeo Sawant

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State Bank of Indore v. Mr. Avinash Namdeo Sawant S/O. Namdeo Sawant

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