Allowed

Idfc Bank Limited (E-Capital First Limited) v. Sh. Ashfak Khan

DRT22 Jan 2025TA/699/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's original application for recovery of a home loan. Proceeding ex-parte against absent defendants, the court directed payment of the outstanding principal along with pendent lite and future interest and costs. A recovery certificate was issued for enforcement.

What did the court decide?

Directing respondents to pay Rs. 32,22,055.29 with interest and costs within 30 days and directing issuance of a recovery certificate.

Idfc Bank Limited (E-Capital First Limited) versus… — Contract and Commercial Disputes | DRT (2025)

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TA No.699 OF 2022

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Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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T.A. No. 699 of 2022

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IDFC First Bank Limited (e-Capital First Limited) Ground Floor, 2109,
Desh Bandhu Gupta Road, Karol Bagh, New Delhi-110005 Applicant
Versus
1.Sh.Ashfak Khan s/o Sh.Abbas Ali (Borrower) R/o House No.G-217, Shaheed Nagar Sahibabad, Ghaziabad, UP-201001
2.Mohd. Ashkar Khan s/o Sh.Abbas Ali (Co-borrower) R/o House No.G-217, Shaheed Nagar Sahibabad, Ghaziabad, UP-201001
3.Ms.Tabassum Parveen w/o Sh.Mohd Ashkar (Co-borrower) R/o House No.G-217, Shaheed Nagar Sahibabad, Ghaziabad, UP-201001
4. Ms.Yasmeen Parveen w/o Ashfak Khan (Co-borrower) R/o House No.G-217, Shaheed Nagar Sahibabad, Ghaziabad, UP-201001 Defendants
Present: Sh.Rachit Bigghe, Counsel for the applicant bank
Date of Institution: 03.04.2021 Date of Pronouncement: 22.01.2025

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TA No.699 OF 2022

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FINAL ORDER

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This original application has been filed by the applicant bank on 03.04.2021 through Shri Farid Ahmed, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 read with Rule 8 of the Debts Recovery Tribunal Rules 1993 against the defendant for recovery of a sum of Rs.32,22,055.29 (Rupees Thirty Two Lacs Twenty Two Thousand Fifty Five & paisa Twenty Nine only) as on 06.02.2021 together with pendentelite and future interest @10.50% per annum with monthly rests from the date of filing of this application till the date of realization and costs.

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The brief facts of the case are that at the request of defendant no.1 being borrower and defendant No.2 to 4 as coborrowers submitted Home loan application dated 14.03.2017, the applicant bank sanctioned Home Loan Against Property of Rs.35.20 lacs (Rupees Forty Lacs only) on 12.04.2017 @10.50% interest to be repayable in 240 EMI of Rs.35,143/in order to purchase MIG Flat bearing No.S-1, Second Floor with Roof Rights, Plot No.A-100, Shalimar Garden Main, Sahibabad, Ghaziabad, UP and applicant bank disbursed Rs.33,88,743/- in favour of Smt.Shabnam Khanam, the owner of the flat.

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In order to avail the said loan facility, the defendants submitted Loan application dated 14.03.2017 and executed Sanction Letter, Loan Agreement, Declaration, Irrevocable Power of Attorney, Demand Promissory Note for Rs.40.00 lacs on 13.04.2017.

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TA No.699 OF 2022

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That in order to secure the loan facility, the defendant No.1 created mortgage of their property bearing MIG Flat No. S-1, Second Floor with Roof Rights, Plot No.A-100„ Shalimar Garden Main, Sahibabad, Ghaziabad, UP in favour of the applicant on .

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It has been submitted by the applicant that after availing the aforesaid loan against property facility, the defendants failed to comply with the terms and conditions either towards principle or interest or charges despite several requests, personal visits by representatives of the Applicant Bank. The applicant bank classified the account as NPA as per RBI guidelines and issued legal demand notice dated 08.03.2018 to the defendants but to no avail.

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Notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 08.03.2018 was issued to the defendants and auctioned the property for Rs.19.00 lacs on 16.01.2020 and issued post sale notice on loss dated 08.03.2021.

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Notices of this O.A. were issued to the defendants and • despite proper service including publication in newspaper, the defendants have chosen to absent from the proceedings. As per order dated 26.09.2024, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Farid Ahmed, authorized representative of the applicant who has proved the documents

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TA No.699 OF 2022

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as Letter of Authorization Ex-AW1/A, Mortgage Loan Agreement along with other documents Ex-AW1/B, Demand Notice with Postal Receipts Ex-AW1/C & Ex-AW1/D, Post Sale Notice and Receipts Ex-AW1/E & Ex-AW1/F, Statement of Account Ex.AW-1/G.

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

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The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

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In the light of the above discussions, the Original Application deserves to be allowed.

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ORDER

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I, allow this OA and direct the defendants to pay to the applicant bank, jointly or severally, within 30 days, a sum of Rs.32,22,055.29 Rupees Thirty Two Lacs Twenty Two Thousand Fifty Five & paisa Twenty Nine only) together with pendentelite and future interest @10.50% per annum from the date of filing of this O.A. till the date of realization along with costs. In case of shortfall, the aforesaid amount shall be recovered from the sale of movable and immovable property of the defendants.

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TA No.699 OF 2022

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(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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(III) Parties are directed to appear before Recovery Officer, DRT I, Delhi on 24.03.2025.

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(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

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(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 22.01.2025