Allowed

Bank of India v. Apurv Devanand Mishra

DRT30 Apr 2026OA/395/2023

Case brief

AI extract

What is this about?

This application under Section 19(1) sought recovery of a home loan debt. The defendants, co-borrowers, defaulted on payments, leading to the account being declared NPA. After the bank auctioned the mortgaged property under SARFAESI, the original application was allowed to recover the remaining balance as the defense was absent.

What did the court decide?

Directing respondents to pay the aggregate sum of ₹20,53,978.74/- adjusted against SARFAESI auction proceeds and issuing a Recovery Certificate.

Bank of India versus Apurv Devanand Mishra — Contract and Commercial Disputes | DRT (2026)

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ORIGINAL APPLICATION NO.395 OF 2023

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DEBTS RECOVERY TRIBUNAL No.2, MUMBAI

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PRESIDING OFFICER: HARISH KUMAR KAUSHIK

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ORIGINAL APPLICATION NO.395 OF 2023

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Date of Institution: 22.09.2022 Date of Decision: 30.04.2026

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TOTAL CLAIM AMOUNT :

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₹ 20,53,978.74/-

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BANK OF INDIA, A Bank, a body Corporate Constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act V of 1970, having their Head Office at Star House, C-5, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai-400 051, and one of its Branch Office being Dahisar (West) Branch, situated at Laxman Mhatre Road, Navagaon, Mandpeshwar, Dahisar (W), Mumbai - 400 068, through its Authorised Representative Mr. Sri Bhagwan Gupta, Chief Manager of the Applicant Bank

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… Applicant

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Versus

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MR. APURV DEVANAND MISHRA Adult, Indian Inhabitant, having address at B 5, 503, Rashmi Star City, Juchandra, Naigaon (E), Palghar-401 208. And Also at

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Page 1 of 10

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ORIGINAL APPLICATION NO.395 OF 2023

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Flat No. 4, Building No. B-1, Rashmi Star City, Sector No. 2, Juchandra, Naigaon (E), Palghar401 208. 2. MR. ANKIT DEVANAND MISHRA Adult, Indian Inhabitant, having address at B 5, 503, Rashmi Star City, Juchandra, Naigaon (E), Palghar - 401 208. And Also at Flat No. 4, Building No. B-1. Rashmi Star City, Sector No. 2, Juchandra, Naigaon (E), Palghar401 208.

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…Defendants

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APPEARANCES

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For the Applicant : Mr Hitendra Pandey i/b M/s. A. B. Shinde & Co. - Advocate For Defendants : None – Advocate

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J U D G M E N T

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(1) This is an application under Section 19(1) of the Recovery of the Debts due to Banks and Financial Institutions Act, 1993 renamed as Recovery of the Debt and Bankruptcy Act, 1993 (for short, ‘the 1993 Act’) to recover ₹20,53,978.74/- (Rupees Twenty Lakhs Fifty Three Thousand Nine Hundred Seventy-Eight and paise Seventy Four Only) due under Star Home Loan Account No. 009375110000255 with interest at the rate of

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Page 2 of 10

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ORIGINAL APPLICATION NO.395 OF 2023

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7.35% p. a. in respect of Star Home Loan plus 2% penal interest thereon from the date of presentation of the Original Application i.e. 22.09.2022 till payment/realization and to enforce the mortgaged security.

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The details of the claim amount are as under:-

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Sr	Nature of	Principal	Plus: Unapplied	Outstanding
N	Facility	Amount	Interest @ 7.35%	inclusive	of
o			p.a. from	Unapplied
			18.06.2019 to	Interest	upto
			17.09.2022	17.09.2022	at
				contractual	rate.
				(Amount Rupees)	in
1	Star Home Loan A/e. No. 009375110 000255	₹16,12,777.74/-	₹4,41,201.00/-	₹ 20,53,978	.74/-

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(2) It is undisputed fact in the matter that the Defendant nos.1 and 2 were duly served with the summons vide order-sheet dated 07.01.2025. Despite service, the defendants did not enter their appearance and therefore, they were set ex-parte on 23.12.2025.

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(3) Defendant no.1 and 2 are the co-borrowers who approached the Applicant Bank seeking financial assistance by way of Star Home Loan Facility. Pursuant to the loan application made by defendants, the Applicant sanctioned the loan vide Sanction Letter dated Letter of Sanction dated 18.04.2018 in sum of ₹16,65,000/- (Rupees

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Page 3 of 10

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ORIGINAL APPLICATION NO.395 OF 2023

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Sixteen Lakhs Sixty-Five Thousand Only) payable in 300 EMIs of ₹13,296.00/- with interest at the rate of 0.00% above the yearly BOIMCLR per annum with monthly rest equivalent to 8.40% per annum (floating).

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The details of the Sanction amount are as under:-

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S r	D a t e o f	A m o u n t	R O I	S e c u r i t y
N o	S a n c t i o n
1	1 8 . 0 4 . 2 0 1 8	₹1 6 , 6 5 , 0 0 0 / -	0 . 0 0 % a b o v e t h e y e a r l y B O I M C L R p e r a n n u m w i t h m o n t h l y r e s t e q u i v a l e n t t o 8 . 4 0 % p e r a n n u m ( f l o a t i n g ) .	E q u i t a b l e m o r t g a g e b y d e p o s i t o f O r i g i n a l T i t l e D e e d s i n r e s p e c t o f i m m o v a b l e p r o p e r t y b e i n gF l a t N o . 4, o n t h e g r o u n d f l o o r , a d m e a s u r i n g 2 7 6 s q . f t . c a r p e t a r e a i . e . 3 0 . 7 8 s q . m t r s . b u i l t u p a r e a o r t h e r e a b o u t s i n B u i l d i n g N o . B - 1 , R a s h m i S t a r C i t y , S e c t o r N o . 2 , s i t u a t e d a t J u c h a n d r a , N a i g a o n ( E ) , P a l g h a r - 4 0 1 2 0 8 , c o n s t r u c t e d o n l a n d b e a r i n g N e w S u r v e y N o . 3 6 5 ( O l d N o . 3 2 8 ) , N e w S u r v e y N o . 3 6 6 ( O l d N o . 3 3 1 , N e w S u r v e y N o . 3 6 7 ( O l d N o . 3 3 0 ) , N e w S u r v e y N o . 3 6 8 ( O l d N o . 3 3 2 ) , H i s s a N o . 5 , 6 , 7 , 8 , 3 , 5 , s i t u a t e , l y i n g a n d b e i n g a t V i l l a g e J u c h a n d r a , T a l u k a V a s a i D i s t r i c t P a l g h a r a n d w i t h i n t h e l i m i t s o f S u b - R e g i s t r a r o f A s s u r a n c e s a t V a s a i , D i s t r i c t P a l g h a r , o w n e d b y t h e D e f e n d a n t s
	T o t a l A m o u n t	₹ 1 6 , 6 5 , 0 0 0 / -	-	-

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(4) On the dates given below, defendants signed and executed the loan and security documents as set out in paragraph nos. 5 (B) to (E) of the Original Application. Defendants created Equitable mortgage by deposit of Original Title Deeds in respect of immovable property being Flat No. 4 , on the ground floor, admeasuring 276 sq. ft. carpet area i.e. 30.78 sq. mtrs. built up area or thereabouts in Building No. B - 1, Rashmi Star City, Sector No. 2, situated at Juchandra, Naigaon (E), Palghar -401 208, constructed on land

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Page 4 of 10

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ORIGINAL APPLICATION NO.395 OF 2023

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bearing New Survey No. 365 (Old No. 328), New Survey No. 366 (Old No. 331, New Survey No. 367 (Old No. 330), New Survey No. 368 (Old No. 332), Hissa No. 5, 6, 7, 8, 3, 5, situate, lying and being at Village Juchandra, Taluka Vasai District Palghar and within the limits of Sub-Registrar of Assurances at Vasai, District Palghar, owned by the Defendants to secure the loan.

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The details of the documents executed by the Defendants are as under: -

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(A) Sanction Letter dated 18.04.2018;

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(B) Demand Promissory Note for ₹16,65,000/dated 18.04.2018;

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(D) Loan Installment Letter dated 18.04.2018;

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(E) Agreement for Home Loan dated 18.04.2018;

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(F) Composite Agreement dated 18.04.2018;

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(G) Format of MCLR Agreement dated 18.04.2018;

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(H) Affidavit cum Undertaking dated 18.04.2018 and

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(I) Non-Relationship Declaration dated 18.04.2018;

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(J) Memorandum of Entry/Oral Assent dated 28.05.2018;

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(K) Acknowledgement of Debt/Security dated 25.09.2019.

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Page 5 of 10

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ORIGINAL APPLICATION NO.395 OF 2023

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(5) After availing the loan, defendants did not adhere to the financial discipline and committed default in payment of instalments and repayment of the loan and accordingly the accounts of the borrowers were declared as Non-Performing Assets (N.P.A.) on 07.06.2019 as per RBI Guidelines. Therefore, on 23.08.2022, the applicant, through its advocate, called upon defendants to liquidate the outstanding in the sum of ₹16,12,777.74/(Rupees Sixteen Lakhs Twelve Thousand Seven Hundred Seventy-Seven and paisa Seventy-Four Only) due under Star Home Loan Account No.009375110000255 with further interest at the rate of 7.25% p.a. with monthly rest plus 2% p.a. penal interest due from 07.06.2022 till payment and/or realization within 7 days from receipt of this notice. Despite notice, defendant nos. 1 and 2 failed and neglected to pay.

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(6) As on 22.09.2022, there was owing, due and payable by defendants to the applicant the aggregate sum of ₹20,53,978.74/- (Rupees Twenty Lakhs Fifty-Three Thousand Nine Hundred Seventy-Eight and paise Seventy-Four Only) due under Star Home Loan Account No. 009375110000255 with interest at the rate of 7.35% p. a. in respect of Star Home Loan plus 2% penal interest thereon. The applicant has maintained the loan ledger extract and the entries

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Page 6 of 10

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ORIGINAL APPLICATION NO.395 OF 2023

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posted therein are made in the usual and ordinary course of the banking business.

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(7) Since, defendants failed and neglected to make the payment, the applicant was left with no other alternate but to file the Original Application which was presented on 22.09.2022.

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(8) The applicant has filed affidavit (exhibit-6) in lieu of examination in chief of Mr Sri Bhagwan Gupta, Chief Manager and list of documents (exhibit-7) thereby adducing in evidence the documents at AW-1 to AW-19, which are admitted in evidence, read, recorded and exhibited.

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(9) Accordingly, in the Original Application was filed for the recovery of ₹20,53,978.74/- (Rupees Twenty Lakhs Fifty-Three Thousand Nine Hundred Seventy-Eight and paise Seventy-Four Only) due under Star Home Loan Account No. 009375110000255 with interest at the rate of 7.35% p. a. in respect of Star Home Loan plus 2% penal interest thereon from the date of presentation of the Original Application i.e. 22.09.2022 till payment/realisation.

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(10) The Applicant filed Additional affidavit on behalf of the Applicant dated 29.04.2026 (Exhibit-15), wherein it is stated that the Applicant bank had initiated measures under the SARFAESI Act, 2002 and sold the mortgaged immovable property being Flat No. 4, on the ground floor, admeasuring 276

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Page 7 of 10

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ORIGINAL APPLICATION NO.395 OF 2023

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sq. ft. carpet area i.e. 30.78 sq. mtrs. built up area or thereabouts in Building No. B - 1, Rashmi Star City, Sector No. 2, situated at Juchandra, Naigaon (E), Palghar -401 208, constructed on land bearing New Survey No. 365 (Old No. 328), New Survey No. 366 (Old No. 331, New Survey No. 367 (Old No. 330), New Survey No. 368 (Old No. 332), Hissa No. 5, 6, 7, 8, 3, 5, situate, lying and being at Village Juchandra, Taluka Vasai District Palghar and within the limits of Sub-Registrar of Assurances at Vasai, District Palghar, owned by the Defendants for the sum of ₹16,82,000/(highest bid) under public auction to successful bidder Mr Naresh Suganchand Bapna HUF. Further the Applicant issued Sale Certificate to the Auction Purchaser. Thus, the balance after appropriation is a sum of ₹3,71,978.74/- (Rupees Three Lakhs Seventy-One Thousand Nine Hundred Seventy-Eight and paisa Seventy-Four Only).

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(11) The Tribunal has scrutinised and examined the allegations contained in the Original Application and analysed the evidence adduced by the applicant which has gone unchallenged, uncontroverted and unrebutted.

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(12) Upon careful scrutiny and the examination of the Original Application, analysing the evidence and giving due weightage to the documentary evidence adduced by the applicant, the Tribunal views that

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Page 8 of 10

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ORIGINAL APPLICATION NO.395 OF 2023

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there is no reason to disbelieve the claim made by the applicant bank.

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(13) In view of the observations made hereinabove, Original Application filed by the applicant deserves to be allowed.

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(14) Hence, the following order:

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ORDER

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(A) The Original Application No.395 of 2023 is allowed with costs.

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(B) Defendant nos.1 and 2 are ordered and directed to pay to the applicant, either jointly or severally, the aggregate sum of ₹20,53,978.74/- (Rupees Twenty Lakhs Fifty Three Thousand Nine Hundred Seventy-Eight and paise Seventy Four Only) due under Star Home Loan Account No. 009375110000255 with interest at the rate of 7.35% p. a. in respect of Star Home Loan plus thereon from the date of presentation of the Original Application i.e. 22.09.2022 till payment/realization after adjusting the recoveries made by the Applicant under SARFAESI Act, 2002 or any other amount paid by the borrowers after filing of this O.A. No.395 of 2023.

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(C) The Applicant to proceed to against the defendant’s available property/ies to recover the outstanding dues as per the law.

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(D) Issue Recovery Certificate.

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(E) The learned Registrar is directed to send a copy of

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Page 9 of 10

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ORIGINAL APPLICATION NO.395 OF 2023

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the judgment and recovery certificate to (i) the applicant, (ii) defendant and (iii) the Recovery Officer by post and email.

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Sd/-

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(Harish Kumar Kaushik) Presiding Officer, DRT-2, Mumbai

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Page 10 of 10

Bank of India v. Apurv Devanand Mishra

Case brief

What is this about?

What did the court decide?

Bank of India v. Apurv Devanand Mishra

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

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Case details

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