Allowed

Idbi Bank v. Ravindrakumar Renukadas Joshi

DRT15 May 2026OA/65/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application for recovery of a home loan. The court, noting the default and subsequent ex-parte order against non-appearing defendants, decreed payment of the principal amount along with future simple interest at a revised rate of 7% per annum from the date of application. The judgment also declared the mortgaged property as security

What did the court decide?

Defendants to pay Rs. 29,99,141/- with future interest at 7% p.a. simple from 30.12.2022; application to sell mortgaged property and issue Recovery Certificate.

Idbi Bank versus Ravindrakumar Renukadas Joshi — Contract and Commercial Disputes | DRT (2026)

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Presented on: 30.12.2022 Registered on: 29.04.2023 Decided on: 15.05.2026 Duration: Y M D 03 04 15

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Shri Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 65/2023

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TOTAL CLAIM AMOUNT – Rs. 29,99,141/-

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IDBI BANK LIMITED.,

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A company incorporated under the Companies Act, 1956, and a company within the meaning of Section 2(20) of the Companies Act, 2013 (18 of 2013) and a banking company duly registered, within the meaning of Banking Regulation Act, 1949, and having its registered office at IDBI Tower, World Trade Centre, Complex, Cuffe Parade, Mumbai- 400005 and having one of its Branch at RAC, 1^st Floor, Plot No. 07, Behind Vidya Nagar Branch, Raghabir Chamber, vidyanagar, Jalna Road, Aurangabad,

… Applicant

(OA No. 65-2023)

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[Ambadas]

Maharasthra - 431003. Through its Authorized Officer and authorized Signatory, Mr. Sumeet Vijaykumar Rodge, Age:- 38 Years, Occ:- Service, R/o: Aurangabad.

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Email: [email protected], Mob. No.: 8668807655.

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Versus

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Mr. Ravindrakumar S/o. Renukadas Joshi, … Defendants

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Age: Major, Occupation: Service,

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R/o: At Post. Flat No. 03,

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Om Tapeshwar Apartment, Plot No. 20,

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Garkheda, Aurangabad, Tq. &

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Dist. Aurangabad– 431005.

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And also;

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At. House No. 02, Bearing City

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Survey No. 98, at Guru City,

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Pahadsingpura, Tq. & Dist.

(OA No. 65-2023)

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[Ambadas]

Aurangabad – 431002.

Mrs. Vandana Murlidharrao Kulkarni, Age: Major, Occ: Service, R/o: At Post. Flat No. 03, Om Tapeshwar Apartment, Plot No. 20, Garkheda, Aurangabad, Tq. & Dist. Aurangabad– 431005. And also; At. House No. 02, Bearing City Survey No. 98, at Guru City, Pahadsingpura, Tq. & Dist. Aurangabad – 431002.

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APPEARANCES For the Applicant Mr. Pathak Anirudha S- Advocate For Defendants Ex-parte

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J U D G M E N T

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Delivered on (15.05.2026)

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The Applicant Bank has filed the present application for

(OA No. 65-2023)

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[Ambadas]

recovery of the sum of Rs. 29,99,141/- (Rs. Twenty-Nine Lakhs, Ninety-Nine Thousand, One Hundred and Forty-One Only) together with future interest @7.70% p.a. with monthly rests upon Term Loan from 21.09.2022 till the 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 Defendants approached the Applicant Bank and requested the sanction of a Home Loan Facility and Insurance Premium loan. Upon considering the Defendant’s representation, request, and financial needs, the Applicant Bank sanctioned the Home Loan facility of Rs. 25,50,000/- vide sanction letter dated 25.08.2020 and Insurance Premium Loan facility of Rs. 1,49,575/- vide sanction letter dated 25.08.2020 on certain terms & conditions.

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The agreed rate of interest for the Home Loan Facility and Insurance Premium Loan was @7.60% per annum with monthly rests.

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In order to secure the aforesaid Term Loan facility, the

(OA No. 65-2023)

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[Ambadas]

Defendants executed loan documents in favour of the Applicant Bank namely sanction letter, demand promissory note, request letter, hypothecation agreement, letter of undertaking, equitable mortgage etc.

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The Applicant Bank contended that to secure the term loan facility, the Defendant Nos. 1 and 2 equitable mortgaged his immovable property and created charge and security interest by executing Memorandum of entry dated 11.08.2020 (equitable mortgage by way of deposit of original title deed) along with declaration and undertaking dated 10.08.2020 in respect of the following property in favour of the Applicant Bank:

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All the piece and parcel of the immovable property of House No. 02 , admeasuring area 58.05 Sq. Mtrs., bearing city survey No./Gat 98, situated at Guru City, Pahadsingpura, Tq. Aurangabad and Dist. Aurangabad situated within local limit of Municipal corporation Aurangabad and bounded as follows:-

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East :- 7.5 Mtr. Road, West :- Land, North :- Row House No. 03, South :- Row House No. 01.

(OA No. 65-2023)

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[Ambadas]

The Applicant Bank further contended that the Defendants failed to keep their promises and commitments agreed by them with regard to the due repayment of the loan amount. The Defendants failed to operate the loan account properly and failed to pay the agreed rate of interest as per terms and conditions of the sanction letter. 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 NPA. Therefore, the Applicant Bank issued loan recall 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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Despite served through court commissioner, The defendants neither appeared nor filed WS. Hence, they proceeded ex-parte vide order dated 06.03.2024.

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The Applicant Bank has filed Claim Affidavit of evidence at

(OA No. 65-2023)

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[Ambadas]

Exhibit-5 of Shri. Sumit S/o Vijaykumar Rodge, AGM of the Applicant Bank and has produced on record the original loan transaction documents as Annex. A-1 to A-17 along-with list of documents Exh.6 which corroborates the case of the Applicant Bank.

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I have heard arguments of the learned Counsel for the Applicant Bank.

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Since the Defendants failed to appear and did not contest the application, I find no reason to disbelieve the unrebutted evidence of the Applicant Bank. Therefore, the Applicant Bank is entitled for the reliefs as claimed.

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The Applicant Bank has claimed future interest at @7.70% per annum with monthly rests from 21.09.2022 till the full realization of the entire dues and costs from the Defendants. However, considering the facts of the case, I am of the opinion that awarding future interest at @7% per annum (simple) on outstanding amount, it would be just and reasonable.

(OA No. 65-2023)

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[Ambadas]

Hence, I pass the following order.

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ORDER

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(A) Original Application No. 65/2023 is allowed with costs.

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(B) The Defendants shall pay jointly and severally to the Applicant Bank a sum of Rs. 29,99,141/- (Rs. TwentyNine Lakhs, Ninety-Nine Thousand, One Hundred and Forty-One Only) along-with future interest at @7% per annum (simple) from the date of filing of the Original Application, i.e., 30.12.2022, until full payment/ realization of the said amount.

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(C) The aforesaid adjudicated amount is secured by an immovable property mortgaged in favour of the Applicant Bank vide document as Annex. A-8 and A-9 in list of documents Exh.6. The mortgaged property is described as follows:

(OA No. 65-2023)

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[Ambadas]

situated within local limit of Municipal corporation Aurangabad and bounded as follows:-

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East :- 7.5 Mtr. Road, West :- Land, North :- Row House No. 03, South :- Row House No. 01.

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(D) The Applicant Bank is entitled to sell the aforesaid mortgaged immovable property, to recover its dues.

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(E) Issue Recovery Certificate accordingly.

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(F) The Registrar is directed to send the copy of the Judgment and Recovery Certificate to the applicant and Defendants.

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(G) File be consigned to the record room.

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Place : Aurangabad Date : 15.05.2026

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Sd/-

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

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(OA No. 65-2023)

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[Ambadas]

Idbi Bank v. Ravindrakumar Renukadas Joshi

Case brief

What is this about?

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Idbi Bank v. Ravindrakumar Renukadas Joshi

Case brief

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