Allowed

Idbi Bank v. Venkatnagaraj Suryanarayanrao Kandikanti

DRT9 Mar 2026OA/68/2023

Case brief

AI extract

What is this about?

A Debt Recovery Tribunal allowed an ex-parte application by IDBI Bank for recovery of Rs. 21.20 lakh dues along with future interest. The court reduced the claimed interest rate from 10.25% to 9% per annum and secured the amount against the mortgaged property.

What did the court decide?

Directed to pay Rs. 21,20,115/- with future interest at 9% p.a.; property to be sold for recovery; Recovery Certificate issued.

Idbi Bank versus Venkatnagaraj Suryanarayanrao Kandikanti — Banking and Recovery | DRT (2026)

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Presented on: 30.09.2022 Registered on: 29.04.2023 Decided on: 09.03.2026 Duration: Y M D 03 05 08

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD

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(Before Shri Dr. J. R. Chauhan Presiding Officer)

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ORIGINAL APPLICATION No. 68/2023

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TOTAL CLAIM AMOUNT – Rs. 21,20,115/-

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IDBI BANK LIMITED.,

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A company incorporated under the

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Companies Act, 1956, and a company within

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the meaning of Section 2 (20) of the

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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,

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… Applicant

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World Trade Centre, Complex, Cuffe Parade,

(OA No. 68-2023)

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[Ambadas]

Mumbai- 400005 and through one of its Branch at RAC, Aurangabad, 1^st floor, Plot No. 7, Raghabir Chembers, Vidya Nagar, Jalna Road, Aurangabad- 431003 its Authorized Signatory (AGM) Recovery, Mr. Sumeet S/o Vijaykumar Rodge, Age:- 39 Years, Occ:Service, R/o: at present Aurangabad. E- mail:- [email protected]

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Versus

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Mr. Venkatnagraj S/o Suryanarayanrao … Defendants

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Kandikanti,

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Age: Major, Occupation: Service,

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A) R/o: At Post: Flat No. 03, Plot No. 9,

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Mhasoba Nagar, Harsool, Aurangabad

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Tq. And Dist. Aurangabad.

(OA No. 68-2023)

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[Ambadas]

B) R/o: Flat No. 6, Balaji Apartment,

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Gut No. 171/5, Mhasoba Nagar,

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Aurangabad, Maharashtra- 431003.

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Mrs. Saikrishna S/o. Nagraj Kandikanti,

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Age: Major, Occ: Service,

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A) R/o: At Post: Flat No. 03, Plot No. 9,

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Mhasoba Nagar, Harsool, Aurangabad

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Tq. And Dist. Aurangabad.

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B) R/o: Flat No. 6, Balaji Apartment,

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Gut No. 171/5, Mhasoba Nagar,

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Aurangabad, Maharashtra- 431003.

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APPEARANCES

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

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J U D G M E N T Delivered on (09.03.2026)

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The Applicant Bank has filed the present application for

(OA No. 68-2023)

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[Ambadas]

recovery of the sum of Rs. 21,20,115/- (Rs. Twenty-One Lakhs, Twenty Thousand, One Hundred and Fifteen Only) together with future interest @10.25% p.a. with monthly rests in respect of Home Loan, Top Up Loan and Loan for Insurance Premium from 11.09.2021 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, Top Up Loan and Insurance Premium loan. Upon considering the Defendant’s representation, request, and financial needs, the Applicant Bank sanctioned the Home Loan facility of Rs. 19,99,000/- and Loan for Insurance Premium of Rs. 83,883/- vide sanction letter dated 23.03.2013 and Top Up Loan facility of Rs. 8,00,000/- vide sanction letter dated 17.03.2015 on certain terms & conditions.

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The agreed rate of interest for the Home Loan Facility, Insurance Premium Loan and Top Up Loan was @10.25% per annum with monthly rests.

(OA No. 68-2023)

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[Ambadas]

In order to secure the aforesaid Home loan facility, the 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 home loan facility, the Defendants equitable mortgaged his immovable property and created charge and security interest by executing i) Declaration and Undertaking dated 22.04.2013, ii) Memorandum of Entry (Equitable Mortgage by way of deposit of original title deed) dated 30.04.2013 toward home loan facility iii) Declaration and Undertaking dated 18.03.2015, and iv) Memorandum of Deposit of title deed dated 18.03.2015 towards Top Up Loan facility executed by Defendant Nos. 1 and 2 in favour of the Applicant Bank in respect of the following property:

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All the piece and parcel of the immovable property of Flat No.

(OA No. 68-2023)

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[Ambadas]

06, admeasuring area 89.60 Sq. Mtrs., bearing city survey No. 171/5, situated at Balaji Nagar, Harsul, Tq. And Dist. Aurangabad, situated within local limit of Municipal Corporation Aurangabad and bounded as follows:-

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East :- Road, West :- Marginal Space, North :- Flat No. 5, South :- Road.

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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 on

(OA No. 68-2023)

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[Ambadas]

01.07.2022, the Applicant Bank issued Demand 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 has been served through complete paper book. Despite service of summons, the defendants neither appeared nor filed their WS. Hence, they proceeded ex-parte vide Order dated 10.05.2024.

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The Applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Shri. Sumit S/o Vijaykumar Rodge, Authorized Signatory of the Applicant Bank and has produced on record the original loan transaction documents as Annex. A-1 to A-27 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 Counsel for the Applicant Bank.

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Since the Defendants failed to appear and contest the application, I find no reason to disbelieve the unrebutted

(OA No. 68-2023)

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[Ambadas]

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 @10.25% per annum with monthly rests from 11.09.2021 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 @9% per annum (simple), it would be just and reasonable.

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Hence, I pass the following order.

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ORDER

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(A) Original Application No. 68/2023 is allowed with costs.

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(B) The Defendants shall pay jointly and severally to the Applicant Bank a sum of Rs. 21,20,115/- (Rs. TwentyOne Lakhs, Twenty Thousand, One Hundred and Fifteen Only) along-with future interest at @9% per annum (simple) from the date of filing of the Original Application, i.e., 30.09.2022, until full payment/

(OA No. 68-2023)

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[Ambadas]

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 documents as Annex. A-7, A-8, A- 18 to A-20 in list of documents Exh.5. The mortgaged property is described as follows:

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All the piece and parcel of the immovable property of Flat No. 06, admeasuring area 89.60 Sq. Mtrs., bearing city survey No. 171/5, situated at Balaji Nagar, Harsul, Tq. And Dist. Aurangabad, situated within local limit of Municipal Corporation Aurangabad and bounded as follows:East :- Road, West :- Marginal Space, North :- Flat No. 5, South :- Road.

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(D) The Applicant Bank is entitled to sell the aforesaid

(OA No. 68-2023)

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[Ambadas]

mortgaged immovable property and hypothecated articles/goods etc., 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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Sd/-

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(Dr. J. R. Chauhan) Place : Aurangabad Presiding Officer Date : 09.03.2026 Debts Recovery Tribunal, Aurangabad

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(OA No. 68-2023)

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[Ambadas]

Idbi Bank v. Venkatnagaraj Suryanarayanrao Kandikanti

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Venkatnagaraj Suryanarayanrao Kandikanti

Case brief

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