The Tribunal allowed the Debts Recovery Tribunal application filed by The Federal Bank Ltd. The court directed defendants to pay the outstanding sum with future interest and declared the mortgaged flat as security for recovery.
Recovery of ₹16,63,809.07/- with future interest; issuance of Recovery Certificate; right to sell mortgaged property on default.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
TRANSFERRED ORIGINAL APPLICATION NO.126 OF 2023
DEBTS RECOVERY TRIBUNAL No.2, MUMBAI
PRESIDING OFFICER: HARISH KUMAR KAUSHIK
TRANSFERRED ORIGINAL APPLICATION NO.126 OF 2023 IN ORIGINAL APPLICATION NO.241 OF 2014
Date of Institution: 02.08.2013 Date of Decision: 19.02.2026
TOTAL CLAIM AMOUNT :
₹ 16,63,809.07/-
THE FEDERAL BANK LTD.,
A Banking Company incorporated under the Companies Act, 1956 having its Registered Office at Alwaye in the State of Kerala and among other places at Asset Recovery Branch, 134, Jolly Maker Chamber 2, Nariman Point, Mumbai-400 021, through its Constituted Attorney Shri Ajayan V V. Versus 1. MR SUNIL NARAYAN KAMBLE, Adult, Indian Inhabitant having its residential address at Flat No.4, C Wing, Ground Floor, Ekta Residency, Plot No.14, Sector 6, Khanda Colony New Panvel. 2. MRS ARCHANA SUNIL KAMBLE, w/o. Sunil Narayan Kamble, Indian Inhabitant having her residential address at Flat No.4, C Wing, Ground Floor, Ekta Residency, Plot No.14, Sector 6, Khanda Colony
… Applicant
Page 1 of 8
TRANSFERRED ORIGINAL APPLICATION NO.126 OF 2023
New Panvel.
…Defendants
APPEARANCES For the Applicant : Mr Sudhir Gupta i/b M/s O.A. Das & Associates - Advocate For Defendants : None
J U D G M E N T
The details of the claim amount are as under: -
| Sr | Nature of Facility | O/s. amount as |
|---|---|---|
| No | on 02.08.2013 | |
| 1 | Housing Loan | ₹16,63,809.07/- |
| Total Amount | ₹16,63,809.07/- |
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TRANSFERRED ORIGINAL APPLICATION NO.126 OF 2023
summons and the defendants did not enter their appearance and therefore, they were set ex-parte on 12.01.2015. That after issuance of Transfer Notice and sufficient opportunity given to file Written Statement, the matter proceeded ex-parte by order dated 14.12.2021.
(3) Defendant no.1 is the principal borrower and the Defendant no.2 is the co-obligant who approached the Applicant Bank sought financial assistance by way of Housing Loan Facility. Pursuant to the loan application made by defendants, the Applicant sanctioned the loan vide Sanction Letter dated 13.08.2007 in sum of ₹12,00,000/- (Rupee Twelve Lakhs Only) payable in 180 EMIs of ₹14,400/- with interest at the rate of 12 % per annum with monthly rests. The 1st instalment was to be paid on 22.09.2007 and subsequent instalments on or before the same date of the succeeding month.
The details of the Sanction amount are as under: -
| Sr | Date of |
Am o un t | ROI | Secu r it y |
|---|---|---|---|---|
| No | Sa nct io n | |||
| 1 | 13. 08. 20 0 7 | ₹1 2 ,0 0 ,000/ - | 12 % per annum wit h mon thly r es t s |
M ort ga ged F lat N o. 4i n C Win g o n th e Gr o und f lo or of t he B uil di ng Ek t a Re s ide ncy, P l ot No. 14, S e cto r 6, New Pa nvel ad mea s ur ing 43. 87 sq. m t s. B u ilt u p ar ea v al u ed a t ₹14,2 6 ,8 3 0. 00/ - p lu s s ta mp d u t y ₹83,4 8 0/ - tot a ll ing to an a mo u nt o f ₹15,1 0 ,3 6 0. 00/ -. |
| Tot a l Am ount |
₹12, 00, 0 00/- | - | - |
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TRANSFERRED ORIGINAL APPLICATION NO.126 OF 2023
(4) On the dates given below, defendants signed and executed the loan and security documents as set out in paragraph nos. 2 to 4 of the Transferred Original Application. Defendants mortgaged Flat No.4 in C Wing on the Ground floor of the Building Ekta Residency, Plot No.14, Sector 6, New Panvel admeasuring 43.87 sq. mts. Built up area valued at ₹14,26,830.00/- plus stamp duty ₹83,480/totalling to an amount of ₹15,10,360.00/together with all buildings existing and/or to be constructed to secure the loan.
The details of the documents executed by the Defendant are as under: -
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TRANSFERRED ORIGINAL APPLICATION NO.126 OF 2023
(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 30.09.2011 as per RBI Guidelines. Therefore, on 28.11.2011, the applicant, called upon defendants to liquidate the outstanding in the sum of ₹12,36,523/- (Rupees Twelve Lakhs Thirty-Six Thousand Five Hundred Twenty-Three Only) with interest @ 15.25% per annum with monthly rests plus penal interest as per bank’s rules in respect of Housing loan from 30.09.2011 till payment and/or realization within 60 days from receipt of this notice. Despite notice, defendant nos.1 and 2 failed and neglected to pay. (6) As on 02.08.2013, there was owing, due and payable by defendants to the applicant the aggregate sum of ₹16,63,809.07/- (Rupees Sixteen
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TRANSFERRED ORIGINAL APPLICATION NO.126 OF 2023
Lakhs Sixty-Three Thousand Eight Hundred Nine and paisa Seven Only) with future interest @ 17.25% per annum with monthly rest thereon. The applicant has maintained the loan ledger extract and the entries posted therein are made in the usual and ordinary course of the banking business.
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TRANSFERRED ORIGINAL APPLICATION NO.126 OF 2023
allegations contained in the Transferred Original Application and analysed the evidence adduced by the applicant which has gone unchallenged, uncontroverted and unrebutted.
ORDER
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TRANSFERRED ORIGINAL APPLICATION NO.126 OF 2023
the valid and subsisting mortgaged immovable property, that is, Flat No.4 in C Wing on the Ground floor of the Building Ekta Residency, Plot No.14, Sector 6, New Panvel admeasuring 43.87 sq. mts. Built up area together with all buildings existing and/or to be constructed.
Sd/-
(Harish Kumar Kaushik)
Presiding Officer, DRT-2, Mumbai
Page 8 of 8
2 issues framed by the court
Whether Transferred Original Application filed for recovery of banking dues and enforcement of mortgaged securities deserves to be allowed.
Whether the defendants are directed to pay the adjudicated amount along with future simple interest.
1 provisions across 1 enactments
THE FEDERAL BANK LTD.
MR SUNIL NARAYAN KAMBLE
MRS ARCHANA SUNIL KAMBLE
HARISH KUMAR KAUSHIK
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
