O.A. No. 134 of 2006. Case: Indian Bank Vs Kiran Kapil Dave and Santosh Mewalal Chauhan. Mumbai Debt Recovery Tribunals
| Case Number | O.A. No. 134 of 2006 |
| Judges | P. Govindan, J. |
| Issue | Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - Sections 13(2), 13(4) |
| Judgement Date | September 04, 2008 |
| Court | Mumbai Debt Recovery Tribunals |
Judgment:
P. Govindan, J.
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The applicant, Indian Bank, are a body corporate constituted under the banking companies (Acquisition & Transfer of Undertakings) Act, 1970 having their Head Office having its Head Office at 66, Rajaji Salai. Chennai 600 and a Branch Office at Rele Smurti, 1st Floor, 679 S.V. Road, Malad (W) Mumbai 400 064. The bank has filed the above O.A. claiming a sum of Rs. 16,26,871.00 with future interest @ 8.75% p.a. with monthly rests plus 2% penal interest from the date of filing of suit i.e. 23.05.2006 till realization from defendant No. 1 & 2. The bank has claimed that the defendant No. 1 approached the applicant Bank for grant of housing loan facility for purchase of residential premises at Flat bearing No. A/703 on 7th Floor, "Emerald Court" Kondivita Road, Off Andheri-Kurla Road, Andheri East, Mumbai-400 059.
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The request of the Defendant No. 1 for housing loan of Rs. 14,45,000/- (Rs. Fourteen Lacs forty five thousand only) was granted by the applicant Bank and intimated the sanction as well as terms & conditions vide letter dt. 29.03.2003 marked as Ex-17.
The defendant No. 1 consented to the terms & conditions as conveyed vide sanction letter dt. 29.03.2003. The applicant bank has claimed that the defendant No. 1 has executed the Term Loan Agreement Exh-20 dated 29.03.2003. The bank has also claimed that the defendant No. 1 had offered the said flat as collateral security for the loan facility availed by him to create equitable mortgage. Defendant No. 1 delivered and deposited the Original Title Deeds of Flat bearing No. A/703 on 7th Floor, "Emerald Court" Kondivita Road, Off Andheri-Kurla Road, Andheri East, Mumbai-400 059 with the bank. The letter of defendant No. 1 dt. 01.04.2003 with extract of mortgage registered addressed to Applicant confirming creation of Equitable mortgage is also produced by the Bank at Ex-25. The applicant bank has also enclosed the NOC from the builder dt. 24.03.2003 marked ad Ex-29. The defendant No. 2 has signed and executed Agreement of guarantee in favour of the applicant bank dated 29.03.2003 (marked as Ex-23) and agreed to be the guarantor for the repayment of loan with interest and charges due and payable by the defendant No. 1.
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The applicant has claimed that the defendants have failed to pay the loan amount in-spite of repeated requests and demands. Hence, notice dated 11.03.2006 was issued through their advocate and claimed the loan amount along with interest from...
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