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 | Thursday September 04, 2008 |
| Court | Mumbai Debt Recovery Tribunals |
Judgment:
P. Govindan, J.
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.
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...
Get this document and AI-powered insights with a free trial of vLex and Vincent AI
Get Started for FreeUnlock full access with a free 7-day trial
Transform your legal research with vLex
-
Complete access to the largest collection of common law case law on one platform
-
Generate AI case summaries that instantly highlight key legal issues
-
Advanced search capabilities with precise filtering and sorting options
-
Comprehensive legal content with documents across 100+ jurisdictions
-
Trusted by 2 million professionals including top global firms
-
Access AI-Powered Research with Vincent AI: Natural language queries with verified citations
Unlock full access with a free 7-day trial
Transform your legal research with vLex
-
Complete access to the largest collection of common law case law on one platform
-
Generate AI case summaries that instantly highlight key legal issues
-
Advanced search capabilities with precise filtering and sorting options
-
Comprehensive legal content with documents across 100+ jurisdictions
-
Trusted by 2 million professionals including top global firms
-
Access AI-Powered Research with Vincent AI: Natural language queries with verified citations
Unlock full access with a free 7-day trial
Transform your legal research with vLex
-
Complete access to the largest collection of common law case law on one platform
-
Generate AI case summaries that instantly highlight key legal issues
-
Advanced search capabilities with precise filtering and sorting options
-
Comprehensive legal content with documents across 100+ jurisdictions
-
Trusted by 2 million professionals including top global firms
-
Access AI-Powered Research with Vincent AI: Natural language queries with verified citations
Unlock full access with a free 7-day trial
Transform your legal research with vLex
-
Complete access to the largest collection of common law case law on one platform
-
Generate AI case summaries that instantly highlight key legal issues
-
Advanced search capabilities with precise filtering and sorting options
-
Comprehensive legal content with documents across 100+ jurisdictions
-
Trusted by 2 million professionals including top global firms
-
Access AI-Powered Research with Vincent AI: Natural language queries with verified citations
Unlock full access with a free 7-day trial
Transform your legal research with vLex
-
Complete access to the largest collection of common law case law on one platform
-
Generate AI case summaries that instantly highlight key legal issues
-
Advanced search capabilities with precise filtering and sorting options
-
Comprehensive legal content with documents across 100+ jurisdictions
-
Trusted by 2 million professionals including top global firms
-
Access AI-Powered Research with Vincent AI: Natural language queries with verified citations