Debts Recovery Tribunals and Appellate Tribunals
KOTAK MAHINDRA BANK LIMITED vs LATA on 29 May 2026
Date of filing : 13.03.2020
Decided on :29.05.2026
**IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI
TRANSFER ORIGINAL APPLICATION NO. 875 OF 2023**
KOTAK LIMITED, MAHINDRA BANK A Banking Company within the meaning of the Banking Regulation Act, 1949 and registered under the Companies Act, 1956 and having its registered office at 27, BKC, C-27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400 051 and one of its branch office at 8th Floor, Admas Plaza, 166/16, CST Road, Kolivery Village, Kunchi Kurve Nagar, Kalina, Santacruz (East), Mumbai 400098 and Mr. Ajay Maurya is authorized to sign the application.
...Applicant
**VERSUS**
1. LATA WAFARE Flat No. 302 Plot Sector 3, Om Iona Panvel, Navi Mumbai 410206 Maharashtra - India.
A handwritten signature in black ink, consisting of several fluid, overlapping strokes that form a stylized, somewhat abstract shape.
2. VILAS WAFARE Flat No. 302 Plot
Sector 3, Om Iona Panvel, Navi
Mumbai 410206 Maharashtra - India.
3. SURESH WAFARE Flat No. A/204,
Standard Residency, Mahalaxmi
Nagar. Panvel 410206 Maharashtra -
India
...Defendants
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Counsel for the Applicant : Advocate Shashikant Gaikwad.
Counsel for the Defendant : NIL- Defendant Ex -parte
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J U D G M E N T
1. This is an application under Section 19(1) of Recovery of the Debt and Bankruptcy Act, 1993 (for short, 'the 1993 Act') to recover Rs.23,41,554.78/- with future interest thereon from the date of presentation of the Transfer Original Application till payment/realization and to enforce the mortgaged securities.
2. The Defendants were granted a Vehicle Loan Facility for a sum of Rs.26,00,000/- for purchase of 1940776 Commercial Vehicles-Heavy Commercial Vehicle - ASHOK LEYLAND LIMITED- CB\_AL U TRUCK 3518 COWL CHASSIS
TANKER MS & 1940784-Commercial Vehicle - Heavy Commercial Vehicle - TATA MOTARS LTD. TATA LPT 25150THER SPECIALISED BODY as specified in para no.5.3 & 5.4 of the Transfer Original Application and on them executing loan and security documents. The loans were to be repaid in 47 monthly installments (EMI) of Rs.57,234/- & Rs.10,406/- respectively.
3. Defendants created hypothecation of 1940776 Commercial Vehicles-Heavy Commercial Vehicle - ASHOK LEYLAND LIMITED- CB\_AL U TRUCK 3518 COWL CHASSIS TANKER MS with Engine No.JEPZ119217 and Chassis No.MB1TLCHD2JPED1064 and Registration No.MH46BF2873 & 1940784-Commercial Vehicle - Heavy Commercial Vehicle - TATA MOTARS LTD. TATA LPT 25150THER SPECIALISED BODY, in favour of the applicant to secure the loan.
4. Despite the undertaking effected by Defendants they had failed to regularise the account and service interest in the account. So the account remained out of order since long time resulting in it to be declared as NPA.
5. Despite issuance of letters, personal visits, telephonic conversation and reminders the Defendants had failed to regularise the account. So the Applicant had caused the issuance of lawyer notice to Defendants to pay up the dues with interest.
1. 6. Since the defendants failed to make the repayment, the applicant was left with no other alternative other than to file the Transfer Original Application which was presented on 13.03.2020. Defendants were duly served with the summons for appearance through paper publication on 15.09.2024 despite receipt of summons through paper publication, the defendants did not appear. They had remained absent without any representation for them and so, they were set at exparte.
2. 7. The applicant filed an affidavit (exhibit-17) in lieu of examination in chief through Mr. Surendra Mishra, Manager of the bank, had produced documents, which are admitted in evidence, read, recorded and exhibited and were marked as AW-1 to AW-8.
3. 8. Accordingly, the Transfer Original Application was filed for the recovery of Rs.23,41,554.78/- with further interest (@10.38% p.a. and other expenses for the period from the date of filing of this T.O.A. till payment/realization.
4. 9. A scrutiny of the averments in the Transfer Original Application and an analysis of the evidence adduced by the applicant, which has gone unchallenged, uncontroverted and unrebuted, shows that there is no reason to reject the claim made by the applicant bank.
10. In view of the observations made hereinabove, Transfer Original Application filed by the applicant deserves to be allowed.
11. Hence, the following order is passed:
ORDER
- a. T.O.A. stands allowed with cost and the Defendants No. 1 to 3 are held liable jointly and severally to pay to the Applicant Bank within two months a sum of Rs.23,41,554.78/- with further interest @10.38% p.a. and other expenses from the date of filing of this T.O.A. till the date of realization; failing which the aforesaid amount shall be recovered from the sale of mortgage property viz., Flat No.606, 6th Floor. Building No.11, Agarwal Lifestyle, Avenue B1, Global City, Virar (West) 401303 and in case of shortfall, the same shall be recovered from the sale of the movable and immovable properties of the Defendants.
- b. Defendants are directed to declare, on oath, to the Recovery Officer, Debts Recovery Tribunal – I, Mumbai, both their moveable and immoveable assets for the purpose of attachment and sale for realizing the shortfall, if any.
- c. Let a Recovery Certificate be issued with a memo of cost immediately u/s 19(22) of The Recovery of Debts and Bankruptcy Act, 1993 together with the details of the properties, if any.
- d. The Defendants are restrained from depleting, transferring, encumbering, alienating or in any way dealing with their properties/assets without first paying the claim of the Applicant Bank.
- e. Copies of this judgment be sent to the parties free of cost and file be consigned to the record room.
- f. Give under my hand and the seal of this Tribunal on this date :29.05.2026.
(Dictated to my Stenographer, transcribed by him corrected and signed by me and pronounced in open forum on 29.05.2026)
Place:- Mumbai Date:- 29.05.2026
Presiding Officer, DRT-1, Mumbai (Sreekala Suresh)