Debts Recovery Tribunals and Appellate Tribunals
BANK OF BARODA vs Vinay Deviprasad Nandy on 20 July 2026
Date of filing : 08.03.2023
Decided on : 20.07.2026
**IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI
TRANSFER ORIGINAL APPLICATION NO. 13 of 2023**
Bank of Baroda, a Body Corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at Baroda Bhavan, R. C. Dutt Road, Alkapuri Baroda 390 007 and Corporate Office at Baroda Corporate Centre, Bandra-Kurla Complex, Bandra (East), Mumbai-400 051 and having its Horniman Circle (PBB) Branch at Ground Floor, 10/12, Mumbai Samachar Marg, Fort, Mumbai - 400 023, through its Chief Manager, Mr. Rajendra W. Pagare.
...Applicant
VERSUS
1. Mr. Vinay Deviprasad Nandy, of Indian Inhabitant residing at 303, Vithai Apartment CHS, Plot No. F-33/3, Sector-9, Airoli, Navi Mumbai-400 708.
2. Mr. Mitesh Deviprasad Nandy, of
Indian Inhabitant residing at 303, Vithai Apartment CHS, Plot No. F-33/3, Sector-9, Airoli, Navi Mumbai-400 708.
3. Mrs. Pooja Deviprasad Nandy, of
Indian Inhabitant residing at 303, Vithai Apartment CHS, Plot No. F-33/3, Sector-9, Airoli, Navi Mumbai-400 708.
...Defendants
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Counsel for the Applicant : Advocate Niles Bamne i/b A. R. Bamne & Co. .
Counsel for the defendants : Advocate Kavita Singh
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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.65,20,575.96/- 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 the Term Loan-I of Rs.4.50 Lakhs, Term Loan-II of Rs.41.60 Lakhs, Term Loan-III of Rs.9 Lakhs and Term Loan-IV of Rs.4.16 Lakhs vide sanction letter dt.24.11.2014 as specified in para no. 5.4, 5.8, 5.12 & 5.16 of the Transfer Original Application and on them executing loan and security documents.
3. Defendants created a mortgage viz.,
a. The immovable property being the Flat No. 401 situate on the 4th Floor of the building known as Vithai Apartment Co-operative Housing Society Ltd. constructed on the land bearing Plot No. F-33/3, Village Diva Nagar, (G.E.S.), Sector-9, Airoli, Navi Mumbai-400 708.
b. The immovable property being the Flat No. 303, 3rd Floor in building known as Vithai Apartment Co-operative Housing Society Ltd. constructed on the land bearing Plot No. F-33/3, Village Diva Nagar, (G.E.S.), Sector-9, Airoli, Navi Mumbai-400 708 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 it to be declared as NPA on 31.05.2021.
5. Despite issuance of letters, personal visits, telephonic conversation and reminders the Defendants have failed to regularise the account. So the Applicant had caused the issuance of lawyer notice to Defendants to pay up the dues with interest.
A handwritten signature in blue ink, consisting of stylized letters that appear to be 'M' and 'J' or similar, followed by a long horizontal line extending to the right.
6. Since 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 08.03.2023. Defendant Nos.1 to 3 were duly served with the summons for appearance on 13.10.2023. Though the Advocate for the Defendant No.1 to 3 filed Vakalatnama, no WS was filed by Defendant No.1 to 3. They had remained absent without any representation for them since 02.04.2026.
7. The applicant filed an affidavit (exhibit-12) in lieu of examination in chief through Mr. Rajendra Pagare, Chief Manager of the bank, had produced documents, which are admitted in evidence, read, recorded and exhibited and were marked as AW-1 to AW-39.
8. Accordingly, the Transfer Original Application was filed for the recovery of Rs.4,62,258.17/- with further interest @7.30% p.a along with penal interest @2% p.a. under Term Loan-I, Rs.46,09,427.08/- with further interest @7.35% p.a along with penal interest @2% p.a. under Term Loan-II, Rs.9,34,826.95/- with further interest @7.35% p.a along with penal interest @2% p.a. under Term Loan-III, Rs.5,14,063.76/- with further interest @11.65% p.a along with penal interest @2% p.a. under Term Loan-IV and other expenses from the date of filing of this O.A. till the date of realization.
A handwritten signature in blue ink, consisting of stylized, interconnected letters that appear to be 'JW' or similar initials, followed by a long, sweeping diagonal stroke extending towards the bottom right.
1. 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 unrebutted, shows that there is no reason to reject the claim made by the applicant bank.
2. 10. In view of the observations made hereinabove, Transfer Original Application filed by the applicant deserves to be allowed.
3. 11. Hence, the following order is passed.
ORDER
1. a. T.A. stands allowed with cost and Defendant No. 1 to 3 are held liable jointly and severally to pay to the Applicant Bank within two months a sum of Rs.4,62,258.17/- with further interest @7.30% p.a along with penal interest @2% p.a. under Term Loan-I, Rs.46,09,427.08/- with further interest @7.35% p.a along with penal interest @2% p.a. under Term Loan-II, Rs.9,34,826.95/- with further interest @7.35% p.a along with penal interest @2% p.a. under Term Loan-III, Rs.5,14,063.76/- with further interest @11.65% p.a along with penal interest @2% p.a. under Term Loan-IV and other expenses from the date of filing of this O.A. till the date of realization; failing which the aforesaid amount shall be recovered from the sale of mortgage property viz.,
- i. The immovable property being the Flat No. 401 situate on the 4th Floor of the building known as Vithai Apartment Co-operative Housing Society Ltd. constructed on the land bearing Plot No. F-33/3, Village Diva Nagar, (G.E.S.), Sector-9, Airoli, Navi Mumbai-400 708.
- ii. The immovable property being the Flat No. 303, 3rd Floor in building known as Vithai Apartment Co-operative Housing Society Ltd. constructed on the land bearing Plot No. F-33/3, Village Diva Nagar, (G.E.S.), Sector-9, Airoli, Navi Mumbai-400 708 and in case of shortfall, the same shall be recovered from the sale of the movable and immovable properties of the Defendants.
b. The 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 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 :20.07.2026.
(Dictated to my Stenographer, transcribed by him corrected and signed by me and pronounced in open forum on 20.07.2026)
Place:- Mumbai Date:- 20.07.2026
Presiding Officer, DRT-1, Mumbai (Sreekala Suresh)