Debts Recovery Tribunals and Appellate Tribunals
IDBI BANK vs MANISH ISHWARLAL JAIN on 2 September 2026
Registered on : 01.06.2022
Decided on : 02.09.2026
**IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI
TRANSFER ORIGINAL APPLICATION NO. 604 OF 2023**
IDBI Bank Ltd. A company incorporated and registered Under Indian Companies act, 1956 (1/1956) and also a banking company under section 5 (C) of Banking Regulation Act of 1949 (10/1949), having its head office at IDBI Tower, WTC Complex, Cuff Parade, Mumbai - 400 005, and among others, at Retail Asset Center Borivali and at Retail Recovery Department, Mittal Court, C-wing, 2nd Floor, Nariman Point, Mumbai-400 021 through its Authorized Officer, Shri. Sanjay Valechha.
...Applicant
VERSUS
1. MR. MANISH ISHWARLAL JAIN
Adult, Indian Inhabitant, 701, Mangal Sandesh, 7th Floor, Plot No. 490, 17th Road, Khar (West) Mumbai - 400052.
A handwritten signature, possibly 'M', written in black ink and positioned below the applicant's name.
2. MR. ISHWARLAL SHANKARLAL JAIN
Adult, Indian Inhabitant, 701, Mangal
Sandesh, 7th Floor, Plot No. 490, 17th
Road, Khar (West) Mumbai - 400052.
3. M/S. RAJMAL LAKHICHAND
JEWELLERS PVT. LTD. 701, Mangal
Sandesh, 7th Floor, Plot No. 490, 17th
Road, Khar (West) Mumbai - 400052.
...Defendants
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Counsel for the Applicant : Advocate Mamta Verma i/b Adv. Sachin Koli.
Counsel for the Defendants : NIL- Defendants Ex -parte
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J U D G M E N T
1. 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. 10,75,33,591/- with future interest thereon from the date of presentation of the Transfer Original Application till payment/realization and to enforce the mortgaged securities.
2. 2. The Defendants were granted a Mortgage Loan-I of Rs.8,90,00,000/- and Mortgage Loan-II of Rs.1,79,00,000/- vide sanction letter dt.27.03.2015 & 08.05.2015 respectively as specified in para no.5.4 of the Original Application and on them executing loan and security documents.
1. 3. Defendants mortgaged the property viz., Duplex Flat No.701 consist of entire 7th Floor & 8th Floor alongwith three car parking space consist of two open car parking and one stilt parking in building known as Mangal Sandesh, Plot No. 490, 17th Road, Khar (W) Mumbai, to secure the loan.
2. 4. The Defendants committed defaults in payment of the instalments and failed to regularise the loan account. Consequently, the account of the Defendants became NPA on 09.09.2020.
3. 5. 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 01.06.2022. Defendant No.1 to 3 were duly served with the summons for appearance on 05.03.2024. The defendants did not appear and as they had remained absent without any representation for them, they were set at ex parte.
4. 6. 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.
1. 7. The applicant filed an affidavit (exhibit-10) in lieu of examination in chief through Ms. Sheela Menon, Asst. General Manager of State Bank of India, had produced documents, which are admitted in evidence, read, recorded and exhibited and were marked as AW-1 to AW-17.
2. 8. Accordingly, the Transfer Original Application has been filed for recovery of Rs.8,94,97,738/- with further interest @11.40% p.a along with penal interest @2% p.a. under Mortgage Loan-I and Rs.1,80,35,853/- with further interest @11.65% p.a along with penal interest @2% p.a Mortgage Loan-II, from the date of filing of the Original Application till payment/realisation.
3. 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.
4. 10. In view of the observations made hereinabove, Transfer Original Application filed by the applicant deserves to be allowed.
5. 11. Hence, the following order is passed:
A handwritten signature or mark, possibly a stylized 'M' or 'A', followed by a diagonal line.
ORDER
1. a. T.O.A. stands allowed with cost and the Defendant No. 1 to 3 are held liable jointly and severally to pay to the Applicant Bank within two months a sum of Rs.8,94,97,738/- with further interest @11.40% p.a along with penal interest @2% p.a. under Mortgage Loan-I and Rs.1,80,35,853/- with further interest @11.65% p.a along with penal interest @2% p.a Mortgage Loan-II from the date of presentation of the Original Application till payment/realisation; failing which the aforesaid amount shall be recovered from the sale of mortgage property viz., Duplex Flat No.701 consist of entire 7th Floor & 8th Floor alongwith three car parking space consist of two open car parking and one stilt parking in building known as Mangal Sandesh, Plot No. 490, 17th Road, Khar (W) Mumbai, and in case of shortfall, the same shall be recovered from the sale of the movable and immovable properties of the Defendants.
2. 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.
3. 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.
4. 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 record room.
f. Give under my hand and the seal of this Tribunal on this date : 02.09.2026
(Dictated to my Stenographer, transcribed by him, corrected and signed by me and pronounced in open forum on 02.09.2026 ).
Place:- Mumbai Date:- 02.09.2026
Presiding Officer, DRT-1, Mumbai (Sreekala Suresh)