Phoenix ARC Private Limited vs MR. VIJAY DWARKANATH MULEY on 29 May 2024

J U D G M E N T

1. The Original Application has been filed by the Applicant against the Defendant for recovery of Rs. 11,89,961.14 (Rupees Eleven Lakh Eighty Nine Thousand Nine Hundred Sixty One and Paise Fourteen Only) along with further interest @ 2 % p.m. from the date of filing of the present OA till its realisation.

2. Facts as succinctly set out in the present OA are that the Defendant is a proprietor carrying on business in the name and style of Onvas Telesystems.

3. It is stated that in or about December 2007, Defendant approached ABN-AMRO Bank which after the processing of the loan application the Applicant sanctioned a Personal Loan of Rs. 8,34,000/- to the Defendant.

4. In consideration of sanction of the aforesaid facility, Defendant executed following loaning and security documents in favour of the ABN-AMRO Bank: i. Personal Loan Documentation including Personal loan Disbursement Instruction letter ii. Demand Promissory Note for the sum of Rs. 8,34,000/-

5. It is further stated that ABN-AMRO Bank has by RBI Notification dated 19.03.2010 got substituted to RBS Bank N. V. and thereafter RBS Bank N.V. which vide assignment agreement dated 30.04.2012, assigned, inter alia, to and or in in favour of Applicant hereinabove viz Phoenix Trust FY 12-6 Scheme B (of which the Applicant is the trustee), the entire dues / debts / loans receivable from the Defendant under/in connection with the captioned account along with the underlying security and security interest created for repayment of the said loan availed by the Defendant.

6. However, after availing aforesaid facility, Defendant has been grossly irregular and negligent in making repayment of the outstanding dues. Thereafter, Applicant by their Advocate letter dated 15.05.2013 recalled the entire loan and called upon the Defendant to pay the outstanding dues, but they failed to do so. Hence, the present OA has been filed.

7. Notice was issued to the Defendant. Defendant put his appearance through counsel on 25.09.2023, however, thereafter none appeared on behalf of the Defendant nor any WS has been filed.

8. The Applicant Bank has produced all the Original Loan documents and other relevant documents along with their Claim Affidavit filed through Authorised Signatory Sunil Suryavanshi.

9. I have heard the Ld. Counsel for the Applicant Bank and perused the record.

10. The witness of the Applicant Bank has fully corroborated the averments made in the OA, even otherwise the whole case of the Applicant Bank is based on documents and the witness has duly proved all these documents as against the defendant. In my view there is no question of disbelieving the evidence led by the Applicant Bank and the Applicant Bank has proved its case beyond reasonable doubt.

11. In the light of above discussions, the Original Application filed by the Applicant Bank deserves to be allowed against the Defendant.

O R D E R

(i) I allow the present O.A. and direct the Defendant to pay to the Applicant, within a period of 60 days, a sum of Rs. 11,89,961.14 (Rupees Eleven Lakh Eighty Nine Thousand Nine Hundred Sixty One and Paise Fourteen Only) along with further interest @ 2 % p.m. from the date of filing of the present OA till its realisation.

(ii) Failing which the aforesaid amount shall be recovered from the sale of the personal moveable and immoveable assets of the Defendant.

(iii) Defendant is hereby directed not to deal with his properties till further direction of Ld. Recovery Officer.

(iv) Defendant shall also pay the cost and expenses of the OA.

(v) Recovery Certificate be issued forthwith and be sent to the Recovery Officer of this Tribunal. Copy of this order be sent to the parties as per rules. File be consigned to record.

Place: Mumbai.

(Dr. Rekha G. Dhakar) Date : 29.05.2024

Presiding Officer, DRT-1, Mumbai.

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