Debts Recovery Tribunals and Appellate Tribunals
Phoenix ARC Private Limited vs ROHIT UDANI on 25 October 2023
Registered on : 22.11.2021
Decided on : 25.10.2023
IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI
TRANSFER APPLICATION NO. 293 of 2016
PHOENIX A R C PRIVATE LIMITED, having
)
its registered office at 7th floor, Dani Corporate )
Park, 158, C.S.T. Road, Kalina, Santacruz (E), )
Mumbai 400 098 acting in its capacity as the )
Trustee of Phoenix Trust- FY 12-6 Scheme “B”
)
Through its Authorised officer.
) ...APPLICANT
VERSUS
MR. ROHIT MAGANLAL UDANI residing at
)
321/D/8, Ambedkar Road, Diva Niketan, 1st Floor)
Opp. Kapol Niwas, Matunga Mumbai 400019
) ...DEFENDANT
________________________________________________________________
Counsel for the Applicant : Advocate Vinay Deshpande i/b
V. Deshpande & Co.
Counsel for the Defendant : None
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J U D G M E N T
1. The present OA has been filed by the Applicant before the Ld. DRT-III, Mumbai, which stands transferred to this Tribunal on 24.10.2016 as per the Govt. Notification dated 26.09.2016 and registered as TA No.293/2016. The OA has been filed for recovery Rs.13,74,878.90/- (Rupees Thirteen Lakhs Seventy Four Thousand Eight Hundred Seventy Eight and Ninety Paisa only) and further interest @16 p.a. from the date of filing of the Original Application till payment and/or realisation.
2. Facts as succinctly set out in the OA are that the Applicant is an assignee of Royal Bank of Scotland (formerly known as ABN AMRO Bank). The Applicant has taken over the debt of the Defendant from the said bank under the valid and subsisting Deed of Assignment dated 30.04.2012.
3. It is stated that the Defendant in or about September 2007, approached the Assignor Bank for grant of Term Loan. The said request was considered by the Assignor Bank and sanctioned loan of Rs.8,09,000/-. The Defendant acknowledged the sanction and disbursement of the said loan and executed Demand Promissory Note.
4. It is further stated that in view of the assignment of the debt as stated hereinabove, the said Assignor Bank has endorsed the post- dated cheques in favour of the Applicant for an aggregate amount of Rs.91,764/-. The Applicant presented the one cheque of Rs.22,941/- dated 18.08.2013 for encashment however, the same was returned with remark “Account Closed”.
5. It is further stated that the Defendant failed and neglected to make the payment and avoided to settle their aforesaid account. Thus, the Applicant issued notice dated 16.11.2015 and called upon the Defendant to pay the outstanding dues but the Defendant failed to pay the dues. Hence, the present OA has been filed.
6. Notice was issued to the Defendant. Despite service, none appeared for the Defendant nor filed the WS, thus, he was proceeded ex-parte vide order dated 16.06.2017.
7. The Applicant Bank has produced all the Original Loan documents and other relevant documents along with their Claim Affidavit filed through the Authorized Signatory Mr. Ramesh Nachare.
8. I have heard the Ld. Counsel for the Applicant Bank and perused the record.
9. The witness of the Applicant Bank has fully corroborated the averments made in the TA, even otherwise the whole case of the Applicant 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.
10. In the light of above discussions, the Transfer Original Application deserves to be allowed against the Defendant.
O R D E R
(i) I allow the present OA and direct the Defendant to pay to the Applicant Bank, jointly and severally, within a period of 60 days, a sum of Rs.13,74,878.90/- (Rupees Thirteen Lakhs Seventy Four Thousand Eight Hundred Seventy Eight and
Ninety Paisa only) and further interest @16 p.a. from the date of filing of the present OA till its realization.
(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 TA.
(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 : 25.10.2023
Presiding Officer, DRT-1, Mumbai
SP/-