Debts Recovery Tribunals and Appellate Tribunals
Phoenix ARC Private Limited vs NARESH KANAYALAL RAJWANI on 28 December 2023
Registered on: 13.01.2014
Decided on: 28.12.2023
IN THE DEBT RECOVERY TRIBUNAL-I MUMBAI
TRANSFER ORIGINAL APPLICATION NO.1085 of 2016
PHOENIX ASSETS RECONSTRUCTION
COMPANY PRIVATE LIMITED, having its
registered office at 7th Floor, Dani Corporate Park, 158, C.S.T. Road, Kalina, Santacruz (E), Mumbai-400098 acting in its capacity as the trustee of Phoenix Trust-FY 12-6 Scheme B
through its Authorized Officer Mr. Naresh Anchan … APPLICANT
VERSUS
NARESH KANAYALAL RAJWANI, Flat
No.82, Venus Apartments Chembur Venus
CHSL, A-sqares Road off Golf Link Chembur, Mumbai-400071
And/or
Naresh
Kanayalal
Rajwani,
Proprietor,
carrying on business in the name and style of Amit at National India Building, 1st Floor, Kalagoda Fort, Mumbai-400001
...DEFENDANT
Counsel for the Applicant:
Adv. Manmohan Rao
Counsel for the Defendant:
None
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J U D G M E N T
1. The Original Application has been filed by the Applicant before the Ld. DRT-III, Mumbai on 26.12.2013 which stands transferred to this Tribunal on 26.10.2016 as per Gazette Notification dated
26.09.2016. The OA has been filed for recovery of Rs.11,03,865/- (Rupees Eleven Lakhs Three Thousand Eight Hundred Sixty Five only) with further interest as per particulars of claim (Annexure-8 of the present OA).
2. Facts as succinctly set out in the OA are that in or about August, 2007, the Defendant approached the ABN-AMRO Bank at Nariman Point branch for availing the Personal Loan. The said request was considered by the ABN-AMRO Bank and disbursed a Personal loan of Rs.15 lakhs to the Defendant. The Defendant executed the various loaning and security documents which includes Personal Loan Documentation including Personal Loan Disbursement Instructions letter; Demand Promissory Note; Composite Agreement for business loan and Guarantee etc. The said loan was repayable by the Defendant on monthly instalments basis commencing from 16.08.2007 till 16.07.2012. The Defendant in discharge of the said part satisfaction of liability, had issued 43 cheques dated 16.07.2011, 16.08.2011 and 16.09.2011 amounting to Rs.1,09,240/- in part payment of the amount due and payable under the aforesaid personal loan facility.
3. It is further stated that the ABN-AMRO Bank by RBI notification dated 19.03.2010 got substituted to RBS Bank N.V. and thereafter RBS Bank which vide an Assignment Agreement dated 30.04.2012 assigned the debts in favour of the Applicant.
4. However, the Defendant failed to make the repayment of their loan therefore, the total dues liable to be paid by the Defendants accumulated to Rs.9,01,995/- including interest at the rate of 15.5% as on 16.07.2012. Thereafter, the Applicant issued an Advocate Letter dated 15.05.2013 and recalled the entire loan and called upon the Defendant to pay outstanding dues, however, despite receipt of the said notice, the Defendant failed to pay the dues. Hence, the present OA has been filed.
5. Notices were issued to the Defendant. The Defendant put his appearance through counsel however, despite opportunities, the Defendant failed to file the WS. Record reveals that since 16.08.2022, none appeared on behalf of the Defendant.
6. I have heard Ld. Counsel for the Applicant Bank and perused the record.
7. As per particulars of the claim of the present OA, the Applicant has claimed further interest @19% p.a. from the date of filing of the present OA till its realization, and the same is hereby allowed.
8. In the light of submissions made herein above, the present OA is hereby allowed against the Defendant.
O R D E R
(i) The present O.A. is hereby allowed and Defendant is hereby directed to pay to the Applicant, within a period of 60 days, a sum of Rs.11,03,865/- (Rupees Eleven Lakhs Three Thousand Eight Hundred Sixty Five only) with further interest @19% 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 personal moveable and immoveable assets of the Defendant.
(iii) Defendant is hereby directed not to deal with their properties till further direction of Ld. Recovery Officer.
(iv) Defendant shall also pay the cost and expenses of the OA/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: 28.12.2023
Presiding Officer,
DRT-1, Mumbai SC/-