Debts Recovery Tribunals and Appellate Tribunals
KOTAK MAHINDRA BANK LIMITED vs AYUB IDU KHAN on 9 March 2021
Registered on:
7.05.2015
Decided on:
9.03.2021
Duration:
5Y 9M 30, D
IN THE DEBTS RECOVERY TRIBUNAL-I AT MUMBAI
DATED 9th DAY OF MARCH, 2021
ORIGINAL APPLICATION NO. 609 OF 2016
KOTAK MAHINDRA BANK LIMITED,
a Banking Company within the meaning
of the Banking Regulation Act, 1949 and
registered Under the Companies Act,
1956 and having its registered office at 27, BKC, C-27, G Block, Bandra Kurla Complex, Bandra (East)400 051 and one of its branch office at Ground Floor, Samsung Building, 159-A, C.S.T.Road, Kalina, Santacruz (E), Mumbai – 400 098
and
Mr.Sandeep
.Upadhyay
is
authorised to sign the application..
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. Applicant
VERSUS
1. AYUB IDU KHAN,
Masjid, Mumbai – 400 009 and also at
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103, Alif House, Dockyard Road,
Mazgaon, Mumbai 400 013 and also at
Nafisa Engineering Works, 412, Doshi
Chambers, Poona Street, Nandlal Jani
Road, Masjid, Mumbai 400 009 and
also at Room No.412, 4th Floor,
Chamber Poona Street, Dana Bunder,
Mumbai 400 009.
2.IQBAL
KAMRUDDIUN
KHAN,
RoomNo.6, 1st Floor, Opp. Vishwa
Vihar Hotel, Zakaria Buynder Road,
Near Cooton Green Railway Station,
Mumbai 400 033 and also at Flat
No.603, Building No.14-B, Aashiyana
Building Co.op. Housing Society,
Kalpak Estate Antop Hill, Mumbai -
400 037.
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… Defendants
Advocate for the
applicant
Ms. UMA S. FADIA
For Defendant Nos. 1 &
None (already set ex-parte)
JUDGMENT PRONOUNCED ON : 09/03/2021
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J U D G M E N T
This is an application filed under section 19 of the DRT Act, 1993 by Kotak Mahindra Bank Ltd. praying to issue Recovery Certificate against the defendants for an amount of Rs.2,21,52,293.86 (Rupees Two CroresTwenty One Lakhs Fifty Two Thousand Two Hundred Ninety Three and Eighty Six paise only) with further interest @ 18% p.a. from the date of filing of the Original Application till realization being the amount due from the defendant nos. 1 & 2.
The brief facts of the application are that the defendant nos.1& 2 approached Kotak Mahindra Bank Ltd.for granting them Commerical Vehicle loans facility which was allowed vide sanction letter dated -29/10/2010.
The defendants availed the loan facilities subject to various terms and conditions as per sanction letter dated 29/10/2010. The defendantnos1and 2 also executed a registered Loan cum Guarantee Agreements, Promissory Notes along with Power of Attorneydated 29/10/2010, 22/12/2010, 20/07/2011 and 20/03/2012 in respect of the said hypothecated properties.
As the defendants failed to operate the account regularly the account became irregular and was classified as non- performing assets and therefore, the applicant got issued a legal notice dated 22/04/2015 in respect of account calling upon the defendants to pay the outstanding amount. As there was no response from the defendants, the applicant having no other alternative, filed the present Original Application for recovery of the loan amount with subsequent interest and costs.
Summons were served upon defendant nos. 1 and 2 by way of Registered Post Acknowledgment Due. However, they remained absent, therefore, they were proceeded exparte vide order dated 2/2/2016. The applicant bank filed its claim affidavit under Exh. 15 along with list of original documents under Exh. 16 and original documents filed by the Applicant are exhibited as A-17 to A-49.
Since the defendant no. 1 & 2 remained exparte and the affidavit of evidence and documents filed by applicant remained unchallenged, therefoew, after hearing the arguments of the counsel appearing for the applicant and upon perusing the record, this Tribunal pass the following order:-
Since the defendant no. 1 & 2 remained exparte and the affidavit of evidence and documents filed by applicant remained unchallenged, therefore, after hearing the arguments of the counsel appearing for the applicant and
OA 609 of 2016
upon perusing the record, this Tribunal pass the following order:-
O R D E R
a) I allow the O.A. and direct the defendant nos.1 & 2 to pay within a period of 30 days to the applicant bank a sum of Rs.2,21,52,293.86 (Rupees Two CroresTwenty One Lakhs Fifty Two Thousand Two Hundred Ninety Three and Eighty Six paise only) with further interest @ 18% p.a. from the date of filing of the Original Application till realization.
b) Failing which the aforesaid amount shall be recovered from the properties of defendant nos. 1and 2 which was hypothecated as mentioned in Exh. “F” to the application as well as otherproperties.
c) Defendants are hereby directed not to deal with their properties, till further direction of Ld. Recovery Officer.
d) The defendant 1 and 2 also shall pay costs incurred by the applicant bank in filing the above Original Application including professional fees and other expenses.
e) The Recovery Certificate be issued forthwith and be sent to the Recovery Officer, DRT-1, Mumbai.
f) Copy of this Judgment and Recovery Certificate be sent to all the parties as per rules.
Place: Mumbai.
(Dr. Rekha G. Dhakar ) Date: 9thMarch, 2021. Presiding Officer, DRT-1, Mumbai.
09/03/2021 Roznama – MDRT-I O.A. No. 609/2016 Next date
Order pronounced vides separate order.
1. I allow the O.A. and direct the defendant nos.1 &2 to pay within a period of 30 days to the applicant bank a sum of Rs.2,21,52,293.86 (Rupees Two CroresTwenty One Lakhs Fifty Two Thousand Two Hundred Ninety Three and Eighty Six paise only) with further interest @ 18% p.a. from the date of filing of the Original Application till realization
2. The parties are directed to appear before the Ld. Recovery Officer No.2 on 26.4.2021. File be consigned to record room. P.O. DRT-1
26/4/2021
Correct it and sent to PO on 16.4.2021