BANK OF INDIA vs NEESHA B VAYGANKAR on 16 June 2026

J U D G M E N T

This is an application under Section 19(1) of the Recovery of the Debts due to Banks and Financial Institutions Act, 1993 renamed as Recovery of the Debt and Bankruptcy Act, 1993 (for short, ‘the 1993 Act’) to recover ₹10,93,609.41/- (Rupees Ten with future interest @ 10.40% per annum with monthly rest thereon from the date of presentation of the Transferred Original Application i.e. 11.01.2018 till payment/realization and to enforce the hypothecated security.

The details of the claim amount are as under: - Sr No Nat ure of Facil ity O/s . amoun t Unchar ged inte res t @ 10.4 0% p er annum mon thly res t f rom 30.0 6.2 014 to 30.1 1.2 017 Penal I nteres t @ 2% p er annum Tota l Amo unt

Vehi cle Loa n Accou nt ₹ 8,05, 205 .0 0/- ₹ 2,84, 513 .49 /- ₹ 3,890 .92 /- ₹ 10,93 ,60 9.4 1/ -

It is undisputed fact in the matter that the

Defendant no.1 was duly served with the summons vide order-sheet dated 16.12.2024. Despite service, the defendant did not enter her appearance and therefore, she was set ex-parte on 04.12.2025.

Defendant no.1 is the borrower who approached the Applicant Bank and sought financial assistance by way of Vehicle Loan Account Facility. Pursuant to the loan application made by defendants, the Applicant sanctioned the loan a sum of ₹8,00,000/- (Rupees Eight Lakhs Only) payable in 84 EMIs of ₹13,364/- (Rupees Thirteen Thousand Three Hundred Sixty-Four Only) with interest at the rate of 0.20% above base rate @ 10.20% per annum with monthly rest.

The details of the Sanction amount are as under: - Sr No Date of Sanction Amount ROI Secu rity

- ₹8,00, 000/- 0.20% above base r ate @ 10.20% per ann um with month ly rest. Hypothecated Duster R YE Car.

Total Amount ₹8,00,0 00/- - -

On the dates given below, defendant signed and executed the loan and security documents as set out in paragraph nos. 5 (iv) to (v) of the Transferred Original Application. Defendant hypothecated Duster RYE Car to secure the loan.

The details of the documents executed by the Defendant are as under: - (a) Demand Promissory Note dated 04.09.2013 for ₹8,00,000/- (Rupees Eight Lakhs Only); (b) (L-435) Loan Bearer Letter dated 04.09.2013;

(c) (L-440) Letter of Repayment by Instalment dated 04.09.2013; (d) (L-512) Agreement of Hypothecation for Consumer Loan in respect of Vehicles dated 04.09.2013 for ₹8,00,000/- (Rupees Eight Lakhs Only); (e) (L-515) Non-Relationship Letter dated 04.09.2013;

(f) (L-444 C) Acknowledgement of Debts/Securities dated 20.10.2016.

After availing the loan, defendant did not adhere to the financial discipline and committed default in payment of instalments and repayment of the loan and accordingly the accounts of the borrower was declared as Non-Performing Assets (N.P.A.) on 30.06.2014 as per RBI Guidelines. Therefore, on 12.12.2017, the applicant, through its advocate, called upon defendant to liquidate the outstanding in the sum of ₹10,81,731.00/- (Rupees Ten Lakhs Eighty-One Thousand Seven Hundred Thirty-One Only) as on 31.11.2017 due under Vehicle Loan Facility with further interest at the rate of 10.40% p.a. with monthly/quarterly rest and expenses within 3 days from receipt of the said notice. Despite notice, defendant no. 1 failed and neglected to pay.

As on 30.11.2017, there was owing, due and payable by defendant to the applicant the aggregate sum of ₹10,93,609.41/- (Rupees Ten with future interest @ 10.40% per annum with monthly rest thereon. The applicant has maintained the loan ledger extract and the entries posted therein are made in the usual and ordinary course of the banking business.

Since, defendant failed and neglected to make the payment, the applicant was left with no other alternate but to file the Original Application which was presented on 11.01.2018.

The applicant has filed affidavit (exhibit-6) in lieu of examination in chief of Mr Rohit Raj, Constituted Attorney and list of documents (exhibit-7) thereby adducing in evidence the documents at AW-1 to AW-12, which are admitted in evidence, read, recorded and exhibited.

Accordingly, in the Original Application was filed for the recovery of ₹10,93,609.41/- (Rupees Ten with future interest @ 10.40% per annum with monthly rest thereon from the date of presentation of the Transferred Original Application i.e. 11.01.2018 till payment/realisation.

The Tribunal has scrutinised and examined the allegations contained in the Transferred Original Application and analysed the evidence adduced by the applicant which has gone unchallenged, uncontroverted and unrebutted.

Upon careful scrutiny and the examination of the Transferred Original Application, analysing the evidence and giving due weightage to the documentary evidence adduced by the applicant, the Tribunal views that there is no reason to disbelieve the claim made by the applicant bank.

In view of the observations made hereinabove, Transferred Original Application filed by the applicant deserves to be allowed.

Hence, the following order:

ORDER

(A) The Transferred Original Application No.159 of 2023 in Original Application No.87 of 2022 is allowed with costs. (B) Defendant no.1 is ordered and directed to pay to the applicant, either jointly or severally, the aggregate sum of ₹10,93,609.41/- (Rupees Ten with future simple interest @ 10.40% per annum thereon from the date of presentation of the Transferred Original Application i.e. 11.01.2018 till payment/realization after adjusting the recoveries made by the Applicant under SARFAESI Act, 2002 or any other amount paid by the borrower after filing of this Transferred Original Application No. 159 of 2023. (C) The aforesaid adjudicated amount is secured by the valid and subsisting hypothecated property, that is, Duster RYE Car. (D) Defendant no.1 is entitled to redeem the hypothecated property as per law failing which the applicant has right to proceed to sell the hypothecated property and recover dues as per law. (E) Issue Recovery Certificate. (F) The learned Registrar is directed to send a copy of the judgment and recovery certificate to (i) the applicant, (ii) defendant and (iii) the Recovery Officer by post and email.

(Harish Kumar Kaushik) Presiding Officer, DRT-2, Mumbai