Debts Recovery Tribunals and Appellate Tribunals
BANK OF INDIA vs SANDESH SRIKANT PHALDESAI on 8 October 2026
Date of filing :01.12.2018
Decided on : 08.10.2026
**IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI
TRANSFER ORIGINAL APPLICATION NO. 612 of 2023**
BANK OF INDIA, a Body Corporate
Constituted under the Banking
Companies (Acquisition and Transfer of
Undertakings) Act V of 1970, having
their Head Office at Star House, Plot
No.C-5, "G" Block, Bandra-Kurla
Complex, Bandra (East), Mumbai-
400051 and also having their one of the
branches amongst others " at Bank of
India, Verna SME Branch, GIDC
Complex, Verna Industrial Area, Verna,
Salcete, Goa-403 722, known as "
Verna SME Branch Through the Power
of Attorney Holder Sr Manager Shri.
George Anthony Dlima
...Applicant
VERSUS
MR. SANDESH SRIKANT PHAI DESAI,
Having address at:
A handwritten signature, possibly of Mr. Sandesh Srikant Phai Desai, written in dark ink over a diagonal line.
(1) H No 104/02, F-S-6, Maruti Apartments., Near Maruti Temple, Ground Floor, Mala, Panaji, Goa- 403 001. And
(2) H No 83, F1, Maruti Apartments, Near Maruti Temple, Mala, Panaji, Goa- 403 001..
...Defendant
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Counsel for the Applicant : Advocate Prashant Shinde i/b Anant Shinde and Co.
Counsel for the Defendant : NIL- Defendant Ex -parte
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**J U D G M E N T**
1. This is an application under Section 19(1) of Recovery of the Debt and Bankruptcy Act, 1993 (for short, 'the 1993 Act') to recover Rs.68,37,586.43/- with future interest thereon from the date of presentation of the Transfer Original Application till payment/realisation.
2. The Defendant was granted Term Loan-I (Vehicle) under CGTSME for Rs.30,00,000/- vide sanction letter dt.29.02.2016 and also granted Term Loan-II (Vehicle) under CGTSME facility for Rs.35,00,000/- vide sanction letter dt.16.02:2017 as specified in para no.5 (iii) and 5(ix) of the Transfer Original Application and on them executing loan and security documents.
3. Defendant created hypothecation of Vehicles Ashok Leyland Registration No. GA07F5669 and Ashok Leyland ALPSV 4/255 Registration No. GJ14Z7787 in favour of the Applicant to secure the Loan.
4. Despite the undertaking effected by Defendant he had failed to regularise the account and service interest in the account. So the account remained out of order since long time resulting it to be declared as NPA on 31.12.2017.
5. Despite issuance of letters, personal visits, telephonic conversation and reminders the Defendant has failed to regularise the account. So the Applicant had caused the issuance of lawyer notice to Defendant to pay up the dues with interest.
6. Since defendant failed to make the repayment, the applicant was left with no other alternative other than to file the Transfer Original Application which was presented on 01.12.2018. Defendant was duly served with the summons for appearance on 24.08.2022. Despite receipt of summons, the defendant did not appear. He had remained absent without any representation for him and so, they were set at exparte.
7. The applicant filed an affidavit in lieu of examination in chief through Mr. Deepak Chaukar, Senior Manager of the Applicant
Bank, had produced documents, which are admitted in evidence, read, recorded and exhibited and were marked as AW-1 to AW-22.
8. Accordingly, the Transfer Original Application was filed for the recovery of Rs.29,26,093.23/- with further interest @11.45% p.a along with penal interest @2% p.a under Term Loan -I and Rs.39,11,493.20/- with further interest @10.60% p.a along with penal interest @2% p.a under Term Loan -II and other expenses from the date of filing of this T.O.A. till payment/realization.
9. A scrutiny of the averments in the Transfer Original Application and an analysis of the evidence adduced by the applicant, which has gone unchallenged, uncontroverted and unrefuted, shows that there is no reason to reject the claim made by the applicant bank.
10. In view of the observations made hereinabove, Transfer Original Application filed by the applicant deserves to be allowed.
11. Hence, the following order is passed:
ORDER
a. T.O.A. stands allowed with cost and the Defendant is liable to pay to the Applicant Bank within two months a sum of Rs.29,26,093.23/- with further interest @11.45% p.a along with penal interest @2% p.a under Term Loan -I and Rs.39,11,493.20/- with further interest @10.60% p.a along with penal interest @2% p.a under Term Loan -II and other expenses from the date of filing of this
T.O.A. till the date of realization; failing which the aforesaid amount shall be recovered from the sale of hypothecated Vehicles Ashok Leyland Registration No. GA07F5669 and Ashok Leyland ALPSV 4/255 Registration No. GJ14Z7787 and in case of shortfall, the same shall be recovered from the sale of the movable and immovable properties of the Defendant.
b. Defendant is directed to declare, on oath, to the Recovery Officer, Debts Recovery Tribunal – I, Mumbai, both their moveable and immovable assets for the purpose of attachment and sale for realizing the shortfall, if any.
c. Let a Recovery Certificate be issued with a memo of cost immediately u/s 19(22) of The Recovery of Debts and Bankruptcy Act, 1993 together with the details of the properties, if any.
d. The Defendant is restrained from depleting, transferring, encumbering, alienating or in any way dealing with their properties/assets without first paying the claim of the Applicant Bank.
e. Copies of this judgment be sent to the parties free of cost and file be consigned to the record room.
f. Give under my hand and the seal of this Tribunal on this date : 08.10.2026.
(Dictated to my Stenographer, transcribed by him corrected and signed by me and pronounced in open forum on 08.10.2026)
Place:- Mumbai Date:- 08.10.2026
Presiding Officer, DRT-1, Mumbai (Sreekala Suresh)