STATE BANK OF INDIA vs Dhanesh on 29 October 2026

**J U D G M E N T**

1. 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.7,91,63,009.30/- with future interest thereon from the date of presentation of the Transfer Original Application till payment/realization.

2. 2. The Defendants were granted Home Loan facility of Rs.7,00,00,000/- vide Arrangement letter dt.19.11.2018 and as specified in para no.6.3 of the Transfer Original Application and on the defendants executing loan and security documents.

3. 3. Defendants mortgage of the properties viz., Flat nos. 601 and 602, admeasuring about 78.06 sq. mtrs totally, (39.03 +39.03 sq. mtrs each), inclusive of Flower Bed Balcony passages and other Such usable areas on the 2nd floor in the Building. known as Damodar Bhavan, Banganga 2nd Cross Lane, Walkeshwar, Mumbai 400006, situated on plot of land bearing C. T. S. No. 16, village Malabar, Taluka and District Mumbai City, in favour of the applicant to secure the loan.

4. Despite the undertaking effected by Defendants they 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 16.05.2021.

5. Since defendants 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 30.09.2022. Defendants were duly served with the summons through paper publication for appearance on 03.09.2024, despite receipt of transfer notice, the defendants did not appear. They had remained absent without any representation for them and so, they were set at exparte.

6. Despite issuance of letters, personal visits, telephonic conversation and reminders the Defendants have failed to regularise the account. So the Applicant had caused the issuance of lawyer notice to Defendants to pay up the dues with interest.

7. The applicant filed an affidavit (exhibit-10) in lieu of examination in chief through Mr. Rambhau Taktewale, Chief Manager of the bank, had produced documents, which are admitted in evidence, read, recorded and exhibited and were marked as AW-1 to AW-29.

8. Accordingly, the Transfer Original Application was filed for the recovery of aggregating a sum of Rs.7,91,63,009.30/- with further interest @0.35% above MCLR rate (0.35% + 7.85% (present MCLR rate) i.e 8.2% p.a and other expenses for the period 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 unrebuted, 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 No. 1 & 2 are held liable jointly and severally to pay to the Applicant Bank within two months a sum of Rs.7,91,63,009.30/- with further interest @0.35% above MCLR rate (0.35% + 7.85% (present MCLR rate) i.e 8.2% p.a 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 mortgaged properties, Flat nos. 601 and 602, admeasuring about 78.06 sq. mtrs totally, (39.03 +39.03 sq. mtrs each), inclusive of Flower Bed Balcony passages and other Such usable areas on the 2nd floor in the Building. known as Damodar Bhavan, Banganga 2nd Cross Lane, Walkeshwar, Mumbai 400006, situated on plot of land bearing C. T. S. No. 16, village Malabar, Taluka and District Mumbai City and in case of shortfall, the same shall be recovered from the sale of the movable and immovable properties of the Defendants.

- b. Defendants are directed to declare, on oath, to the Recovery Officer, Debts Recovery Tribunal – I, Mumbai, both their moveable and immoveable assets for the purpose of attachment and sale for realizing the shortfall, if any.

- c. Let a Recovery Certificate be issued with 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 Defendants are 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 : 29.10.2026.

(Dictated to my Stenographer, transcribed by him corrected and signed by me and pronounced in open forum on 29.10.2026)

Place:- Mumbai Date:- 29.10.2026

Presiding Officer, DRT-1, Mumbai (Sreekala Suresh)