Debts Recovery Tribunals and Appellate Tribunals
INVENT ASSET SECURTISATION AND RECONSTRUCTION PVT LTD vs ANSAR AHMED MOHAMMAD ASIF on 29 October 2026
Date of filing : 09.10.2015
Date of Transfer : 26.09.2016
Decided on : 29.10.2026
**IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI
TRANSFER ORIGINAL APPLICATION NO. 908 of 2016**
INVENT ASSET SECURITISATION &
RECONSTRUCTION PVT. LTD, a
company incorporated under the
Companies Act, 1956 and registered as
Securitisation and Asset Reconstruction
Company pursuant to Section 3 of
SARFESI Act, acting in its capacity as
Trustee of the "INVENT/1617/BMC/P14
Trust", having registered office at 107, Jolly Maker Chambers No. 2, 225, Nariman Point, Mumbai-400 021.
...Applicant
VERSUS
1. Mr. Ansar Ahmed Mohammad Asif,
Carrying on business at Gala No.A-19,
Masood Estate, Kismat Nagar, CST Road,
Behind Bus Depot, Kurla(W), Mumbai
400 070.
A handwritten signature in black ink, consisting of several fluid, overlapping strokes that form a stylized, somewhat abstract shape.
2(a) Mrs. Noorjahan S. Basha, in her additional capacity as heir and legal representative of the deceased Defendant No. 2 having her address at 304, Sanjay Apts, Bashabhai Compound, S.V. Road, Bandra (West), Mumbai-400 050.
2(b) Syed Ershad Ahmed Basha, in his additional capacity as heir and legal representative of the deceased Defendant No. 2 having his address at 304, Sanjay Apts, Bashabhai Compound, S.V. Road, Bandra (West), Mumbai-400 050.
2(c) Lubna Basha, in her additional capacity as heir and legal representative of the deceased Defendant No. 2 having her address at 304, Sanjay Apts, Bashabhai Compound, S.V. Road, Bandra (West), Mumbai-400 050.
2(d) Sayed Mubarak Basha, in his additional capacity as heir and legal representative of the deceased Defendant No. 2 having his address at 304, Sanjay Apts, Bashabhai Compound, S.V. Road, Bandra (West), Mumbai-400 050.
3. Mr. Syed Ershad Ahmed Basha,
having his address at 304 Sanjary Apts., Bashabhai Compound, 274, S.V. Road Bandra (west), Mumbai -400 050.
4. Mrs. Noorjahan S. Basha, having her
address at 304 Sanjary Apts., Bashabhai
Compound, 274, S.V. Road Bandra
(west), Mumbai 400 050.
5. Sayed Mubarak Basha, having his
address at 304 Sanjary Apts., Bashabhai
Compound, 274, S.V. Road Bandra
(west), Mumbai 400 050
...Defendants
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Counsel for the Applicant : Advocate Vipin Chandra i/b Adv. Nainesh Amin.
Counsel for the Defendants : NIL- Defendants 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.5,99,31,485/- with future interest thereon from the date of presentation of the Transfer Original Application till payment/realization.
1. 2. The Defendant were granted Term Loan facility of Rs.525 Lakhs vide sanction letter dt.07.04.2010 and as specified in para no.5(iv) of the Transfer Original Application and on the defendants executing loan and security documents.
2. 3. Defendants mortgage of the property viz., Shop No. 148 admeasuring 8300 sq.ft on the 2nd floor at City Centre Mall, Palm Beach Road, Plot No.18, Sector NO.19-D, Vashi, Navi Mumbai 400 703, in favour of the applicant to secure the loan.
3. 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.
4. 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 09.10.2015. Defendants were duly served with the Transfer Notice for appearance on 19.12.2017, 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.
5. 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-11) in lieu of examination in chief through Ms. Amera Mirza, Asst. General Manager of the bank, had produced documents, which are admitted in evidence, read, recorded and exhibited and were marked as AW-1 to AW-10.
8. Accordingly, the Transfer Original Application was filed for the recovery of aggregating a sum of Rs.5,99,31,485/- with further interest @13.75% 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, 3 to 5 and Defendant No.2 (a) to 2(d) in their additional capacity as heir and legal representative of the deceased Defendant No. 2 are held liable jointly and severally to pay to the Applicant Bank within two months a sum of Rs.5,99,31,485/- with further interest @13.75% 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 property Shop No. 148 admeasuring 8300 sq.ft on the 2nd floor at City Centre Mall, Palm Beach Road, Plot No.18, Sector NO.19-D, Vashi, Navi Mumbai 400 703 and in case of shortfall, the same shall be recovered from the sale of the movable and immovable properties of the Defendants.
- b. Defendant No. 1, 3 to 5 and Defendant No.2 (a) to 2(d) 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 Defendant No. 1, 3 to 5 and Defendant No.2 (a) to 2(d) 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)