Allowed

Punjab National Bank v. Ibrar Ansari and Ors.

DRT21 Dec 2023OA/145/2022

Case brief

AI extract

What is this about?

DRT-II, Delhi allowed Punjab National Bank's application for recovery of dues against EMM VEE Infrastructure India Pvt. Ltd. The court held that per the Tripartite Agreement, the builder is liable to refund the amount to the bank upon borrower default since borrowers did not receive possession.

What did the court decide?

Directed defendant no. 3 to pay Rs. 46,48,300/- with interest at 11.45% p.a. within 30 days, recoverable from the mortgaged property if not paid.

Punjab National Bank versus Ibrar Ansari and Ors. — Contract and Commercial Disputes | DRT (2023)

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Before susHrL KUMAR RAsroGr, presiding officer Debts Recovery Tribunal-Il, Delhi

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OA no. 145 OF 2022

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PUNJAB NATIONAL BANK VS. MR. IBRAR ANSARI & ORS.

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Reselved on : 08.11.2023l Pronounced on^.= 21-.L2.ZO2}

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Punjab National Bank -^Applicant bank Vs. 1 Mr. Ibrar Ansari 2. Ms. Farzana Ansari 3. EMM VEE Infrastructure India h/t.Ltd. - Defendants

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Present: Ms. Madhavi, Counsel appears for applicant bank. None for defendants.

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FINAL ORDER

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This original application has been filed by the appticant ban( on through Shri^pawan Kumar, Chief Manager of the applicant bank, under Section 19 of the Recovery of Debts Due to Banks and Financiat Institution Act, 1993 against the defendant no. 1 to 3 for recovery of a sum of Rs.46 ,4B,3LZ|- together with cost, charges and pendentellite and future interest @ ll.45o/o p.a. from date of filing of this O.A. till the realization in full.

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The brief facts of the case are that at the request of the defendant no.l & 2 the applicant bank sanctioned, on 2L.04.20L6, a housing loan facility of Rs.33,62,6401- for purchase of flat no.L}l7 F, 12th floor, Kanha Tower No.2, Dwarika Heights, NH-58 Bypass Road, Meerut from the defendant no.3. In qr\

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oA NO. t4s/2022

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order to avail the said loan facirity the defendants have executed loaning /security documents dated 2L.04.2016. A Tripaftite agreement dated zg.o4.zoL6 has been executed between the applicant bank and defendant no.1 and 3.

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It is fufther submitted that the defendants enjoyed and utilized the Loan facility, but failed to maintain the financial discipline and failed to repay the due amounts. The applicant bank requested the defendants to regularize the roan account by visits and letters, but there was no response from the defendants, hence the account was classified as NpA on 30.06.2019. Therefore, the applicant bank served a legal demand notice dated 03.07.2019 to the defendants, demanding the amount due as on that date, but failed to recover the same. Thus, the present o.A. is preferred by the applicant bank to recover its dues.

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on notice by this Tribunal, defendants failed to put appearance at all, despite publication and accordingly defendants were proceeded against expafte on 07.07.2023.

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The documentary evidence filed by way of affidavit of sh. Pawan Kumar, chief Manager of the applicant bank as Annexure A-1 to Annexure A-Lz have gone unchallenged and un-rebutted. Hence, the case of the applicant bank stands fully established against the defendants with respect to non payment of EMI/ outstanding amou ?

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oA NO. t4s/2022

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From perusal of the record it is clear that at the time of executing loan documents the applicant bank has entered into a Tripaftite Agreement with the builder along with the borrowers. para 6 of the Tripaftite agreement is as foltows:-

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" If the borrower/s withdraw/s from the scheme or fail/s to pay the balance amount representing the difference between the housing allowed by the Bank and the actual cost of the house/flat (inctuding escalation) or die/s or allotment of the flat/house is otherwise cancelled, entire amount standing to the credit of the borower/s (inctuding margin money and borrowerb contribution) witt be refunded by the Builder to the Bank. The Bank shalt refund to the borrower/s balancg if any, after adjusting the entire outstanding dues, inctuding interest, cos? and other amount recoverable by the Bank from the borrower/s. "

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B. As per conditions contained in the Tripartite Agreement at para no.6, in case of default by the borrower the amount which has been paid by the borrower to the builder has to be returned to the bank and the possession of the unit or flat is to be given to the bank. In the present case the borrower has made default in repayment of the EMIs and therefore, 0s per condition agreed between the pafties, the builder is under obligation to return the entire amount which he has received from the borrower or from the applicant bank in tieu of the payment of the construction of the flat. More over, from the perusal of the entire facts it is apparent that the borrower has taken tng-!.o?9and the loan amount

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. ..91

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oA NO. 145t2022 4

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has been paid to the builder for construction of the flat. The applicant bank has not ctaimed that the builder in violation of the terms and conditions has handed over the flat to the defendant no.1 & 2. The borrower has not taken any amount in his account and the entire amount has been paid to the builder. In addition to this the borrower has also paid the margin money to the builder and also paid ceftain EMIs as mentioned by the applicant bank. The borrower has not got the possession of the flat. If the borrower is directed to pay the amount which has been actually paid to the builder this will amount double penalty on the borrower. The borrower has received no money and has still paid the margin money and also certain EMIs to the bank and has got in return nothing. In such circumstances and as per agreed terms and conditions it is only the builder who is liable to pay the defaulted amount to the applicant bank.

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In the light of the above discussions, the Original Application deseryes to be atlowed against defendant no.3.

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ORDER

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I hereby allow this O.A. of the Applicant Bank and direct the defendant no. 3 to pay to the applicant bank within 30 days from today, a sum of Rs. Rs.46,48 ,3LZl- along with^-cost, expenses and interest @ 11.45olo simpte from the date of filing of this O.A. till the date of realization. /'/ ---t-. A.

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oA NO. 14st2022

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In case of failure to deposit the above amount within the stipulated period, the same shall be recovered frorn the sale of the moftgaged propefi bearing no. _ flat no.1207 F, 12h floor, Kanha Tower No.2, Dwarika Heights, NH-58 Bypass Road, Meerut. In case of short fall, the same shall be recovered from the sale of personal movabte and immovable assets of the defendant no. 3.

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Recovery Certificate be issued forthwith and be sent to Recovery Officer, Debts Recovery Tribunal-Il, Delhi.

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The registry of this Tribunal is hereby directed to issue free copy of the order and send the same to both the parties.

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Pafties are direct to appear before the Ld. Recovery Officer, DRT-II, Delhi on 27.02.2024. Pending IAs, if ?ry, stand disposed of.

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File be consigned to records.

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Date :2L.L2.2023 (SUSHIL RASTOGT) PRESIDING OFFICER DRT-II, Delhi

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This judgement has been signed, dated and

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pronounced in open couft.

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Date :21.t2.2023

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a q). ,#) (susHIL Krro*.ffiocr) PRESIDING OFFICER DRT-II, Delhi

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Punjab National Bank v. Ibrar Ansari and Ors.

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Punjab National Bank v. Ibrar Ansari and Ors.

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