Allowed

Indian Bank (Allahabad Bank) v. Alok Aggarwal and Ors.

DRT30 Nov 2023OA/388/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's original application for recovery of dues against two defendants who failed to repay a housing loan facility, proceeding ex parte due to their non-appearance.

What did the court decide?

Payment of sum of Rs.32,16,589 with cost and interest at 12.25% p.a. from date of filing till realization. Recovery from sale of mortgaged property or personal assets for short fall.

Indian Bank (Allahabad Bank) versus Alok Aggarwal and Ors. — Banking and Recovery | DRT (2023)

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Before SUSHIL KUMAR RASIOGI, presiding Officer Debts Recovety Tribunal-Il, Delhi

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oA/388/2022

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INDIAN BANK VS. ALOK AGGARWAL AND ANR.

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Reserued on : 31.10.2029

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Pronounced on : 30,11.2029

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Indian Bank

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-^Applicant bank

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Vs. 1 Mr. Alok Aggarwal 2l4ls Rajesh Projects India M.Ltd. - Defendants

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Present: Sh. Abhishek Negi, Counsel appears for applicant bank. None for defendants.

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FINAT ORDER

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This original apprication has been fired by the applicant bank, on 31.05.2022 through shri pradeep Kumar, chief Manager of the applicant bank, under section 19 of the Recovery of Debts Due to Banks and Financial Institution Act, 1993 against the defendant no.1 & 2 for recovery of a sum of Rs.32,16,Sggl_ together with cost, charges and pendenteltite and future interest @ L2.25o/o p.a. from date of filing of this O.A. till the realization in fult.

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The brief facts of the case are that at the request of the defendant no.l, the appticant bank sanctioned, on 13.06.20L4 a Housing Loan Facility of Rs.35,20,0001- for purchase of Flat no. ti-L4OZ, RG Luxury Homes, Plot no. GH-07A, Sector 16-8, Noida Extension, UP from defendant no.2. In order to avail the said loan facility th_e_defendants have executed c-l { zl )

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oA NO. 388t2022

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various loaning documents dated 13.06.2014 in favour of the applicant bank. A Tripartite Agreement dated 13.06.2014 has also been executed between defendant no. L, 2 and the applicant bank. The above said loan was taken by the defendants against the moftgage of the subject propefi mentioned above.

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It is further submitted that the defendants enjoyed and utilized the Loan facility, but failed to maintain financial discipline and failed to repay the due amounts. The applicant bank requested the defendants to regularize the loan account by visits and letters, but there was no response from the defendants, hence the account was classified as NPA on 29.08.2018. Thereafter, the applicant bank served a notice under Section 13(2) of the SARFAESI Act dated 27.09.2018 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 exparte on 26.07.2023.

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The documentary evidence filed by way of affidavit of Sh. Pradeep Kumar, Chief Manager of the appticant bank as Annexure-Al to A-13 have gone unchallenged and un-rebutted. Hence, the case of the applicant bank stands fully established against the

oA NO. 38812022

defendants with respect to non payment of EMI/ outstanding amount.

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After perusing the records, this Tribunal is of the view that the applicant bank has proved its case beyond reasonable doubts. The documentary evidence Rled by the applicant bank not rebutted by the defendants and there is no^question of disbelieving the evidence filed by the applicant bank based upon the written/printed documents.

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In the light of the above discussions, the Original Application deseryes to be allowed.

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ORDER

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I hereby allow this O.A. of the Applicant Bank and direct the defendant nos. 1 & 2 to^{pay jointly} and severally to the applicant bank within 30 days^from today, a sum of Rs.32,16,5891- along with^cost, expenses and interest @ L2.25o/o simple from^the date of filing of this O.A. till the date of^realization.

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In case of failure to deposit the above amount within the stipulated^period, the same shall be recovered from the sale of the^property bearing^Flat no. Flat no. H-1402, RG Luxury^{Homes, Plot no. GH-} 07A, Sector 16-8, Noida Extension, UP. In^{case of} short fall, the same shall be recovered from the^sale of personal movable and immovable assets of the defendantno.l&2.

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EA ,/

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oA NO. 38812022 4

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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 3L.0L.2024. Pending IAs, if ?ry, stand disposed of.

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File be consigned to records.

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( g"\ t" 7D 1 Date : 30.L1.2023 (SUSHIL KUMAR RASTOGI) PRESIDING OFRCER DRT-II, Delhi

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This^judgement has been signed, dated and

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pronounced in open court.

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ga.. slt2 Date : 30.11.2023 (SUSHIL KUMAR PRESIDING OFFICER DRT-II, Delhi

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Indian Bank (Allahabad Bank) v. Alok Aggarwal and Ors.

Case brief

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Indian Bank (Allahabad Bank) v. Alok Aggarwal and Ors.

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