Allowed

Punjab and Sind Bank v. Sh. Rajesh Gupta

DRT23 Dec 2024OA/132/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the original application filed by Punjab & Sind Bank against borrowers and guarantors for recovery of loan dues of Rs. 54,65,009.15 pending interest under Section 19 of RD&A Act, 1993. The court proceeded ex-parte and directed the issuance of a recovery certificate.

What did the court decide?

Direct the defendants to pay Rs. 54,65,009.15 with pendent lite and future interest @11.60% per annum; direct issuance of recovery certificate.

Punjab and Sind Bank versus Sh. Rajesh Gupta — Banking and Recovery | DRT (2024)

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O.A. No. 132 of 2023

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Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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O.A. No. 132 of 2023

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Punjab & Sind Bank 5/1, Deshbandhu Gupta Road Paharganj, New Delhi - 110055

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Applicant

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Versus

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Sh.Rajesh Gupta s/o Sh.Suresh Gupta At: 1/10323, Third Floor, Inder Gali

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Gali No.1, West Gorakh Park,

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Shandara, Delhi-110032

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Also at:

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1/10057 A/1, Gali No.3, West Gorakh Park, Shandara, Delhi-110032

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Also at:

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Plot No.51, Rajinder Nagar Industrial Area Sahibabad, Ghaziabad, UP-201005

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Sh.Ankit Gupta s/o Sh.Rajesh Gupta At: 1/10323, Third Floor, Inder Gali Gali No.1, West Gorakh Park, Shandara, Delhi-110032

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Also at:

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1/10057 A/1, Gali No.3, West Gorakh Park, Shandara, Delhi-110032

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Also at:

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K-6, Second Floor, Naveen Shandara Delhi-110032

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Sh.Sangratan s/o Sh.Maluk Chand Beniwal R/o 1/28/67-68, Gali No.15

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Vishwas Nagar, Shandara, Delhi-110032

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Defendants

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Present: Smt. Seema Gupta, Counsel for the applicant bank

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gd-

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O.A. No. 132 of 2023

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Date of institution: 07.01.2023

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Date of Pronouncement: 23.12.2024

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FINAL ORDER

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This original application has been filed by the applicant bank on 07.01.2023 through Shri Mohammed Ahmed, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.54,65,009.15 (Rupees Fifty Four Lacs Sixty Five Thousand Nine and paisa Fifteen only) as on 04.01.2023 along with pendentelite and future interest @9.60% per annum with monthly rest plus @2% penal interest from the date of filing of this application till the date of realization and costs.

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The brief facts of the case are that on the request of defendant no.1 & 2 being co-borrowers vide their housing loan application dated 09.02.2017 with relevant details, the applicant bank sanctioned Housing Loan facility for a sum of Rs.48.00 lacs (Rupees Forty Eight Lacs only) on 15.02.2017 @9.60% interest per annum repayable in 144 EMI of Rs.53,952/- in order to purchase of built up property on Third Floor with roof rights out of Khasra No.513/368/2 bearing Property No.10323, Village Babarpur, West Gorakh Park, Shandara, Delhi admeasuring 83.61 sq. meters. In case of default, the defendant no.1 and 2 agreed to pay 2% penal interest on overdue amount. Further, defendant no.3 stood as guarantor for the housing loan facility availed by defendant no.1 & 2.

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That in order to avail the housing loan facility, the defendants No.1 & 2 as borrowers submitted & executed

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O.A. No. 132 of 2023

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Demand Promissory Note Form 15, Letter of Waiver of presentment of Pronote, Undertaking Form No.103/291/412, Letter of Undertaking Form No.200, Consent Clause and Form No.199 dated 15.02.2017 in favour of applicant bank. The defendant no.3 executed personal and continuing guarantee Form 256 and executed consent clause for disclosure to CIBIL in case of default on 15.02.2017.

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That in order to secure the housing loan facility, the defendant no.1 created equitable mortgage of property being Third Floor with roof rights, out of Khasra No.513/368/2 bearing No.10323, Village Babarpur, Nest Gorakh Park, Shandara, Delhi by depositing Original Sale Deed dated 17.02.2017 registered as Document No.605, Vol. No.2334, Page 46 to 55 on 18.02.2017 with Sub-Registrar IV-A, Shandara Delhi by confirming Form No.84A with the applicant bank.

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The defendant no.1 and 2 acknowledged the debt by executing Revival Letter dated 15.01.2020 in favour of the applicant bank.

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It has been submitted by the applicant bank that after availing the housing loan facility, the defendants failed to maintain financial discipline and comply with the terms and conditions of the loan and defaulted in payment of agreed monthly installments despite repeated reminders. Ultimately, the account was classified as NPA on 29.01.2022 by the applicant bank as per RBI guidelines but no efforts were made for regularization of the account. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

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O.A. No. 132 of 2023

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Notices of this O.A. were issued to the defendants and despite of proper service, the defenda1'its have chosen to absent from the proceedings. As per order dated 05.09.2024, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

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Notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 01.02.2022 was issued on the defendants to repay the dues within 60 days but defendants neglected the notice. The applicant bank took symbolic possession of the property on 07.05.2022 by affixing the notice on the property under Section 13(4) of SARFAESI Act duly published in newspapers on 09.05.2022.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Mohammed Ahmed, authorized representative of applicant bank who has proved the documents as Power of Attorney Exh.AW-1/1, Agreement to Sell Exh.AW-1/2, Loan Application with Guarantors and other relevant details Exh.AW-1/3 to Exh.AW-1/8, Sanction Letter Exh.AW-1/9, Demand Promissory Note Exh.AW-1/10, Letter of Waiver Exh.AW-1/11, Form No.103/291/412 Exh.AW-1/12, Form No.200 Exh.AW-1/13, Consent Clause Exh.AW-1/14, Form No.256 Exh.AW-1/15, Undertaking Exh.AW-1/16, Undertaking Form No.199 Exh.AW-1/17, Memorandum of Deposit of Title Deed Form 84-A Exh.AW-1/18, Sale Deeds Exh.AW-1/19 & Exh.AW-1/20, Revival Letter Exh.AW-1/21, Letter to Defendant Exh.AW-1/22, Notice u/s 13(2) Ex.AW1/23, Possession Notice Exh.AW-1/24(Colly), Certified Statement of Account Exh.AW-1/25(colly) & Exh.AW-1/26.

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O.A. No. 132 of 2023

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The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

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

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ORDER

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I, allow this OA and direct the defendants to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.54,65,009.15 (Rupees Fifty Four Lacs Sixty Five Thousand Nine and paisa Fifteen only) along with pendentelite and future interest @11.60% per annum with monthly rest from the date of filing of this application till the date of realization and costs, failing which the aforesaid amount shall be recovered from the sale of mortgaged built up property i.e. Third Floor with roof rights, out of Khasra No.513/368/2 bearing No.10323, Village Babarpur, West Gorakh Park, Shandara, Delhi. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendants.

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(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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(III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 21.02.2025.

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O.A. No. 132 of 2023

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(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

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(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 23.12.2024

Punjab and Sind Bank v. Sh. Rajesh Gupta

Case brief

What is this about?

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Punjab and Sind Bank v. Sh. Rajesh Gupta

Case brief

What is this about?

What did the court decide?

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