Allowed

Indian Overseas Bank v. Rajeev Gulati and Ors.

DRT19 Sept 2024OA/227/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by Indian Overseas Bank for recovery of a defaulted home loan amount of Rs. 43 lakhs from defendants who failed to appear. The bank established a prima facie case through documentary evidence, leading to a directed recovery order.

What did the court decide?

Direct payment of Rs. 43,53,262.40, costs and interest to be made within 30 days, recoverable from mortgaged property or assets.

Indian Overseas Bank versus Rajeev Gulati and Ors. — Banking and Recovery | DRT (2024)

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Before SUSHIL KUMAR RASTOGI, Presiding Officer Debts Recovery Tribunal-Il, Delhi

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OA No.227 OF 2022

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INDIAN OVERSEAS BANK Vs SHRI RA,EEV GULATI AND ANOTHER

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Reserued on : O7.O8.2O24 Pronounced on : 19.09.2O24

Indian Overseas Bank

-^{Applicant bank}

VS.

Shri Rajeev Gulati

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s/o Shri Hans Raj Gulati

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Ms. Jyoti Khanna

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d/o Late Shri Kamal Kishor Khanna

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Defendants

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Present: Mr. Pramod Kumar, Counsel appears for applicant bank.

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None for defendants.

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FINAL ORDER

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This original application has been filed by the applicant ban( on 02.03.2022 through Shri M.Ameer, 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.43,53,262.40 together with cost, charges and pendentellite and future interest @ 9.15olo p.a. from date of filing of this O.A. tillthe realization in full.

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The brief facts of the case are that at the request of the defendant no. 1 the applicant bank sanctioned, on 21.08.2020, a Home Loan Facility of Rs.41,00,000/- for purchase of property bearing built up residential first floor having no. B-4, consisting of drawing room, two bed rooms kitchen, one toilet bearing Khasra no.54O6ll7l4l1 situated at Ganga Apartments measuring 900 Sq. Ft. at Old Najafgarh Road Opp. Hary1na |gadways, Gurugram

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OANO.227 of2022 2

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(Haryana) from defendant no. 2. In order to avail the said loan facility the defendant no. t has executed various loaning documents dated 21.08.2020. The aforesaid credit facility has been secured by mortgage of propefi bearing built up residential first floor having no.B-4, consisting of drawing room, two bed rooms kitchen, one toilet bearing Khasra no.5406ll7l4lt situated at Ganga Apartments measuring 900 Sq. Ft. at Old Najafgarh Road Opp. Haryana Roadways, Gurugram (Haryana) as per term loan agreement dated 21.08.2020. The payment to seller/defendant no.2 was done by the applicant bank as per instructions of defendant no.l. The defendant no.1 apprised the applicant bank that till date inspite of having received consideration amount as stated above, the sale deed has not been executed/received in favour of defendant no.l by defendant no.2.

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It is further submitted that the defendant 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 defendant no.1 to regularize the loan account by visits and letters, but there was no response from the defendant, hence the account was classified as NPA on 30.06.2021. Therefore, the applicant bank served a legal notice dated t9.07.202L 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 €)

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OANO.227 of2022

accordingly defendants were proceeded against exparte on02.07.2024.

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The documentary evidence filed by way of the affidavit of Mr. M. Ameer, Chief Manager of applicant bank as Annexure-B to Annexure-G.

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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 documents and evidence filed by the applicant bank not rebutted by the defendants by not^placing any evidence 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 deserves to be allowed against defendant no. 1&2.

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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.43,53,262.40 along with^cost, expenses and interest @ 7.t5o/o 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 mortgaged^propefi bearing built up residential first floor having^no.B-4, consisting of drawing room, two bed rooms^kitchen, one toilet bearing Khasra no.540611714/1^{situated at} Ganga Apartments measuring 900 Sq.^Ft. at^Old Najafgarh Road Opp. Haryana RgdwaYs,^Gurugram

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OANO.227 of2022 4

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(Haryana). In case of short fall, the same shall be recovered from the sale of personal movable and immovable assets of the defendant no. 1 & 2.

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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^pafties.

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Parties are directed to appear before the Ld. Recovery Officer, DRT-II, Delhi on L9.L1.2024. Pending IAs, if any, stand disposed of.

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File be consigned to records.

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S"\

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Date : 19.09.2024

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(SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi

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This^judgement has been signed, dated and pronounced in open court.

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( ,. I 2lt

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Date : 19.09.2024

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(susHrl KUN6R RASrOGr) PRESIDING OFFICER DRT-II, Delhi

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Indian Overseas Bank v. Rajeev Gulati and Ors.

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Indian Overseas Bank v. Rajeev Gulati and Ors.

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