Allowed

Punjab National Bank v. Nirmal Singh Sachdeva

DRT17 Sept 2024TA/1015/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application against the builder defendant. Holding the builder liable to pay the outstanding dues and accrued interest as the holder of the security interest and collateral, the tribunal directed recovery within 30 days from proceeds of the mortgaged property.

What did the court decide?

The application was allowed; defendant no. 2 directed to pay Rs. 86,56,596/- with interest @ 9.7% p.a. within 30 days, otherwise recoverable from sale of mortgaged property.

Punjab National Bank versus Nirmal Singh Sachdeva — Landlord and Tenant | DRT (2024)

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Before SUSHIL^{KUMARRASTOGI'Presiding Officer} Debts^{RecoverYTribunal-Il' Delhi}

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TA No'1015^{OF 2023} PUNJAB^{NATIONATBANK VS SHRI NIRIiIAL SINGH} SACHDEVA^{AND ANR}

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Reseryed on tO9'O7'2O24 Pronounced^{on : 17'09'2O24}

Punjab^NationalBank

-^{ApPlicant bank}

Vs.

Shri^{Nirmal Singh Sachdeva}

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M/s^{JSS Buildcon Pvt' Ltd'}

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Defendants

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Present:^{Mr. Arun Bhardwaj, Counsel appearsfor} aPPlicant^bank'

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None for^defendants'

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FINAL^OR.DER

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This original^{application has been filed by the} applicant^{bank, on 2l'L2'2020 through Shri Edmund} Pradeep^{Aind,Managerof the applicantbank' under} Section^{19 of the Recoveryof Debts Due to Banks and} Financial^{Institution Act, 1993 against the defendant} nos. 1 &^{2 for recovery of a sum of Rs'86'56'596/-} together^{with cost,chargesand pendentelliteand} from date^{of filing of this} future interest^{@ 9.7oloP'a'} T.A. tillthe^{realization in full'}

¶14

The^{brief facts of the case are that at the} request of^{the defendantno' 1 the applicantbank} sanctioned,^{on 04.05.2018 two Term Loan against} immovable^{property(Housing Loan) of Rs'41'50'000/-} and Rs.37,81,000/-^{for p-!4ghTgoof flat no'T-2/A1-} €)

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TA NO. l0l5^of 2023

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419, 19u' Floor,^{Tower-2, NCR Monarch, Plot no'GH-} 02/C, Sector^{1, GreaterNoidaWest and In order to} avail the said^{loan facility the defendantno' t has} executed various^{loaning documentsdated} 07.05.2018. It^{is submittedthat 05'05'2018, the} applicant bank^{sanctioned a Term Loanfor} immovable^{property(Housing Loan) of Rs'41,50,000/-} for^purchasing of^{flat no.T-2lA1-519, 19u. Floor,} Tower-2, NCR^{Monarch,Plot no.GH-O2/C,Sec'1,} Greater Noida^{Westand in order to avail the said loan} facility the defendant^{no. thas executed various} loaning documents^{dated 07'05'2018' The defendant} no. 2^{granted the permission to mortgage the} property and agreed to^{note the charge of the} applicant bank.^{The applicant bank got its charge on} the subject^{property registered on 30.05'2018 under} Security Interest ID^{no' 400021575037 and} 400021575087.^{The defendantno. 2 granted the} permission to mortgage the^{property and agreed to} note the charge of^{the applicant bank. The applicant} bank^got its^{chargeon the subject propertyregistered} on 30.05.2018^{under Security Interest ID no'} 400021575037.^{A Tripartite Agreementexecuted on} 07.05.2018 between^{defendant. TwoTripai'tite} Agreement executed^{on 07.05'2018 between} defendant no.^{1, applicant bank and defendant no' 2'}

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It is further^{submitted that the defendants} enjoyed and utilized^{the Loan facility, but failed to} maintain the financial^{disciplineand failed to repay} the due amounts.^{The applicantbank requested the} defendants to^{regularizethe loan accountby visits} --- -/ q\

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TANO. 1015^of 2023

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from the and letters,^{but there was no response} defendants,^{hence the loan accounts were classified} as NPA on^{29.07.20t9. Therefore,the applicantbank} serued a recall^{notice dated 31'10'2019 to the} defendants,^{demandingthe amountdue as on that} date, but^{failed to recover the same'Thus, the} present T.A. is^{preferredby the applicantbank to} recover its^dues.

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On notice^{by this Tribunal, defendants failed to} put appearance at all,^{despite publicationand} accordingly^{defendantswere proceededagainst} expafte on02.02.2024.

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The^{documentary evidence filed by way of the} affidavit of^{Mr. Edmund Pradeep Aind, Managerof} applicant bank^{as Annexure-A to Annexure-HH'}

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Heard^{the Ld. Counsel of applicantbank and} perused the records.^{From perusalof the record it is} clear that at^{the time of executing loan documents} the applicant^{bank has enteredinto a Tripartite} Agreement^{with the builder along with the borrowers'} Para L4 of^{the TripartiteAgreementis as follows:-}

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"14. In the event^{of any faiture on the paft of the} Borrower to^{adhere to the agreed terms and} conditions or^{his/her death or insolvenqor the} occurrence of^{any situation, in the opinion of the} Bank, which^{renders the recatting of the loan granted} to the Borrowers,^{the Devetoperagreesthat it shall} not cancel the^{Agr*mentgll-Sale or execute any} Cr\

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TANO. 1015of2023⁴

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other document^{of conveyanceor crate any} other encumbrances^{over the said Flat to any other} person or deal with^{the Flat in any other manner, until} the dues to^{the Bank under the toan accountof the} Borrower is^{discharged in full."}

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As^{per conditions containedin the Tripartite} Agreement dated^{07.05.2018at para no'14, in case of} default by^{the borrowerthe amount whichhas been} paid by the borrower to^{the builder has to be returned} to the bank.^{In the present case the borrower has} made default^{in repaymentof the EMIs and therefore'} as^per condition^{agreedbetweenthe parties,the} builder is under^{obligation to return the entire amount} which he^{has received from the borrolveror from the} applicant^{bank in lieu of the payment of the} construction^{of the flat. Moreover, from the perusal of} the entire facts^{it is apparentthat the borrowerhas} taken the^{loan and the loan amounthas been paid to} the builder^{for constructionof the fiat' The applicant} bank has not^{claimed that the builder in violation of} the terms and^{conditions has handedover the flat to} the defendant^{no.l. The borronrerhas not taken any} amount in^{their accountand 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 certainEMIs as mentioned by} the applicant^{bank. The borrower has not got the} possession of the^{flat. If the borrower is directecito} pay the amount which^{has been actually paid to the} builder this^{will amount double Srenalty on the} borrower.^{The borrower has receiveci no moneyand} has still^{paid the margin ,oryY ay)} *a(^{also certainEMIs}

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TA NO.^{l0 I 5 of 2023}

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to the bank^{and has got in return nothing' In such} circumstances^{and as per agreedterms and conditions} it is only^{the builder who is liable to pay the defaulted} amount^{to the aPPlicantbank'}

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In the light^{of the above discussions' the presentT'A'} deserves^{to be allowed against defendant no' 2'}

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ORDER

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I hereby^{allow this T'A' of the Applicant Bank} and direct^{the defendantno''2 to pay to the applicant} from today, a^{sum of} bank within^{30 daYs} with co$, exPenses^and Rs.86,55,596/-^along interest @^{9.70olofrom the date of filing of this T'A'} till the date^{of realization'}

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In^{case of failure to depositthe above amount} within the^{stipulated periol, the same shallbe} recovered^{from the sale of the properties bearing no'} flat no.T-2/A1-419,^{19th Floor, Tower-2'NCR Monarch'} Plot no.GH-021C,^{W..1, Greater Noida West and flat} no.T-2/A1-519,^{19s' Floor, Tower-2, NCR Monarch'} Plot no.GH-02/C,^{Sec'l, Greater NoidaWest' In case} of shoft^{fall, the sameshall be recovei'edfrom the sale} of^{personal movableand immovable assets of the} defendant^{no' 2.}

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Recovery^{Certificate be issuedforthwith andbe} sent to^{RecoveryOfficer, Debts Recovery Tribunal-Il'} Delhi.

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;

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TA NO. I 0l 5 of 2023 6

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The registry of^{this Tribunal is hereby directed} to issue free copy of^{the order and sendthe same to} both the^parties.

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Parties are^{directedto appearbefore the Ld'} Recovery Officer,^{DRT-II, Delhi on L9.11.2024'} Pending IAs,^if any,^{standdisposedof.}

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File be consigned to^records.

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, ,.\ : >/'

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Date : L7.09.2024 (SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT.II, DEIhi

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This^{judgement has been signed,dated and} pronounced in oPen couft.

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SJ.\

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Date : 17.09.2024 (SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi

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Punjab National Bank v. Nirmal Singh Sachdeva

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Punjab National Bank v. Nirmal Singh Sachdeva

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