Allowed

Bank of Baroda v. Mr. Sandeep Jain & Ors.

DRT28 Aug 2024TA/1834/2022

Case brief

AI extract

What is this about?

This Debt Recovery Tribunal allowed an application by Bank of Baroda for recovery of dues from a builder under a home loan agreement. The court held that the builder/respondent no. 4 must pay the outstanding amount as per the tripartite agreement conditions, as the loan was fully paid to them without the borrower receiving possession.

What did the court decide?

Directed respondent no. 4 to pay Rs. 1,59,23,420/- along with costs and interest within 30 days; in default, recovery via sale of the flat in Gurgaon.

Bank of Baroda versus Mr. Sandeep Jain & Ors. — Contract and Commercial Disputes | DRT (2024)

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Before^{SUSHILKUMARRASTOGI' Presid-ing Officer} Debts^{RecovelY Tribunal-Il' Delhi}

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TA No'1834^{OF 2022} BANK^{OF BARODA Vs MR' SANDEEPJAIN & ORS'}

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Resewed^on zOL'O7'2O24

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Pronounced^{on : 28'08'2O24}

Bank^{of Baroda}

-^{ApPlicant bank}

Vs.

Mr.^SandeePJain

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Mrs.^{Archana lain}

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Mr.^Prateeklain

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M/s^{Ninex DeveloPers Ltd}

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Defendants

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Present: Sh. Girish^{Verma, Counselappears for} applicant^bank. None for^defendans'

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FINAL^ORDER

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This original^{application has been fited by the} applicant^{bank, on 13'03'2020through Shri Anil} Kumar,^{Assistant General Manager of the applicant} bank,^{underSection 19 of the Recovery of DebtsDue} to Banks^{and FinancialInstitution Act' 1993 against} the defendant^{nos' 1 to 4 for recovery of a sum of} Rs.1,59,23,420/-^{togetherwith cost' chargesand} pendentellite^{and future interest @ 8'40o/op'a' from} date^{of filing of this T'A' till the realization in full'}

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The^{brief facts of the case are that at the} request^{of the defendantno' 1 along with defendant} no. 1 to^{3 the applicantbank sanctioned' on} 29.09.2018,^{a Home Loan Facility of Rs'1'50'00'000/-} for^{purchasing of a under construction Residential Flat} bearing unit^{no.1004,olJL}Floor'Tower-A'Ninex} u.

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TANO.^{1834of2022 2}

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Haryana,

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Haryana, City,^{situated at Sector-76,Gurgaon'} admeasuring^{5427 q'ft" with two} (2) number covered^{car parkingspacefrom defendant no' 4' In} ordertoavailthesaidloanfacilitythedefendantnos. 1 to 3^{have executedvarious loaningdocuments} dated^{29.09.2018. The defendant no' 4 issuedno} objection/permission^{to mortgagethe abovesaid} property vide^{letter dated 28'09'2018and further a} Tripartite^{Agreement executed on 29'09'2018} between^{defendantno' 1 & 2' applicantbank and} defendant^{no. 4' The defendant no'1 & 2 deposited} Agreement^{to Sell dt' 25'09'2018' ApartmentBuyer} Agreement^{dated 05'11'2011 and letter of allotment} the aPPlicant^{bank on} dated^{12.08.2009 with} 30.09.2018.

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It^{is furthersubmitted that the defendants} enjoyed^{and utilized the Loan facility'but failed to} maintain^{the financial disciplineand failed to repay} the due^{amounts.The applicantbank requestedthe} defendantstoregularizetheloanaccountbyvisits and letters,^{but there was no response from the} defendants,^{hence the account was classifiedas NPA} on 31.12.2019.^{Therefore,the applicant bank served} a legal^{notice dated 20'02'2020 to the defendants'} demanding^{the amount due as on that date' but failed} to recover^{the same'Thus, the presentT'A'is} preferred by the^{applicant bank to recover its dues'}

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4 On notice^{by this Tribunal, defendants failed to} put appearance at^all, despite Publication^and were Proceeded^against accordinglY^defendants exparte^{on 01.02.2024.} u C4

TANO.^{1834 of 2022}

5.^{The documentary evidence filed by way of the} affidavit^{of Mr. Anil Kumar, Assistant General Manager} of applicant^{bank as paper no'01 to paper no'101'}

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Heard^{the Ld. Counsel of applicantbank and} perused the^{records' From perusal of the record it is} clearthatatthetimeofexecutingloandocumentsthe applicant^{bank has entered into a Tripartite} Agreement^{with the builder along with the borrower'} Para of^{6 the Tripartiteagreementis as follows:-}

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'6. If^{the borrower/s withdraw/sfrom the schemeor} fait/s to^{pay the balance amountrepresenting the} difference^{betwenthe housing toan atlowd by the} Bank and^{the actual cost of the hous/flat (including} esalation)^{or die/s or allotment of the flat/hous is} otherwise^{cancettd, the entire loan amountsbnding} b the crdit^{of the botower/s witt E refunddby the} BuildertotheBankafteradjustingibduesincluding interest,^{cos9 and other amount recoverable by the} Buitder.^{The Bank shatt refund to the bonowerh} batancq^{if any, after adjustingthe entire ouBtanding} dues, inctuding^{interest,cosb and other amount} recoverable^{by the Bank from the funower/s''}

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As^{per conditions containedin the Tripaftite} Agreement^{dated 29.09.2018 at para no' 6 in case of} default by^{the borrowerthe amount which has 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 th+Mls and therefore'} 9^'

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TANO.^{1834 of 2022}

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as^{per condition agreed between the parties'the} builder^{is under obligationto return the entire amount} which he^{has received from the borroweror from the} applicant^{bank in lieu of the payment of the} construction^{of the flat' More over' 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 flat' The applicant} bank has^{not claimed that the builder in violation of} the terms^{and conditions has handedover the flat to} the defendant^{no'1 & 2' The borrower has not taken} any amount^{in his accountand the entire amount has} been^{paid to the builder' In additionto 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 directedto} pay the amount^{which has been actually paid to the} builder this^{will amount double penalty on the} borrower.^{The borrower has received no moneyand} has still^{paid the margin moneyand also certainEMIs} 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 presentT'A'} deserves^{to be allowed against defendant no' 4'}

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ORDER

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I hereby^{allow this T'A' of the AppticantBank} and direct^{the defendantno' 4 to pay to the applicant} of bank within³⁰ days from today, a^sum Rs.|,59,23,4201along with cost, exPenses and (

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s TA NO.^{1834 of 2022} interest @^{8.40olofrom the date of filing of this} T.A. till^{the date of realization'}

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In case^{of failure to deposit the above amount} 2) within the^{stiPulatedperiod, the same shall be} recovered^{from the sale of the property bearing unit} no.1004,onTenthFloor,Tower-A'NinexCity'situated at Sector-76,^{Gurgaon, Haryana' admeasuring 5427} sq. ft.^{with two (2) number covered car parkingspace'} In case of^{short fall, the same shall be recovered from} the sale^{of personal movable and immovableassetsof} the defendant^{no. 4.}

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3)^{RecoveryCertificate be issued forthwith and be} sent to^{RecoveryOfficer, Debts Recovery Tribunal-Il'} Delhi.

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The^{registryof this Tribunalis hereby directedto} issue free^{copy of the order and send the same to} both the Parties.

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Parties^{are directedto appearbefore the Ld'} Recovery^{Officer, DRT-II,Delhi on 22'LO'2024 Pending} IAs, if anY,^{standdisPosed of'}

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File be^{consigned to records'} qA (SUSHIL KUMAR RASTOGI) :^28.08.2024 PRESIDING^OFFICER DRT-II,^Delhi

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Date :^28.08.2024

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This^{judgement has been signed,dated} and pronounced^{in oPen court'} c)\ '' -l ' -a' ','" \ (SUSHIL KUMAR RASTOGI) Date : 28.08.2024 PRESIDING^OFFICER DRT-II, Delhi

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Bank of Baroda v. Mr. Sandeep Jain & Ors.

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Bank of Baroda v. Mr. Sandeep Jain & Ors.

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