Allowed

Punjab National Bank v. Payal

DRT29 Aug 2024TA/57/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal, Delhi allowed the application filed by Punjab National Bank. The court held that the builder, not the borrower, is liable to repay the defaulted amount under the Tripartite Agreement since the borrower did not receive the flat and the funds were disbursed to the constructor.

What did the court decide?

Defendant No. 2 (builder) directed to pay Rs. 39,67,755/- plus interest and costs within 30 days; recovery from mortgaged property and personal assets permitted in case of default.

Punjab National Bank versus Payal — Specific Performance | DRT (2024)

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Before^{SUSHILKUMARRASTOGI'Presiding Officer} Debts^{RecoveryTribunal-Il' Delhi}

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TA No'57^{OF 2023} PUNJAB^{NATIONALBANK VS MS. PAYAL & ANR.}

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tOL.O7.2024 Reserved^on

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Pronounced^{on : 29'08'2O24}

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Punjab^NationalBank Vs.

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Ms.^PaYal

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Z. Futureworld^{Greenhomes hrt' Ltd'}

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-^{Applicant bank}

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Defendants

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Present: Sh. Puneet^{Pankaj, Counsel appears for} applicant^bank' None for^defendants'

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FINAL^ORDER

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This original^{application has been filed by the} applicant^{bank, on t4'Og'2021throughShri Pawan} Kumar,^{Chief Manager of the applicant bank' under} Section^{19 of the Recoveryof Debts Due to Banks and} FinanciallnstitutionAct,lgg3againstthedefendant no. 1^{& 2 for recoveryof a sum of Ps'39'67'7551'} together^{with cost, chargesand pendentelliteand} future^{interest@ 9.35o/o p'a' from date of filing of this} T.A. tillthe^{realization in full'}

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The^{brief facts of the case are that at the} request^{of the defendantno' 1 the applicantbank} sanctioned,^{on 02'11'2018,a Home Loan Facilityof} Rs.35,93,000/-^{for purchasingthe Flat bearing no'G-} 2105, zt't^{Floor,Tower: Wing-G'3-BHK' admeasuring} 1395 sq.ft.,^{situated at FutureEstate' Plot No'GH-16E'} Sector-^{1, Greater Noida(West),Uplradesh-z01306} q

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TANO.^{57 of2023} 2 to be^{developedby defendant no' 2 in its} Group^{Housing Complex known as Future Estate' In} order^{to avail the said loan facilitythe defendants} have^{executed loaning documentsdated 31'10'2018} & 03.11.2018'^{The defendantno' 2 vide lefterdated} 31.10.2018^{given permission to the applicant bank to} mortgage^{the above said propertythereby creatinga} first^{charge and the security interest in favour of the} applicant^{bank' A Tripartite Agreement dated} 03.11.2018^{has been executedbetween defendant} no.1,^{2 and the aPPlicant bank'}

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It^{is furthersubmitted that the defendants} enjoyed^{and utilized the Loan facility'but failed to} maintainthefinancialdisciplineandfailedtorepay thedueamounts'Theapplicantbankrequestedthe defendants^{to regularizethe loan accountby visits} and^{lefters,but there was no response from the} defendants,^{hence the account was classified as NPA} on 30'11.2020'^{The defendants have intentionally} neglected^{and failed to pay and clear the outstanding} dues^{despite several remindersand requests from the} applicant^{bank, therefore' the presentT'A'} ts preferred by^{the applicant bank to recover its dues'}

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On^{notice by this Tribunal' defendans put} appearance^{through their counsel but failed to file} WS. Subsequently,^{defendants failed toput} appearance,^{despitepublicationand accordingly} defendants^{were proceededagainstexparte on} 0L.02.2024.

_, _.^/ eJ,

TANO'^{57 of 2023}

The^{documentary evidencefiled by way of} affidavit^{of Mr. Pawan Kumar' Chief Managerof} applicant^{bank as Annexure A-1 to AnnexureA-17'}

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6.^{Heard the Ld' Counsel of applicantbank and} perused the^{records' From perusalof the record it is} clear that^{at the time of executing loan documentsthe} applicant^{bank has entered into aTripaftite} Agreement^{with the builder along with the borrower'} ParaT^{of the Tripartite agreementis as follows:}

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" If the^{borrowerdesires to withdraw from the scheme} of if he^{faits to pay the balanceamount repre*nting} the difference^{futwen the toan sanctionedby OBC} andtheactualpurchasepriceofthehouse/properUor incaseofdeathofthefurrower,beforetheexecution of the nle^{deed, the entire amount advancedby the} Orientat^{Bank of Commercewitl be refundedtogether} withinterestthereontooBCbythebuitderforthwith. Intheeventofthebuildercancelingtheallotmentof any member^{for any reason whaboeverthe builder} shatt refund^{to OBC forthwith the entireamount} receivd^{from it together with interest theran on} account^{of the said member"'}

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As^{per conditions containedin the Tripartite} Agreement^{dated 03'11'2018 at para no'7' in case of} default^{by the borrowerthe amount which has been} paid by the^{borrowerto 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 agreed between the parties' the} builder^{is underobligation to return the entire amount} which he^{has received from the borroweror from the} applicant^{bank in lieu of the payment of the} qA-/

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TANO.^{57 of 2023}

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from^the construction^{of the} flat. More^over, perusal of the^{entire facts it is apparentthat the} borrower^{has taken the loan and the loan amounthas} been^{paid to the builderfor constructionof the flat'} The applicant^{bank has not claimed that the builder in} violation^{of the terms and conditions has handed over} the flat^{to the defendantno'1' The borrower has not} taken any^{amount in his account and the entire} amount^{has been paid to the builder' In addition to} this the^{borrowerhas also paid the margin money to} the builder^{and also paid certain 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 ceftain EMIs} 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 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} bank within^{30 days from today, asum of} Rs.3g,67,7551-^{along with cost, expensesand} interest @ 9.35%^{from the date of filing of this T'A'} till the date of^realization' .^. - -/ s,

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TANO.^{57 of2023}

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In^{case of failure to deposit the above amount} within the^{stipulated period, the same shallbe} recovered^{from the sale of the mortgagedproperty} Flat bearing^{no'G-2105, 21$ Floor' Tower: Wing-G'3-} BHK, admeasuring^{1395 sq'ft'' situated at Future} Estate, Plot^{No'GH-16E, Sector-l' Greater} Noida(West),^{Uttar Pradesh-201306'In case of shott} fall, the^{sameshall be recoveredfrom the sale of} immovable^{assets of the} personal movable^and defendant^{no. 2.}

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

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

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Parties^{are directedto appear before the Ld'} Recovery^{Officer,DRT-II, Delhi on 22'10'2024'} Pending^{IAs, if any, standdisposedof'}

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Fite be consigned^{to records'}

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Date : 29.08.2024^{(susHILKUfiAR I{ASTOGI)} PRESIDING^OFFICER DRT-II,^Delhi

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This^{judgement has been signed,dated and} pronounced^{in oPen court'}

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(SUSHIL KUMAR RASTOGI) Date : 29.08.2024 PRESIDING^OFFICER DRT-II,^Delhi

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Punjab National Bank v. Payal

Case brief

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Punjab National Bank v. Payal

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