Allowed

Union Bank of India (E-Andhra Bank) v. Sh. Pracheer Bhardwaj

DRT21 Dec 2024TA/633/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original applications filed by Union Bank of India for recovery of an educational loan of approximately Rs.35.86 lacs along with interest. The court, noting the defendants' absence, directed payment within 30 days with provision for recovery from mortgaged property.

What did the court decide?

Directed defendants to pay Rs.35,85,944.03 with interest within 30 days; recovery from mortgaged property in case of default; recovery certificate issued to Recovery Officer.

Union Bank of India (E-Andhra Bank) versus Sh… — Contract and Commercial Disputes | DRT (2024)

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T.A. No.633 of 2023

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

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Presiding Officer: Shri Govind Ballabh Sharma

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T.A. No. 633 of 2023

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Union Bank of India (e-Andhra Bank) M-35, Asset Recovery Branch

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Connaught Circus New Delhi-110001 Applicant

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Versus

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Sh.Pracheer Bhardwaj s/o Sh.Satish Chand Sharma R/o D-508, Lajpat Nagar Sahibabad, Ghaziabad, UP-201005 New Delhi-110018

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Sh.Kapil Kumar Sharma s/o Sh.D.K.Sharma Co-Applicant / Guarantor R/o 148C, Pocket A2, Keshavpuram New Delhi-110035

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Sh.Satish Chand Sharma, Guarantor

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R/o D-508, Lajpat Nagar Sahibabad, Ghaziabad, UP-201005

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Mrs.Sushma Sharma, w/o Sh.Satish Chand Sharma, Guarantor R/o D-508, Lajpat Nagar Sahibabad, Ghaziabad, UP-201005 Defendants

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Present: Shri Arun Kumar Shukla, Counsel for applicant bank

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Date of Institution: 13.01.2021

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Date of Pronouncement: 21.12.2024

5d —

T.A. No.633 of 2023

FINAL ORDER

This original application has been filed by the applicant bank on 13.01.2021 filed before DRT-III, Delhi & then transferred to DRT-I, Delhi through Shri Brajesh Kumar Mani, 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.35,85,944.03 (Rupees Thirty Five Lacs Eighty Five Thousand Nine Forty Four & paisa Three only) as on 06.01.2021 along with @11.10% and @9.85% per annum plus @2% penal interest with pendentelite and future interest from 07.01.2021 till the date of realization with costs. Further, the name of Shri Awadhesh Kumar Choudhary was substituted as authorized representative in place of Shri Brajesh Kumar Mani, erstwhile AR for the applicant bank.

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The brief facts of the case are that at the request of defendant no.1 to 2 submitted their application along with other relevant documents, the applicant bank sanctioned Educational Loan of Rs.11.80 lacs (Rupees Eleven Lacs Eighty Thousand only) on 01.02.2011 @9.00% interest per annum in order to pursue Full time course Advance Level of CA from University of Bedfordshire, Park Square Luton, Bedfordshire, England. Further, the applicant bank sanctioned additional education loan of Rs.15.50 lacs on 31.01.2014 @11.75% rate of interest as per request application dated 16.01.2014 of defendant no.1 and 2 and for extension of recovery of loan installments till new course completion of course. That the defendant no.2 to 4 stood as guarantors for the repayment of the Education Loans availed by the defendant no.1 & 2 from applicant bank.

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T.A. No.633 of 2023

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In order to avail the Educational Loan facility, the defendants no.1 and 2 accepted the terms and conditions of loan and executed Composite Agreement, R.F. 291 General Form of Guarantee by defendant no.3 & 4 dated 21.02.2011 and 13.02.2014 along with two undertakings in favour of applicant bank.

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In order to secure the loan facilities, the defendant No.4 created equitable mortgage of Property i.e. 2^nd Floor, built on Plot No. D-508, Block D, Sector-4, T.H.A. Residential Colony, Lajpat Nagar, Ghaziabad, UP by executing offer RF No.255B i.e. Letter of Intent dated 21.02.2011 by depositing Sale Deed dated 31.03.2006 duly registered with the officer of Sub Registrar-III, Ghaziabad as Document No.3821 Book No.1 in favour of applicant bank.

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It has been submitted by the applicant bank that after availing the aforesaid loan facility, the defendants failed to comply with the terms and conditions despite of several requests. The defendants failed to pay the interest and installments as per terms of sanction and neglected to clear the outstanding dues in time with the applicant bank. The applicant bank classified the account as NPA on 31.01.2019 and issued recall notice dated 08.01.2021 but defendants neglected to clear the dues, hence the applicant bank has approached this tribunal for recovery of its dues.

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Notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 14.05.2018 issued to the defendants calling upon them to pay the entire outstanding dues with the applicant bank.

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T.A. No.633 of 2023

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The defendant no.1 acknowledged his liability by executing request letter dated 30.12.2019 requesting to allow some time to repay the dues.

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Notices of this O.A. were issued to the defendants and despite of proper service, the defendants have chosen to absent from the proceedings. As per order dated 21.02.2024, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal nor filed written statement, evidence and affidavit of assets.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Awadhesh Kumar Choudhary, authorized representative of the applicant bank who has proved the documents as Authorization Letter Ex.AW1/1, Gazette Notification Ex.AW-1/2, Loan Applications with related documents Ex.AW-1/3 & Ex.AW-1/10(colly), Sanction Letter Ex.AW-1/4 & Ex.AW-1/11, Composite Agreement Ex.AW-1/5 & Ex.AW-1/12, R.F.291 General Form of Guarantees Ex.AW-1/6 & Ex.AW-1/7, Ex.AW-1/13 & Ex.AW-1/14(Colly), Letter of Intent Ex.AW-1/15, Request Letter dated 30.12.2019 Ex.AW-1/16, Notice u/s 13(2) Ex.AW-1/17, Legal Notice dated 08.01.2021 Ex.AW-1/18, Recall Notice with Postal Receipts Ex.AW-1/19, Certified Statement of Account Ex.AW-1/20, Certificate under Section 65-B(2) of Indian Evidence Act Ex.AW-1/21 and under Section 2A(b) of Bankers Books Evidence Act Ex.AW-1/22.

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

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54-

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T.A. No.633 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, jointly or severally, to pay to the applicant bank within a period of 30 days, a sum of Rs.35,85,944.03 (Rupees Thirty Five Lacs Eighty Five Thousand Nine Forty Four & Paisa Three only) as on 06.01.2021 with pendentelite and future interest @12.00% per annum with monthly rests from 07.01.2021 with costs failing which the aforesaid amount shall be recovered from the sale of mortgage property being 2nd Floor, built on Plot No.D-508, Block D, Sector-4, T.H.A. Residential Colony, Lajpat Nagar, Ghaziabad, UP. 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 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 19.02.2025.

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T.A. No.633 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: 21.12.2024

Union Bank of India (E-Andhra Bank) v. Sh. Pracheer Bhardwaj

Case brief

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Union Bank of India (E-Andhra Bank) v. Sh. Pracheer Bhardwaj

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