Allowed

Union Bank of India v. Smt. Pinky Bansal

DRT24 Mar 2025OA/1714/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's application for recovery of a housing loan default. The defendants failed to appear and substantiate their defense. The Court decreed repayment of the principal amount with uniform interest at 7.25% p.a. and authorized recovery via sale of mortgaged property.

What did the court decide?

Declare defendants liable to pay Rs.23,76,416.82 with costs and simple interest at 7.25% p.a. Authorize recovery from sale of mortgaged/hypothecated properties.

Union Bank of India versus Smt. Pinky Bansal — Banking and Recovery | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1714/2022 PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 20.09.2022

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DATE OF DECISION: 24.03.2025

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Union Bank of India, a Body Corporate constituted under Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, having its Head Office at Union Bank Bhawan, 239, Vidhan Bhawan Marg, Nariman Point, Mumbai-Maharashtra-400021 and branch offices amongst others at Branch Office, at Ferozpur Road Branch, Ludhiana now merged with Union Bank of India through its Branch Manager namely Sh. Rajwant Singh of the Applicant Bank vide General Power of Attorney dated 13.09.2019 of Corporation Bank (now merged with Union Bank Of India).

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……..Applicant

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Versus

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1. Smt. Pinky Bansal W/o Sh. Neeraj Kumar, R/o House No. 96-97, near Shri Ram Hosiery, Preet Vihar, Haibowal Kalan, Ludhiana, Punjab-141002

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2^nd Address:- House No. 34, Street No. 3, Pritam Nagar, Sharma Verma Colony, Haibowal Kalan, Ludhiana, Punjab141002

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2. Sh. Neeraj Kumar S/o Sh. Subhash Chander, R/o House No. 9697, near Shri Ram Hosiery, Preet Vihar, Haibowal Kalan, Ludhiana, Punjab-141002

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2^nd Address:- House No. 34, Street No. 3, Pritam Nagar, Sharma Verma Colony, Haibowal Kalan, Ludhiaha, Punjab141002

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….……Defendants

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Advocates:

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Argued by Sh. Sandesh Arora, Advocate for the Applicant (through VC) Sh. S.C. Prajapati, Advocate for Defendants

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ORIGINAL APPLICATION NO.1714/2022 UNION BANK OF INDIA VS

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SMT. PINKY BANSAL AND ANOTHER

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.23,76,416.82p (Rupees Twenty Three Lacs Seventy Six Thousand Four Hundred Sixteen and Paisa Eighty Two Only). The Original Application has been filed through Sh. Rajwant Singh, Branch Manager, who is competent to institute the Original Application vide General Power of Attorney dated 13.09.2019, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendants had approached the applicant for the grant of Housing Loan-I Rs.17.00 Lacs vide Loan Application Form, which is Annexure A2 to this OA and Housing Loan-II of Rs.5.50 Lacs vide Loan Application Form, which is Annexure A30 to this OA.

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The applicant sanctioned the Housing Loan-I Rs.17.00 Lacs vide Letter of Sanction dated 05.10.2016, which is Annexure A3 to this OA and communication of sanction dated 05.10.2016, which is Annexure A4 to this OA and further sanctioned Housing Loan-II of Rs.5.50 Lacs vide Letter of Sanction dated 18.07.2017, which is Annexure A31 to this OA and communication of sanction dated 18.07.2017, which is Annexure A32 to this OA and terms and conditions were duly accepted by the defendants.

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Defendants No. 1 had mortgaged her immovable property i.e. Residential house bearing no. 109, measuring 128.88 sq. yards situated at Village Peru Banda, Hadbast no. 167, Abadi known as Pritam Nagar, Tehsil and District Ludhiana, Punjab vide equitable mortgage of Registered Sale Deed bearing vasika no. 1459 dated 21.04.2010 along with its English Translation, which are Annexures A24 & A25 to this OA and Application to the Tehsildar for Making Lien along with Jamabandi of the year 2011-2012 with its translation, which is Annexure A29 to this OA.

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ORIGINAL APPLICATION NO.1714/2022 UNION BANK OF INDIA VS

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SMT. PINKY BANSAL AND ANOTHER

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Documents executed:- Composite Agreement, RF-298, consent Letter of D-1, Consent Letter of D-2, Form RF-255, Undertaking Letter, Affidavit of D-1, Affidavit of D-2, D.P. Note all dated 05.10.2016, which are Annexures A5, A7 to A14 to this OA; Form RF-256 dated 03.10.2016, which is Annexures A6 to this OA; Title search report, Affidavit of D-1, both dated 15.06.2016, which are Annexures A15 & A17 to this OA; Non-Encumbrance Certificate along with Receipt dated 13.06.2016, which is Annexure A16 to this OA; Receipt of ED charges MCL dated 27.09.2016 along with its translation, which is Annexure A18 to this OA; Aadhar Card of D-1, Pan Card of D-1, Driving License of D-2, which are Annexures A19 to A21 to this OA; Valuation Report dated 30.09.2016, which is Annexure A22 to this OA; ITRs of D-1, which is Annexure A23 to this OA; Sanction MCL for Construction of property dated 03.08.2016, which is Annexure A26 to this OA; Property Statement of defendant no. 1 & 2, which are Annexures A27 & A28 to this OA; Composite Agreement, DP Note, Letter of Undertaking/Declaration all dated 18.07.2017, which are Annexures A33, A34 & A37 to this OA; Memorandum of deposit of Title Deed, Affidavit of defendant no. 2 both dated 19.07.2017, which are Annexures A35 & A36 to this OA; Valuation Report dated 17.07.2017, which is Annexure A38 to this OA; Request Letter for disbursement of loan and voucher, which is Annexure A39 to this OA; Reminders and Returned Parcel dated 06.01.2021, which is Annexure A40 to this OA; Demand Notice dated 07.04.2021 u/s 13(2) of SARFAESI Act, 2002 which is Annexure A41 to this OA; email letters, postal receipts and voucher dated 26.10.202, which is Annexure A42 to this OA; Vouchers, which are Annexure A43 to this OA and Statement of account along with Certificate under Banker’s Book Evidence Act , which are Annexures A44 & A45 to this OA.

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ORIGINAL APPLICATION NO.1714/2022 UNION BANK OF INDIA VS

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SMT. PINKY BANSAL AND ANOTHER

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The loan accounts became irregular and was classified as NPA and after adjusting debit and credit entries in the loan accounts there was a debit of Rs.23,76,416.82p, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendants were served notices to appear before this Tribunal. The defendants appeared through their counsel but he did not file any WS, and therefore, opportunity to file WS by them was closed and defense was struck off on 27.06.2024. The counsel for defendants, filed an IA No. 495/2025 today for recalling order dated 27.06.2024. This IA stands dismissed today.

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In support of the OA, affidavit of through Sh. Rajwant Singh, Branch Manager, Union Bank of India bank has been filed.

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Heard arguments and perused record.

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It was argued by learned counsel (through Video Conferencing) that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A45 to this OA, it is proved that the defendants approached applicant for availing of the loans facilities which were granted to them and for that he had executed all the relevant documents in favour of the applicant. The defendants failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.23,76,416.82p (Rupees Twenty Three Lacs Seventy Six Thousand Four Hundred Sixteen and Paisa Eighty Two Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the accounts. `

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ORIGINAL APPLICATION NO.1714/2022 UNION BANK OF INDIA VS

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SMT. PINKY BANSAL AND ANOTHER

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In so far as pendent elite and future rate of interest is concerned the applicant in relief clause has claimed interest @7.25%p.a. in Housing Loan-I and @7.45% p.a. in Housing Loan-II, with monthly rests along with additional penal interest @2% p.a. from 01.09.2022 till the realization.

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The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property, undertaking of the defendants, quantum of loans and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @7.25%p.a.in both the loan accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.23,76,416.82p (Rupees Twenty Three Lacs Seventy Six Thousand Four Hundred Sixteen and Paisa Eighty Two Only) with costs, current and future simple interest @7.25%p.a. in both the loan accounts from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.

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Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly.

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ORIGINAL APPLICATION NO.1714/2022 UNION BANK OF INDIA VS

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SMT. PINKY BANSAL AND ANOTHER

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Parties to appear before Learned Recovery Officer of this Tribunal on 23.04.2025.

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Copy of this order be given Dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.

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Pronounced by me in the open Tribunal .

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Dated: 24.03.2025

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

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Union Bank of India v. Smt. Pinky Bansal

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Smt. Pinky Bansal

Case brief

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What did the court decide?

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