Allowed

Punjab and Sind Bank v. Anjali Sharma

DRT26 Mar 2025OA/271/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Punjab & Sind Bank for recovery of dues amounting to Rs. 69.11 lacs along with interest from co-borrowers and their guarantor. The court found the bank's case proved beyond reasonable doubt as defendants did not participate.

What did the court decide?

Allowed the application and directed respondents to pay Rs.69,11,581 with interest within 30 days. Directed issuance of recovery certificate to Recovery Officer.

Punjab and Sind Bank versus Anjali Sharma — Execution and Attachment | DRT (2025)

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O.A. No. 271 of 2023

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Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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O.A. No. 271 of 2023

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Punjab & Sind Bank Babarpur Branch Shandara, Delhi — 110032 Applicant

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Versus

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Smt.Anjali Sharma w/o Sh.Praveen Sharma R/o House No.1/5790, Gali No.13 Ground Floor, Balbir Nagar Shandara, Delhi-110032

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Also at:

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C-261, 2nd Floor, Netaji Subhash Marg Chajjupur, Illaka Shandara, Delhi-110032

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Sh.Akash Sharma s/o Sh.Giri Raj Sharma At: A-2/1141 Harsh Vihar Mandoli, Delhi-110093

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Ms. Radha Rathore d/o Sh.Pratap Chauhan

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R/o 1/7421, Shivaji Park

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Gali No.2, Shandara, Delhi-110032 Defendants

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Present: Smt. Seema Gupta, Counsel for the applicant bank Date of institution: 28.02.2023 Date of Pronouncement: 26.03.2025

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FINAL ORDER

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This original application has been filed by the applicant bank on 28.02.2023 through Shri Niyaz Ahmed, authorized representative of the applicant bank under Section 19 of

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ca-

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O.A. No. 271 of 2023

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Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.69,11,581/- (Rupees Sixty Nine Lacs Eleven Thousand Five Hundred Eighty One only) as on 28.02.2023 along with pendentelite and future interest @9.95% per annum with monthly rest plus @2% penal interest from the date of filing of this application till the date of realization and costs.

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The brief facts of the case are that on the request of defendant no.1 & 2 being co-borrowers along with defendant no.3 vide their housing loan application dated 04.09.2017 with relevant documents, the applicant bank sanctioned :lousing Loan facility for a sum of Rs.50.00 lacs (Rupees Fifty Lacs only) on 04.09.2017 @8.95% interest per annum repayable in 240 EMI of Rs.43,233/- in order to purchase of built up property on Second Floor without roof rights bearing Property No.C-261, out of Khasra No.178, Village Babarpur, Netaji Subhash Marg, Chhajjupur, Illaqa Shandara, Delhi admeasuring 206 sq. yards to be purchased from Sh.Subhash Chander Sha^► ma for Rs.63.00 lacs. In case of default, the defendant no.1 and 2 agreed to pay 2% penal interest on overdue amount. Further, defendant no.3 stood as guarantor for the housing loan facility availed by defendant no.1 & 2.

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That in order to avail the housing loan facility, the defendants No.1 & 2 as borrowers executed Demand Promissory Note (Form 15), Letter of Waiver of Presentment of Pronote (Form No.106), Loan Agreement with Schedule, Undertaking Form No.103/291/412, Form No.200 reg. Rate of Interest and Consent Clause dated 04.09.2017 in favour of applicant bank. The defendant no.3 executed personal and continuing guarantee on 04.09.2017 in addition to Undertaking on Form No.199 with defendant no.1 and 2.

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O.A. No. 271 of 2023

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To secure the housing loan facility, the defendant no.1 created equitable mortgage of property Second Floor without roof rights bearing Property No.C-261, out of Khasra No.178, Village Babarpur, Netaji Subhash Marg, Chhajjupur, Illaqa Shandara, Delhi admeasuring 206 sq. yards by depositing Registered Sale Deed dated 04.09.2017 as Document No.4550, Vol. No.2491, Page 190 to 197 on 11.09.2017 with SubRegistrar IV-A, Shandara Delhi together with Copy of Sale Deed dated 25.01.1972 and sanction plan dated 17.07.2015 of MCD in the name of Sh.Subhash Chander Sharma by confirming Form No.84A with the applicant bank. The applicant bank vide letter dated 26.12.2017 to Sub-Registrar IV A Shandara informing for marking lien over the property duly received on 03.01.2018.

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It has been submitted by the applicant bank that after availing the housing loan facility, the defendants failed to maintain financial discipline and comply with the terms and conditions of the loan and defaulted in payment of agreed monthly installments despite repeated reminders. Ultimately, the account was classified as NPA on 31.05.2019 by the applicant bank as per RBI guidelines but no efforts were made for regularization of the account. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

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Notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 11.06.2019 was issued on the defendants to repay the dues but defendants neglected the notice. The applicant bank took symbolic possession of the property on 07.09.2019 and physical possession on 18.02.2020 as per orders of LD. CMM, Shandara, Karkardooma Court,

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O.A. No. 271 of 2023

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Delhi. The applicant bank tried to sold the mortgaged property through auction but failed as no bid received.

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The defendant no.1 and 2 acknowledged the debt by jointly executing Balance and Security Confirmation Letter dated 16.07.2020 towards the applicant bank. The defendant no.1 vide letter dated 16.01.2021 offered to settle the account for Rs.51.00 lacs but was not considered by the applicant bank as it was on a lower side.

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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 03.12.2024, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Niyaz Ahmed, authorized representative of applicant bank who has proved the documents as Power of Attorney Ex.AW-1/1(OSR), Loan Application dated 04.09.2017, Guarantors Details and Assets and Liabilities of Defendant no.1 to 3 Ex.AW-1/2(OSR) to Ex.AW-1/6(0SR), Agreement to Sell Ex.AW-1/7(0SR), Sanction Letter Ex.AW-1/8(OSR), Demand Promissory Note Ex.AW-1/9, Letter of Waiver Ex.AW-1/10, Loan Agreement Ex.AN-1/11, Form No.103/291/412 Ex.AW-1/12, Form No.200 Ex.AW-1/13, Consent Clause Exh.AW-1/14(OSR), Undertaking Form No.199 Exh.AW-1/16(OSR), Memorandum of Deposit of Title Deed Form 84-A Exh.AW-1/17(OSR), Sale Deed Ex.AW-1/18(OSR), Sale Deed dated 25.01.1972 Mark-A(colly), Letter to SubRegistrar Ex.AW-1/19(OSR), Notice u/s 13(2) Ex.AW1/20(OSR), Possession Notice Ex.AW-1/21(0SR), Po:session

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O.A. No. 271 of 2023

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Order of Ld. CMM Delhi Ex.AW-1/22(OSR), Possession Notice of Court Receiver and Panchnama Ex.AW-1/23(Colly)(OSR), Balance and Security Confirmation Ex.AW-1/24(OSR), Letter for OTS dated 16.01.2021 Ex.AW-1/25(OSR), Certified Statement of Account Ex.AW-1/26(colly) & Calculation Sheet of Account Ex.AW-1/27.

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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 to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.69,11,581/- (Rupees Sixty Nine Lacs Eleven Thousand Five Hundred Eighty One only) along with pendentelite and future interest @11.95% per annum with monthly rest from the date of filing of this application till the date of realization and costs, failing which the aforesaid amount shall be recovered from the sale of mortgaged built up property Second Floor without roof rights bearing Property No.C-261, out of Khasra No.178, Village Babarpur, Netaji Subhash Marg, Chhajjupur, Illaqa Shandara, Delhi admeasuring 206 sq. yards. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendants.

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O.A. No. 271 of 2023

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(II) The recovery certificate be issued forthwith and be sent to the 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 26.05.2025.

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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: 26.032025

Punjab and Sind Bank v. Anjali Sharma

Case brief

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Punjab and Sind Bank v. Anjali Sharma

Case brief

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