Allowed

Union Bank of India v. Smt. Paramjit Saini and Others

DRT14 May 2025OA/97/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the applicant bank's original application for recovery of a housing loan default of Rs. 24,36,780. Directed respondents to pay the sum with interest at 8% p.a., costs, and authorized recovery from mortgaged or personal assets.

What did the court decide?

Recovery of Rs.24,36,780 jointly and severally with costs and simple interest at 8% p.a. from filing date till realization; issuance of Recovery Certificate.

Union Bank of India versus Smt. Paramjit Saini and Others — Banking and Recovery | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.97/2022

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PRESIDED OVER BYMRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 31.01.2022

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DATE OF DECISION: 14.05.2025

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Union Bank of I ndia, having its Head Office at 239, Vidhan Bhawan Marg, Nariman Point, Mumbai, 400021 and having its Brach Office at Union Bank of India, Near N.K. Sharma group of Companies Show Room No.5-6, Chiranji Enclave, Zirakpur, SAS Nagar, Mohali, Punjab through its Attorney holder Ms. Shalini Sharma, Branch Manager

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……..Applicant Versus

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Smt. Paramjit Saini W/o Sh. Jagdip Singh, R/o House No.38, Adarsh Nagar-2, Ward No.9, Gali No.7, Near Vyas Farm, Derabassi, District SAS Nagar, Punjab, 140507

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M/s Gupta Builders and Promotors Pvt. Ltd. through its Directors, Registered Office at SCO 196-197, Sector 34A, Chandigarh 160022

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Sh. Satish Kumar, Director M/s Gupta Builders and Promotors Pvt. Ltd, Registered Office at SCO 196-197, Sector 34A, Chandigarh- 160022

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Sh. Pardeep Kumar, Director M/s Gupta Builders and Promotors Pvt. Ltd, Registered Office at SCO 196-197, Sector 34A, Chandigarh-160022

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….……Defendants

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Advocates:

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Argued by Sh. Ravinder Kumar, Advocate for the Applicant Defendant nos.1, 3 and 4 are ex parte None for Defendant No.2

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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.24,36,780.00 (Rupees Twenty Four Lac Thirty Six Thousand Seven Hundred Eighty Only). The Original Application has been filed through

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2 OA NO.97/2022 UNION BANK OF INDIA VS PARAMJIT SAINI AND OTHERS

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Ms. Shalini Sharma, Branch Manager of the applicant, who is competent to institute the Original Application vide Authority Letter dated 06.01.2022, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant nos.1 and 2 had approached the applicant for the grant of Housing Loan of Rs.35.91 Lacs vide Application Form dated 29.03.2019, which is Annexure A2 to this OA.

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The applicant sanctioned Housing Loan of Rs.35.91 Lacs vide Sanction Letter dated 23.10.2019, which is Annexure A5 to this OA and the terms and conditions were duly accepted by the defendants.

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Defendant No.1 had mortgaged his immovable property i.e. Residential Apartment no.506, 5^rd Floor, 3BHK, Tower No.T-8, also called “GBP” “Athens-1” situated at Village Ramgarh Buda, Hadbast no.42, Derabassi, District SAS Nagar, Mohali, Punjab vide Permission to Mortgage dated 28.11.2019, which is Annexure A8 to this OA. Documents executed:- Agreement to Sell and Allotment Letter both dated 01.12.2017, which are Annexures A3 and A4 to this OA; NOC from LIC Housing Finance dated 01.02.2018, which is Annexure A6 to this OA; Tripartite Agreement, Housing Loan Agreement, D.P. Note, Letter of Continuity, Letter of General Lien, Letter of Undertaking, Agreement of ROI all dated 28.11.2019, which are Annexures A7, A9 to A14 to this OA; NO Due Certificate from Indiabulls dated 13.12.2019, which is Annexure A15 to this OA; Legal Notice dated 04.10.2021 with postal receipts, which are Annexure A16(colly) to this OA and Statement of Account with certificate, which is Annexure A17(colly) to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in the loan account there was a debit of Rs.24,36,780.00, which is recoverable and the defendants were served recall notices but they did not repay the

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3 OA NO.97/2022 UNION BANK OF INDIA VS PARAMJIT SAINI AND OTHERS

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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. Sh. Sanyam Khetarpal, Advocate appeared on behalf of defendant nos.1 and filed his Power of Attorney. He has filed WS beyond stipulated period, which was not taken on record. Since 07.02.2024 no one appeared on behalf of defendant nos.1, 3 and 4, they were proceeded ex parte on 29.03.2025. On 29.03.2025 Ld. Counsel for applicant submitted that case against defendant no.2 is pending before Hon’ble NCLT and has filed a copy of order dated 11.03.2025 and 05.04.2024 passed by Hon’ble NCLT vide diary no.4843, which was taken on record and therefore, the proceedings against defendant no.2 were kept in abeyance in the present OA. Today Sh. Mohit, Advocate appeared on behalf of defendants and filed an IA no.823/2025 for setting aside ex parte order dated 29.03.2025 and same was dismissed.

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In support of the OA, affidavit of Sh. Naresh, Branch Manager, Union Bank of India h as been filed.

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Heard arguments of Ld. counsel for applicant. None appeared for defendants for arguments. Perused record.

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It was argued by learned counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant bank had proved its case. From the perusal of all the Annexure A1 to A17(colly) to this OA, it is proved that the defendant no.1 and 2 approached applicant for availing of the loan facility which was granted to them and for that they had executed all the relevant documents in favour of the applicant. The defendant no.1 failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendant no.1 was classified as NPA. From the documentary evidence

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OA NO.97/2022

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UNION BANK OF INDIA VS PARAMJIT SAINI AND OTHERS

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brought on record, it is proved that applicant is entitled to recover a sum of Rs.24,36,780.00 (Rupees Twenty Four Lac Thirty Six Thousand Seven Hundred Eighty Only) along with interest from the defendant nos.1, 3 and 4, jointly and severally, from the date of filing of the present Original Application till realization of the account.

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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 @8.20%p.a. along with penal interest @2.00%p.a. with half yearly rests from 28.01.2022 till the realization.

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The Tribunal is of the considered opinion that sometimes inappropriate 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 defendant, quantum of loan 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 @08.00%p.a. in the loan account 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 defendant nos.1, 3 and 4 are liable to pay to the applicant a total sum of Rs.24,36,780.00 (Rupees Twenty Four Lac Thirty Six Thousand Seven Hundred Eighty Only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant bank shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendant nos.1 in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still

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5 OA NO.97/2022

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UNION BANK OF INDIA VS PARAMJIT SAINI AND OTHERS

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remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendant nos.1, 3 and 4. The applicant is at liberty to enforce the claim through due process of law. 12. Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 30.05.2025. 15. Copy of this order be given dasti to the applicant and be sent to defendant nos.1 and 2 through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned. Pronounced by me in the open Tribunal . Dated: 14.05.2025 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Union Bank of India v. Smt. Paramjit Saini and Others

Case brief

What is this about?

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Union Bank of India v. Smt. Paramjit Saini and Others

Case brief

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