Allowed

Ashok Singh v. Icici Bank Limited

DRT23 Jan 2025SA/779/2024

Case brief

AI extract

What is this about?

This case addresses the rights of an allotment holder whose allotment was cancelled. The court held that the builder becomes the property owner upon cancellation and must clear the bank's dues to obtain possession via a No Dues Certificate. The bank's dues, per NCDRC order interest, reduce the builder's overall liability.

What did the court decide?

Possession of property and title documents to be handed over after clearing dues within 15 days; documents to be released after dues clearance.

Ashok Singh versus Icici Bank Limited — Specific Performance | DRT (2025)

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Court of the Presiding Officer Debts Recovery Tribunal, Jaipur

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Item No. 76

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Case No. SA/779/2024

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ASHOK SINGH Vs ICICI BANK LIMITED

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Date: 23.01.2025.

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Present:

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Shri Bhrigu Sharma, Counsel for the Applicant

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Shri Abhishek Bhandari, Counsel along with Ms. Priyanka Pareek, Manager for the bank for the Respondent Bank/FI

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In this matter, the applicant is a builder who has already cancelled the allotment made to the borrower. The borrower has gone to Hon’ble NCDRC and obtained an order of 9% interest on refund. The payment has already been made to the borrower, but he is not coming forward to clear the dues of the bank. The builder has been paying installment to the bank, on the contrary to it, in arm twisting exercise, he is going to the bank and telling them not to settle with the applicant.

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He is left with the no right and interest or title in the property after cancellation of the allotment to him against which he has gone and sought compensation which has been given to him by Hon’ble NCDRC. So far as dues of the bank are concerned, he is not coming before this Tribunal rather he is approaching the bank and telling them not to settle the dues, since he has no interest left, he should not do so.

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Builder steps into the shoes of borrower and is owner of the property. Builder is only to clear the dues of the bank which according to the bank are Rs. 1,54,96,644/- as on 31.01.2025. Even if by far stretched imagination, it is presumed that the property has to be redeemed by the builder by subrogation but,

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Court of the Presiding Officer Debts Recovery Tribunal, Jaipur

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this Tribunal is of the opinion that after cancellation, the property belongs to the builder itself, as owner. Possession shall be handed over to the applicant along with the No Dues Certificate.

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The amount being paid to the bank will be reduced from his liability to be paid as per Hon’ble NCDRC order and after 15 days of clearance of the due amount, documents be released to him.

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Accordingly, SA stands disposed off, all pending IAs also stands disposed off, if any.

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Copy of the order be given free to the concerned parties.

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File be consigned to record as per rules.

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(Vimal Gupta) Presiding Officer Debts Recovery Tribunal, Jaipur

Ashok Singh v. Icici Bank Limited

Case brief

What is this about?

What did the court decide?

Ashok Singh v. Icici Bank Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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Case details

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