Allowed

Punjab National Bank v. Madhav Murari Garg

DRT10 Sept 2025TA/1163/2023

Case brief

AI extract

What is this about?

The DRT adjudicated an application by Punjab National Bank for recovery of housing loan dues of approximately Rs. 20.26 lakhs. Consequently, the bank was directed to recover dues and enforce mortgage security from joint and several liable parties.

What did the court decide?

Defendants to pay Rs.20,26,187 + interest @7.50% p.a. from 01.12.2021 and costs, with execution via sale of mortgaged flat or other assets.

Punjab National Bank versus Madhav Murari Garg — Contract and Commercial Disputes | DRT (2025)

¶1

T.A. No. 1163 of 2023

¶2

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

¶3

Presiding Officer: Shri Govind Ballabh Sharma

¶4

T.A. No.1163 of 2023

¶5

Punjab National Bank

¶6

Circle SASTRA Centre East Delhi,

¶7

1st floor, Commercial Shopping Complex

¶8

Pocket E, Mayur Vihar Phase II

¶9

Delhi-110091 Applicant

¶10

ersus

¶11

Sh. Madhav Murari Garg s/o Sh.Mukesh Aggarwal Borrower)

¶12

.No.E-116, 2nd floor, Jhilmil Colony, ear Vivek Vihar Police Station

¶13

hilmil, Delhi-110095

¶14

Iso at:

¶15

h. Madhav Murari Garg s/o Sh. Mukesh Aggarwal /o H.No.18-A,'Second Floor

¶16

am Nagar, Krishna Nagar, Delhi-110051

¶17

Iso at:

¶18

r. Madhav Murari Garg s/o Mr. Mukesh Aggarwal hop No.13, Ground Floor, DDA Market SC MNew Rajdhani Enclave

¶19

ear Moth Dairy, Delhi-110092

¶20

Mrs. Neelam Aggarwal w/o Mr. Mahadev Murari Garg /o H.No. E-116, 2nd floor, Jhilmil Colony ear Vivek Vihar Police Station hilmil, Delhi-110095

¶21

!so at:

¶22

rs. Neelam Aggarwal w/o Mr. Mahadev Murari Garg .No.18-A, 2nd floor

¶23

¶24

am Nagar, Krishna Nagar

elhi-110051

5d-

T.A. No. 1163 of 2023

¶29

Also at:

¶30

Mrs. Neelam Aggarwal w/o Mr. Mahadev Murari Garg Shop no.13, Ground floor, DDA Market, CSC, New Rajdhani Enclave Near Mother Dairy, Delhi-110092

¶31

Also at:

¶32

Mrs. Neelam Aggarwal w/o Mr. Mahadev Murari Garg Flat no.A-1401, 14th floor, 3-Dimension Block A, Village Noor Nagar Raj Nagar Extension, Ghaziabad Uttar Pradesh-201001

¶33

Mr. Gulam Abbass s/o Mr. Masiul Hasan

¶34

(Guarantor)

¶35

A-207, Gali no.3, A-Block

¶36

Ziauddinpur, New Mustafabad New Delhi-110094

¶37

M/s Krishna Assets Developers Pvt. Ltd. (Builder/ Developer) 391, Haveli Haider Kuli, Chandni Chowk Delhi-110006

¶38

Iso at:

¶39

-6, 2nd floor, Aditya Corp., Hub, DC, Raj Nagar, Ghaziabad, Uttar Pradesh Defendants

¶40

resent: Mr. Aditya Kumar Jha, Counsel for applicant bank Date of Institution: 17.03.2022 Date of Pronouncement: 10.09.2025

¶41

FINAL ORDER

¶42

This original application has been filed by the applicant ank before DRT-II, Delhi on 17.03.2022 and then transferred o DRT-I Delhi through its authorized representative under ection 19 of Recovery of Debts Due to Banks and Bankruptcy ct, 1993 against the defendants for recovery of a sum of s.20,26,187/- (Rupees Twenty Lacs Twenty Six Thousand one Hundred Eighty Seven only) as on 30.11.2021 along with sd-

¶43

¶44

T.A. No. 1163 of 2023

¶45

pendentelite and future interest @7.50% interest per annum with monthly rests from 01.12.2021 till the date of realization and costs.

¶46

The brief facts of the case are that on the request of the defendant no.1 and 2 vide their housing loan application dated 11.12.2017, the applicant bank sanctioned Housing Loan facility for a sum of Rs.35,77,000/- (Rupees Thirty Five Lacs Seventy Seven Thousand only) on 21.12.2017 @8.40% interest per annum with monthly rests and penal interest @2% on irregular payment amount repayable in 328 EMI of Rs.28,676.50/- on in order to purchase under construction Flat no.1401, 14th floor, Block-A, 3-Dimension, being developed by defendant no.4 at Khasra no.1264 & 1265, Village Noor Nagar, Raj Nagar Extension, Ghaziabad, Uttar Pradesh-201001 based on Apartment Buyers' Agreement dated 12.08.2017 along with payment schedule, payment receipts. The defendant no.3 stood as guarantor for the housing loan facility sanctioned in favour of defendant no.1 and 2 by the applicant bank.

¶47

In order to avail the housing loan facility, the defendant no.1 and 2 submitted loan application along with payment receipts, Apartment Buyer Agreement and executed greement for Housing Loan, Authority Letter with the pplicant bank along with Agreement of Guarantee by •efendant no.3. In addition, the defendant no.1 and 3 xecuted Tripartite Agreement with applicant bank on 1.12.2017.

¶48

That in order to secure the housing loan facility, the efendant no.1 created mortgage of under construction Flat o.1401, 14th floor, Block-A, 3-Dimension, Khasra no.12642651 Village Noor Nagar, Raj Nagar Extension, Ghaziabad,

¶49

¶50

T.A. No. 1163 of 2023

¶51

Uttar Pradesh-201001 measuring 136.10 sq.meters with the applicant bank on 21.12.2017.

¶52

The defendant no.1 & 2 confirmed the debt towards applicant bank and executed Balance and Security Confirmation Letters dated 13.10.2020 for Rs.15,36,407.60 as on 30.09.2020.

¶53

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 of sanction and failed to deposit regular EMIs in the account to regularize the account with the applicant bank. Ultimately, the applicant bank classified the account as NPA on 30.06.2019 as per RBI guidelines and issued legal notice dated 06.08.2019 but the defendants neglected the same and hence the applicant bank has approached this Tribunal for recovery of their dues.

¶54

Notices of this O.A. were issued to the defendants and •espite proper service, the defendants have chosen to absent rom the proceedings. As per order dated 06.12.2023, the •efendants have been proceeded ex-parte as they have not ppeared before the Tribunal and even written statement, vidence and affidavit of assets have not been filed by the •efendant.

¶55

Notice under section 13(2) of the Securitization and econstruction of Financial Assets and Enforcement of Security nterest Act 2002 dated 09.11.2020 was issued to the efendants by the applicant bank.

¶56

5a( -

¶57

¶58

T.A. No. 1163 of 2023

¶59

In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Akhouri Binay, authorized representative of the applicant bank who has proved the documents as General Power of Attorney, Application form, Apartment Buyer's Agreement, Sanction Letter, Stamped Agreement for Housing Loan, Authority Letter, Agreement of Guarantee, Tripartite Agreement, Balance and Security Confirmation Letter, Legal Notice, Demand Notice u/s 13(2) with postal receipts, Certificate under Section 2A of Banker's Books Evidence Act 1891 read with Section 65(B) of Indian Evidence Act, Statement of Housing Loan, Certificate of Outstanding amount marked as Ex.AW-1/1 to Ex.AW-1/14.

¶60

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 approved.

¶61

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.

¶62

In the light of the above discussions, the Original pplication deserves to be allowed.

¶63

ORDER

¶64

I, allow this OA and direct the defendants to pay to the pplicant bank, jointly or severally, within a period of 30 days,

¶65

sum of Rs.20,26,187/- (Rupees Twenty Lacs Twenty Six housand One Hundred Eighty Seven only) together with

¶66

¶67

T.A. No. 1163 of 2023

¶68

pendentelite and future interest @7.50% per annum with monthly rests from 01.12.2021 till the date of realization and costs; failing which the amount shall be recovered from sale of mortgaged Flat no.1401, 14th floor, Block-A, 3-Dimension, Khasra no.1264 & 1265, Village Noor Nagar, Raj Nagar Extension, Ghaziabad, Uttar Pradesh-201001. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendants.

¶69