Allowed

State Bank of India (E-State Bank of Hydrabad) v. Neeraj Sharma

DRT1 Feb 2025TA/1293/2023

Case brief

AI extract

What is this about?

The Tribunal allowed an original application filed by State Bank of India for recovery of a loan amount of Rs. 31,15,454.02 and future interest from defaulting borrowers and a developer, directing issuance of recovery certificate.

What did the court decide?

Recovery of Rs. 31,15,454.02 along with interest and costs from respondents within 30 days; sale of mortgaged flat for recovery of shortfall; issuance of recovery certificate.

State Bank of India (E-State Bank of Hydrabad)… — Contract and Commercial Disputes | DRT (2025)

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T.A. No.1293 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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T.A. No. 1293 of 2023

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State Bank of India (e-State Bank of Hyderabad) Stressed Asset Recovery Branch-II, 18/4, 4th Floor, SBI House, Arya Samaj Road, Karol Bagh New Delhi-110005 Applicant

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Versus

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Sh.Neeraj Sharma I-4, 52, Apan Ghar Shalimar Tijara Road, Aiwar, Rajasthan-301001

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Also at:

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536, Shree Nagar, Hapur Dist. Hapur, UP-245101

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Shalu Sharma I-4, 52, Apan Ghar Shalimar Tijara Road, Alwar, Rajasthan-301001

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Also at:

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536, Shree Nagar, Hapur Dist. Hapur, UP-245101

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Amrapali Smart City Developers Pvt.Ltd. Through its Director

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307, 3rd Floor, Nipun Tower, Plot No.15, Community Centre Karkardooma, Delhi-110092 Defendants

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Present: Shri Vipin Jai, Counsel for the applicant bank

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Date of institution: 22.03.2019

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Date of Pronouncement: 01.02.2025

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T.A. No.1293 OF 2023

FINAL ORDER

This original application has been filed by the applicant bank on 22.03.2019 through Shri Lalit Gupta, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 (as amended up to date) against the defendants for recovery of a sum of Rs.31,15,454.02 (Rupees Thirty One Lacs Fifteen Thousand Four Hundred Fifty Four & paisa Two only) as on 28.02.2019 along with pendentelite and future interest @10.25% per annum with monthly rest from 01.03.2019 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 and 2, the applicant bank sanctioned Housing Loan facility for a sum of Rs.28,43,000/- (Rupees Twenty Eight Lacs Forty Three Thousand only) on 04.03.2015 @10.25% interest per annum and 2% penal interest in case of account become irregular to be repayable in 228 monthly installment of Rs.28,363/- in order to purchase under construction residential Flat Bearing No.F-6-G08, Ground Floor, Tower No.F6, Amrapali Centurian Park, Terrace Homes, GH-05, Techzone-IV, Greater Noida, Gautambudh Nagar, UP.

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That in order to avail the said loan facility, the defendant no.1 and 2 executed Sanction Letter, Memorandum of Term Loan Agreement for Housing Loan, Agreement to Mortgage, Undertaking for Housing Loan, Consent for Dis:losure, Standing Instructions and Affidavit on 14.02.2015. Further, defendant no.3 issued No Objection Letter for mortgaging the under construction flat and Undertaking for payment of Interest/Pre-EMI on 17.02.2015.

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5'-

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T.A. No.1293 OF 2023

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That defendant no.3 executed Tripartite Agreement dated 04.03.2015 thereby agreed to complete the project within 36 months and in case the project is she:ved or incomplete, will pay the entire amount received from borrowers to applicant immediately along with compensation / damages. The defendant no.1 and 2 executed Letter for Revival of the account on 23.01.2017.

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It has been submitted by the applicant bank that after availing the aforesaid loan facilities, the defendants failed to comply with the terms and conditions and defendant no.3 failed to complete the secured asset/property within stipulated time as per agreement and violated the sanction stipulations. The defendants failed to pay the monthly installments which became overdue despite repeated reminders from the applicant bank. Ultimately, the account was declared NPA by the applicant bank and hence has approached this Tribunal for recovery of their dues.

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Notices of this O.A. were issued to the defendants and despite proper service including publication in newspaper, the defendants have chosen to absent from the proceedings. As per order dated 12.05.2022, 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 Lalit Gupta, authorized representative of the applicant bank who has proved the documents as Notification no. GSR 160(E) dated 22.02.2017 Exhibit A-1, Gazette Notification Exhibit A-2, Sancti° Letter Sd-

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T.A. No.1293 OF 2023

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Exhibit A-3, Memorandum of Term Loan for Housii.g Loan Exhibit A-4, Agreement to Mortgage Exhibit A-5, Undertaking for Housing Loan Exhibit A-6, Affidavit Exhibit A-7, Undertaking Exhibit A-8, Borrower's Consent for Disclosure Exhibit A-9, Standing Instructions Exhibit A-10, No Objection Certificate Exhibit A-11, Undertaking for Payment of Interest Exhibit A-12, Tripartite Agreement Exhibit A-13, Revival Letter Exhibit A-14, and Statement of Account Exhibit A-15.

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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 within a period of 30 days, a sum of Rs.31,15,454.02 (Rupees Thirty One Lacs Fifteen Thousand Four Hundred Fifty Four & paisa Two only) as on 28.02.2019 along with pendentelite and future interest @10,25% per annum with monthly rest from 01.03.2019 till the date of realization and costs, failing which the aforesaid amount shall be recovered from the sale of the mortgaged Flat Bearing No. F-6-G08, Ground Floor, Tower No.F6, Amrapali Centurion Park, Terrace Homes, GH-05, Techzone-IV, Greater Noida, Gautambudh Nagar, UP. In case of shortfall, the same shall be

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5d-

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T.A. No.1293 OF 2023

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recovered from the sale of movable and immovable properties of the defendants.

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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 Recovery Officer, DRT I, Delhi on 03.04.2025.

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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: 01.02.2025

State Bank of India (E-State Bank of Hydrabad) v. Neeraj Sharma

Case brief

What is this about?

What did the court decide?

State Bank of India (E-State Bank of Hydrabad) v. Neeraj Sharma

Case brief

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What did the court decide?

What the court decided

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