Allowed

State Bank of India v. Mr.Janamjoy Prasad

DRT28 Apr 2025TA/1305/2023

Case brief

AI extract

What is this about?

In an original application under the Recovery of Debts and Bankruptcy Act, 1993, the applicant bank sought recovery of dues and realization of a mortgaged flat due to default by respondents. The Tribunal allowed the application and directed immediate payment of the principal amount, interest, and costs, mandating specific recovery actions and a subsequent hearing before the Recovery Officer. The c

What did the court decide?

The original application was allowed; respondents directed to pay Rs.1,74,23,990.58 along with interest and costs within 30 days; recovery certificate to be issued; directions for sale of mortgaged fl

State Bank of India versus Mr.Janamjoy Prasad — Contract and Commercial Disputes | DRT (2025)

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T.A. No. 1305 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. 1305 of 2023

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State Bank of India Stressed Asset Recovery Branch, 23, Najafgarh Road New Delhi-110015 Applicant Versus 1.^{Mr. Janamjoy Prasad s/o Jai Prakash Sinha} E-46, First Floor Gali no.3, Pandev Nagar, Delhi-110091 Also at: Capgemini Technology Services India Lt. 139,140 & 142, Block-E & F NSEZ Noida Phase-II Building-A, Noida, Uttar Pradesh 2. M/s Tashee Land Developers Pvt. Ltd. 517A, 5th Floor, Narain Manzil 23, Barakhamba Road, Connaught Place New Delhi-110001 3. M/s KNS Infracon Pvt. Ltd 517A, 5th Floor, Narain Manzil 23, Barakhamba Road, Connaught Place Defendants New Delhi-110001

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Present: Shri Pradeep Dhaka, Counsel for the applicant bank Date of Institution: 20.01.2020 Date of Pronouncement: 28.04.2025

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T.A. No. 1305 of 2023

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FINAL ORDER

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This original application has been filed by the applicant bank on 20.01.2020 before DRT-II, Delhi and then transferred to DRT-I Delhi through Ms. Mritunjay Kumar, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendant for recovery of a sum of Rs.1,74,23,990.58 (Rupees One Crore Seventy Four Lacs Twenty Three Thousand Nine Hundred Ninety and Paisa Fifty Eight only) along with pendentelite and future interest @8.95% per annum with monthly rests plus 2% penal interest from the date of filing this application till the date of realization along with costs. Further, the name of Sh.Rajesh Kumar was substituted as authorized representative in place of Sh.Mritunjay Kumar, erstwhile AR for the applicant bank.

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The brief facts of the case are that on the request of the defendant no.1, the applicant bank sanctioned Housing Loan of Rs.1,74,00,000/- (Rupees One Crore Seventy-Four Lacs only) on 04.07.2018 @8.75% interest per annum to be repayable in equated monthly installments of Rs.1,36,886/- in order to purchase under constructed property bearing Flat No. J-1104, 11th Floor, Block-J, Capital Gateway, Sector-111, Gurgaon, Haryana. The defendants also agreed to pay @2% penal interest in case of default in repayment schedule.

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That in order to avail the housing loan facility, the defendant no.1 submitted Loan Application dated 10.06.2018 and executed Loan Arrangement Letter, Loan Agreement, Agreement to mortgage all dated 04.07.2018 and Tri-partite

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ccf

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T.A. No. 1305 of 2023

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Agreement dated 28.03.2018 executed by defendant no.2 and 3 entered with defendant no.1 and applicant bank.

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That in order to secure the housing loan facility, the defendant no.1 created equitable mortgage of the property being Flat No.J-1104, 11th floor, Block-J, Capital Gateway, Sector-111, Gurgaon, Haryana by depositing of title document with the applicant bank as per agreement to mortgage executed by defendant no.2 and 3.

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As per Tripartite Agreement dated 28.03.2018 executed by defendants with applicant bank, it was agreed that the applicant bank shall have the first lien over the said flat i.e. Flat No.J-1104, 11th Floor, Block-J, Capital Gateway, Sector-111, Gurgaon, Haryana. It was also agreed that Respondent no.2 and 3 has no objection to the defendant No.1 mortgaging the said flat and it was agreed that in the event of failure or default in repayment or in the event of cancellation of flat on the part of Defendant no.1, defendant no.2 & 3 shall pay the entire money so received by it to the applicant bank.

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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 regularize the account with the applicant bank. Ultimately, the applicant bank classified the account as NPA on 10.04.2019 as per RBI guidelines due to non-adherence to financial discipline and applicant bank issued legal notice dated 21.11.2019 to the defendants to cancel the booking of flat and return all the amounts so received from the defendant but neglected by the defendants. Hence, the applicant bank approached this tribunal for recovery of their dues.

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rid

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T.A. No. 1305 of 2023

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Notices of this O.A. were issued to the defendants and despite proper service the defendants have chosen to absent from the proceedings. As per order dated 11.04.2025, 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 Mritunjay Kumar, authorized representative of the applicant bank who has proved the documents as copy of Gazette Notification dated 27.03.1987 Ex.AW-1/1, Loan Application Ex.AW-1/2, Arrangement Letter Ex.AW-1/3, Agreement for Home Loan Ex.AW-1/4, Allotment letter Ex.AW-1/5, Flat Buyer Agreement Ex.AW-1/6, Agreement to Mortgage Ex.AW-1/7, Tripartite Agreement Ex.AW-1/8, Demand Notice and its Postal Receipts Ex.AW-1/9 & Ex.AW-1/10, Demand Notice and its Postal Receipts Ex.AW-1/11 & Ex.AW-1/12, Statement of Account Ex.AW-1/13.

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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 proved.

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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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T.A. No. 1305 of 2023

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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.1,74,23,990.58 (Rupees One Crore Seventy Four Lacs Twenty Three Thousand Nine Hundred Ninety and Paisa Fifty Eight only) along with pendentelite and future interest @10.95% per annum with monthly rests from the date of filing this application till its realization with costs, failing which the aforesaid amount shall be recovered from the Sale of mortgaged Flat No. 3-1104, 11th floor, Block-J, Capital Gateway, Sector-111, Gurgaon, Haryana. In case of shortfall, the same shall be 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 26.06.2025.

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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: 28.04.2025

State Bank of India v. Mr.Janamjoy Prasad

Case brief

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State Bank of India v. Mr.Janamjoy Prasad

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