Allowed

State Bank of India v. Mr. Krishan Chander

DRT28 Mar 2025TA/1330/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's original application for recovery of Rs.34.28 lakhs from defaulting borrower and developers, directing payment within 30 days or recovery via sale of mortgaged property.

What did the court decide?

Direct defendants to pay Rs.34,28,020 with interest at 8.90% within 30 days; alternatively, recover from sale of mortgaged flat and defendants' properties.

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

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T.A. No.1330 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. 1330 of 2023

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State Bank of India Stressed Asset Recovery Branch, 23, Najafgarh Road New Delhi-110015

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Applicant

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Versus

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Mr. Krishan Chander sio Sh. Surat Singh F-288, Alpha-2, Greater Noida Gautam Budh Nagar, Uttar Pradesh-201308

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Also at:

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Flat No.899, Sector-6

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Bahadurgarh, Haryana-124507

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Also at:

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JBT Technologies Limited Plot no.351-352, Udyog Kendra-2 Echotech-3, Greater Noida

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Gautam Budh Nagar Uttar Pradesh-201308

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M/s Nitya Realtech Pvt. Ltd. 220, Opp. Veterinary Hospital Burari, Delhi-110084

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Also at:

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D-21, First Floor, RDC Raj Nagar, Ghaziabad, Uttar Pradesh

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Also at:

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Raj Nagar Extension (6 Lane) Near G.D. Goenka School NH-58, Ghaziabad, Uttar Pradesh

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M/s R.K.S. Buildcon India Pvt. Ltd 220, Gram Burari, Delhi-1110084 � Defendants

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Present: Shri Pradeep Dhaka, Counsel for the applicant bank

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se/ —

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T.A. No.1330 of 2023

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Date of Institution: 01.06.2021

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Date of Pronouncement: 28.03.2025

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FINAL ORDER

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This original application has been filed by the applicant bank on 01.06.2021 before DRT-II, Delhi and then transferred to DRT-I Delhi through Shri Bishan Pal, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.34,28,020/- (Rupees Thirty Four Lacs Twenty Eight Thousand Twenty only) as on 12.05.2021 along with pendentelite and future interest @6.90% per annum plus @2% penal interest with monthly rests from the date of filing this application till the date of its realization and costs. Further, the name of Sh.Ashok Kumar Gupta was substituted as authorized representative in place of Sh.Bishan Pal, 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 vide loan application dated 07.12.2019 along with Flat Allotment letter dated 29.11.2019, the applicant bank sanctioned Housing Loan of Rs.34,00,000/- (Rupees Thirty Four Lacs) on 12.12.2019 @8.30% interest per annum with monthly rests to be repayable in EMI of Rs.29,078/- in order to purchase under constructed property qua Flat no.R-1:36, 13th floor, Tower-R, Nitya Homes, Officer City, Raj Nagar Extension, NH-58, Ghaziabad, Uttar Pradesh to be constructed by defendant no.2 and 3 known as Nitya Homes.

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That in order to avail the housing loan facility, the defendant no.1 submitted Loan Application and executed Loan

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T.A. No.1330 of 2023

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Arrangement Letter, Loan Agreement, Agreement to mortgage, Tri-partite agreement all dated 12.12.2019 in fa _our of applicant bank.

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That in order to secure the loan facility, the defendants mortgaged the property bearing Flat No.R-1306, 13th Floor, Tower-R, Nitya Homes, Officer City, Raj Nagar Extension, NH58, Ghaziabad, Uttar Pradesh in favour of the applicant bank by way of deposit of title documents of the property. The defendants no.2 issued No Objection to Mortgage the Flat in favour of applicant bank.

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As per Tripartite Agreement executed on 12.12.2019 between defendants no.2 and 3 with applicant bank and defendant no.1, it was agreed that first lien of applicant bank shall have over said flat and have no objection of mortgaging the flat with proportionate share in land by defendant no.1. in the event of default, on the request of applicant bank, the defendant no.2 and 3 shall not deliver the possession of the flat or cancel the booking and pay all the dues and amount received from defendant no.1 to the applicant bank.

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It has been submitted by the applicant bank that after availing the aforesaid loan facility, the defendant no.1 railed to comply with the terms and conditions of the loan and security documents and neglected to deposit interest and monthly installments regularly with the applicant bank. Ultimately, the applicant bank classified the account as NPA on 12.04.2021 and issued legal notice dated 21.05.2021 to pay the dues with interest but defendant no.1 failed to regularize the account. The defendant no.2 and 3 did not respond to the request vide legal notice dated 21.05.2021 for cancellation of the booking and return the amounts received from defendant no.1, hence

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54/-

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T.A. No.1330 of 2023

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the applicant bank 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 the defendants have chosen to absent from the proceedings. As per order dated 14.10.20221 defendant no.2 and & 3 have been proceeded ex-parte as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed. Vide order dated 03.08.2023, right to file written statement of the defendant no.1 has been closed.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Bishan Pal, authorized representative of the applicant bank who has proved the documents as Gazette Notification dated 27.03.1987 and 31.08.2015 Ex.AW-1/1 (Colly), Loan Application Ex.AW-1/2, Arrangement Letter Ex.AW-1/3, Agreement for Home Loan Ex.AW-1/4, Agreement to mortgage Ex.AW-1/5, No objection to Mortgage Ex.AW-1/6, Allotment letter dated 29.11.2019 Ex.AW-1/7, Tri-partite Agreement Ex.AW-1/8, Demand notice and Postal Receipts Ex.AW-1/9 to Ex.AW-1/12, Statement of Account Ex.PW-1/13(Colly).

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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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T.A. No.1330 of 2023

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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, jointly or severally, within a period of 30 days, a sum of Rs.34,28,020 (Rupees Thirty Four Lacs Twenty Eight Thousand Twenty only) along with pendentelite and future interest @8.90% 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 bearing No.R-1306, 13th Floor, Tower-R, Nitya Homes, Officer City, Raj Nagar Extension, NH-58, Ghaziabad, Uttar Pradesh . In case of shortfall, the sable 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 27.05.2025.

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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: 28.03.2025

State Bank of India v. Mr. Krishan Chander

Case brief

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State Bank of India v. Mr. Krishan Chander

Case brief

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