Allowed

Punjab and Sind Bank v. Raj Bala Bhardwaj

DRT14 Jan 2025TA/1/2023

Case brief

AI extract

What is this about?

The DRT allowed the applicant bank's original application for recovery of a Housing Loan debt. The court directed the defendants to pay the principal amount, interest, and costs, failing which the amount shall be recovered from the sale of mortgaged or other immovable and movable properties.

What did the court decide?

Direction to pay Rs. 26,81,495.68 plus interest and costs; recovery from sale of mortgaged or other properties if not paid.

Punjab and Sind Bank versus Raj Bala Bhardwaj — Contract and Commercial Disputes | DRT (2025)

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T.A. No. 1 of 2023

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Debts Recovery Tribunal-:, 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. 1 of 2023

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Punjab & Sind Bank Jyoti Colony, Shandara Delhi-110094

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Applicant

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Versus

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Mrs Raj Bala Bhardwaj w/o Sh.Raj Mohan Bhardwaj R/o SK-3, Sindhara Kalan,

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Gulabi Bagh, Delhi

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Also at:

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100, Kucha Natwan, Chandni Chowk Delhi-110006

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Also at:

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House No.1969, Neel Wali Gali Arya Samaj Gall, Sita Ram Bazar Chawri Bazar, Delhi-110006

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Also at:

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1/5057, 3rd Floor, Plot No.B5, 6 & 7 Old No.1469, Gali NO.3, Sikdarpur Balbir Nagar, Shandara, Delhi

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Sh.Raj Mohan Bhardwaj s/o Chander Mohan Bhardwaj R/o SK-3, Sindhara Kalan, Gulabi Bagh, Delhi

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Also at:

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100, Kucha Natwan, Chandni Chowk Delhi-110006

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Also at:

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House No.1969, Neel Wali Gali Arya Samaj Gall, Sita Ram Bazar Chawri Bazar, Delhi-110006

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T.A. No. 1 of 2023

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Also at: 1/5057, 3rd Floor, Plot No.B5, 6 & 7 Old No.1469, Gali NO.3, Sikdarpur Balbir Nagar, Shandara, Delhi

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Sh.Ashu Sharma s/o Sh.Pramod Kumar Sharma R/o 1/11137, Street No.10 Subhash Park, Shandara, Delhi Also at: 1/9567, Gali No.3, Pratapura Shandara, Delhi-110032 Defendants

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Present: Shri Sumeet Batra, Counsel for the applicant bank Date of inatitution: 28.06.2019 Date of Pronouncement: 14.01.2025

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FINAL ORDER

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This original application has been filed by the applicant bank on 28.06.2019 before DRT-III, Delhi & then transferred to DRT-I through Shri Roshan Lal, authorized representative of the applicant bank under Section 19(1) of Recovery of Debts Due and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.26,81,495.68 (Rupees Twenty Six Lacs Eighty One Thousand Four Hundred Ninety Five and paisa Sixty Eight only) as on 31.05.2019 along with pendentelite and future interest @9.70% per annum with monthly rest plus @2.00% penal interest from the date of filing of this application till its realization and costs.

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The brief facts of the case are that on the request of defendant no.1 & 2 being co-borrowers submitted their loan application and applicant bank sanctioned Housing Loan facility for a sum of Rs.19.50 lacs (Rupees Nineteen Lacs Fifty Thousand only) on 14.03.2016 @9.75% interest per annum at

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T.A. No. 1 of 2023

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monthly rests to be repayable in 240 EMI of Rs.18,496/- in order to purchase built up property at Sikdarpur, Balbir Nagar, Shandara, Delhi. Further, defendant no.3 stood as guarantor for the housing loan facility availed by defendant no.1 & 2.

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That in order to avail the housing loan facility, the defendants No.1 & 2 executed Loan Agreement, Demand Promissory Note Form No.15(R), Form No.106, Form No.103/291/412, Undertaking Form No.199, Letter of Undertaking Form No.200, Undertaking for CIBIL Information and Consent for Disclosure all dated 14.03.2016 in favour of applicant bank. The defendant no.3. executed Agreement of Guarantee Form No.256(RR) dated 12.07.2014 with the applicant bank and Certificate of execution of documents undertaking to repay the outstanding with interest of defendant no.1 and 2.

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That in order to secure the housing loan facility, the defendant no.1 created equitable mortgage of Built up residential property on third floor area measuring 50 sq.yds out of Khasra No.191, 192, 205 MIN 206 MIN, part of Property bearing No. 1/5057, Old No.1469, Plot No.B-5,6,7 Gali No.3, Sikdarpur Balbir Nagar, Shandara, Delhi by depositing title deed registered vide Registration No.1234, Book No.1, Volume No.2118, Page No.1 to 11 dated 18.03.2016 with S.R.IVA, Shandara by executing Form No.84A(R) with the applicant bank on 08.04.2016.

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It has been submitted by the applicant bank that after availing the housing loan facility, the defendants failed to maintain financial discipline and comply with the terms and conditions of the loan and failed to pay monthly installments despite repeated reminders from the applicant bank. The

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T.A. No. 1 of 2023

defendants submitted revival letter dated 22.02.2017 acknowledging their liability towards the applicant bank. Ultimately, the account was classified as NPA on 31.03.2017 by the applicant bank as per RBI guidelines and issued legal demand notice dated 04.04.2017 but defendants neglected the same, hence, 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 of proper service, the defendants have chosen to absent from the proceedings. As per order dated 23.09.2024, the defendants have been proceeded ex-p9rte 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 Roshan Lal, authorized representative of applicant bank who has proved the original documents as General Power of Attorney Exb.AW1/1, Letter of Authorization Exb.AW1/2, Sanction Letter Exb.AW1/3, Loan Agreement Exb.AW1/4 & 7, Form 84-A(R) Exb.AW1/5, Sale Deed Exb.AW1/6, Certificate of Execution of Documents Exb.AW1/8, Form No.15(R) Exb.AW1/9, Form No.106 Exb.AW1/10, Form No.103/291/412 Exb.AW1/11, Form No.199 Exb.AW1/12, Form No.200 Exb.AW1/13, Form No.256(RR) Exb.AW1/14, Consent for Disclosure Exb.AW1/15 & 16, Revival Letter Exb.AW1/17, Legal Notice Exb.AW1/18, Statement of Account Exb.AW1/19.

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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. 1 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.26,81,495.68 (Rupees Twenty Six Lacs Eighty One Thousand Four Hundred Ninety Five and paisa Sixty Eight only) along with pendentelite and future interest @11.70% per annum with monthly rest from the date of filing of this application till the date of realization and costs, failing which the aforesaid amount shall be recovered from the sale of mortgaged residential property on third floor area measuring 50 sq.yds out of Khasra No.191, 192, 21:h MIN 206 MIN, part of Property bearing No. 1/5057, Old No.1469, Plot No.B-5,6,7 Gali No.3, Sikdarpur Balbir Nagar, Shandara, Delhi. 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 Ti ;bunal-I, Delhi. (III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 17.03.2025. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 14.01.2025

Punjab and Sind Bank v. Raj Bala Bhardwaj

Case brief

What is this about?

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Punjab and Sind Bank v. Raj Bala Bhardwaj

Case brief

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What did the court decide?

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