Allowed

Punjab and Sind Bank v. Komal Arora

DRT25 Apr 2025TA/2487/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by Punjab & Sind Bank for recovery of Rs. 27,53,007.28 plus interest against defaulting borrowers and guarantors in housing and Mudra loans, directing a recovery certificate to be issued.

What did the court decide?

The defendants are directed to pay Rs. 27,53,007.28 with future interest to the applicant bank within 30 days or face recovery from the sale of mortgaged property.

Punjab and Sind Bank versus Komal Arora — Banking and Recovery | DRT (2025)

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T.A. No. 2487 of 2022

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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. 2487 of 2022

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Punjab & Sind Bank Kaushambi Branch Ghaziabad, UP

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Applicant

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Versus

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Ms.Komal Arora w/o Sh.Inder Jeet Arora R/o 28/79, 2nd Floor,

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Wet Patel Nagar, Delhi-110008

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Also at:

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29/10, West Patel Nagar New Delhi-110008

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Also at:

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18/21, Ground Floor, Old Rajinder Nagar New Delhi-110060

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Also at:

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B-59, New Rajinder Nagar New Delhi-110060

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Also at:

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M/s K's Attire

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Proprietress Ms Komal Arora 18/21, Ground Floor, Old Rajinder Nagar New Delhi-110060

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Also at:

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M/s K's Attire

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Proprietor Ms Komal Arora 43, Anand Industrial Estate Mohan Nagar, Ghaziabad, UP-201007

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Sh.Harpreet Singh s/o Sukhdev Singh R/o 17/98, Geeta Colony Gandhi Nagar, Delni-110031

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Also at:

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T.A. No. 2487 of 2022

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M/s Singh Enterprises PP-48, Gali No.10, Anand Parbat Industrial Area New Delhi-110005

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Allahabad Bank Karol Bagh Branch

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Central Bank of India Anand Parbat Branch Defendants

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Present: Ms. Geeta Vohra, Counsel for the applicant bank

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Date of institution: 03.05.2019 Date of Pronouncement: 25.04.2025

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FINAL ORDER

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This original application has been filed by the applicant bank on 03.05.2019 through Ms Kumud Gupta, authorized representative of the applicant bank under Section 19 of Recovery of Debts Due to Banks and Financial Institution Act, 1993 against the defendants for recovery of a sum of Rs.27,53,007.28 (Rupees Twenty Seven Lacs Fifty Three Thousand Seven and paisa Twenty Eight only) as on 01.05.2019, out of which, Rs.22,16,579.28 in housing loan account @8.70% pendentelite and future interest and Rs.5,36,428/- in Mudra Term Loan account along with pendentelite and future interest @9.80% per annum with monthly rest from 01.05.2019 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 & 2 being co-borrowers, the applicant bank sanctioned Housing Loan facility for a sum of Rs.20.00 lacs

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T.A. No. 2487 of 2022

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(Rupees Twenty Lacs only) on 31.08.2017 @8.75% interest per annum subject to change to be repayable in 360 EMI of Rs.15,734/- for purchasing property bearing no.18/21, Ground Floor, Old Rajinder Nagar, New Delhi. The defendant no.2 stood as guarantor for the housing loan availed by defendant no.1. Further, the applicant bank sanctioned Term Loan of Rs.5.00 lacs under Mudra Loan scheme on 23.10.201/ to the defendant no.1 being proprietress of M/s K's Attire @9.45% interest to be repayable in 60 EMI of Rs.10,448/-.

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That in order to avail both the loan facilities, the defendants No.1 & 2 executed Loan Agreement, Undertaking Form No.199, Letter of Undertaking Form No.200, orm No.14(R), Undertaking Form No.103/291/412, Undertaking Form No.106, Agreement of Guarantee Form No.256(RR) with the applicant bank on 31.08.2017. Further, the defendant no.1 executed Form No.200, Form No.14(R), Form No.103/291/412, Form No.106, Loan Agreement and form NO.192(RR) on 23.10.2017 for Mudra Term Loan facility availed with the applicant bank.

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That in order to secure the housing loan facility, the defendant no.1 created equitable mortgage of property bearing Ground Floor of property No.18/21, Old Rajinder Nagar, New Delhi by depositing Sale Deeds dated 31.08.2017 and 03.02.2012 along with previous chain of documents on 12.09.2017 by executing Form No.84A in favour of applicant bank.

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It has been submitted by the applicant bank that after availing both the loan facilities, the defendants failed to maintain financial discipline and comply with the terms and conditions of the loan and defaulted in payment of agreed

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T.A. No. 2487 of 2022

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monthly installments in both accounts despite repeated reminders. Ultimately, the applicant bank classified the account as NPA on 30.06.2018 by the applicant bank as ner RBI guidelines but no efforts were made for regularization of the account. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

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Notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 11.09.2018 was issued on the defendants to repay the dues within 60 days but defendants neglected the notice. The applicant bank issued possession notice under Section 13(4) and on visiting the mortgaged property for affixation of notice on 12.03.2019, found possession notice issued by defendant no.3 and 4 addressed to M/s Goldy Sports through it proprietor Sh.Inder Jeet Arora as borrower and guarantor. The mortgaged property stands in the name of Mr. Deepa Batra whereas she has given undertaking on affidavit stating property is free from all type of encumbrances. It was also observed that notice was issued on 29.12.2018 under Section 13(2) and 13(4) are same which is defective on the face of it. The defendant no.3 had put up the property for E-auction for 03.05.2019 against which applicant bank filed two SA and notices were issued for 25.07.2019.

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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 27.07.2024, right to file written statement by defendant no.1 and 2 stand closed and defendant no.3 and 4 proceeded ex-parte since 17.06.2022 as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets ha•te been filed.

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T.A. No. 2487 of 2022

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Ms Upma Dureja, authorized representative of applicant bank who has proved the documents as General Power of Attorney Exh.PW-1/1, Letter of Authorization Exh.PW-1/2, Sanction Letter Exh.PW-1/3, Loan Agreement Exh.PW-1/4 & PW-1/20, Undertaking Exh.PW1/5, Form No.200 Exh.PW-1/6 & PW-1/16, Form 1\10.14(R) Exh.PW-1/7 & PW-1/17, Form No.103/291/412 Exh.PW-1/8 & PW-1/18, Form No.106 Exh.PW-1/9 & PW-1/19, Agreement of Guarantee Form No.256(RR) Exh.PW-1/10, Form 84-A Exh.PW1/11, Form No.192(RR) Exh.PW-1/21, Notice u/s 13(4) Exh.PW-1/22, Possession Notice dated 12.03.2019 & 29.12.2018 Exh.PW-1/23 & PW-1/24, Email and Letter Exh.PW1/25, Undertaking by Mrs.Deepa Batra Exh.PW-1/26, Newspaper of E-Auction Exh.PW-1/27, Demand Notice dated 16.04.2019 Exh.PW-1/28, Postal Receipts Exh.PW-1/29(colly), Certified Statement of Account Exh.PW-1/30 & Exh.PW-1/31.

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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 defendant No.1 and 2 to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.27,53,007.28 (Rupees Twenty Seven

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T.A. No. 2487 of 2022

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Lacs Fifty Three Thousand Seven and paisa Twenty Eight only) as on 01.05.2019, out of which:

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Rs.22,16,579.28 @8.70% pendentelite and future interest per annum;

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Rs.5,36,428/- @9.80% pendentelite and future interest per annum.

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with monthly rest from 01.05.2019 till the date of realization and costs, failing which the aforesaid amount shall be recovered from the sale of mortgaged property bearing Ground Floor of property No.18/21, Old Rajinder Nagar, New 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 Tribunal-I, Delhi.

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(III) Parties are 'directed to appear before the Recovery Officer, DRT I, Delhi on 24.06.2025.

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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 07FICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 25.04.2025

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Punjab and Sind Bank v. Komal Arora

Case brief

What is this about?

What did the court decide?

Punjab and Sind Bank v. Komal Arora

Case brief

What is this about?

What did the court decide?

What the court decided

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