Allowed

Punjab National Bank v. Neeraj Khullar

DRT19 Apr 2025TA/2979/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Punjab National Bank for recovery of housing and overdraft loan dues from defendants who failed to appear, directing payment of principal and interest.

What did the court decide?

Directing defendants to pay Rs.1,21,55,548/- with interest and costs within 30 days; recovery from sale of mortgaged property and other assets if necessary.

Punjab National Bank versus Neeraj Khullar — Banking and Recovery | DRT (2025)

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T.A. No.2979 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. 2979 of 2022

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Punjab National Bank CSC Complex, East Delhi Pocket E, Mayur Vihar Phase II, Applicant Delhi-110091

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Versus 1.^{Mr. Neeraj Khullar} 720-P, Sector 17A Gurgaon Haryana-122001

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Ms. Sweety Khullar 720-P, Sector-17A Gurgaon Defendants Haryana-122001

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Present: Ms Madhavi hukla, Counsel for the applicant Lank Date of Institution: 27.11.2018 Date of Pronouncement: 19.04.2025

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FINAL ORDER

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This original application has been filed by the applicant bank on 27.11.2018 before DRT-III, Delhi and then transferred to DRT-I Delhi through Shri Vaibhav Bhojwani, 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.1,21,55,548/- (Rupees

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T.A. No.2979 of 2022

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One Crore Twenty One Lacs Fifty Five Thousand Five Hundred Forty Eight only) as on 13.11.2018 along with pendentelite and future interest @9.25% per annum towards Housing loan and @9.75% per annum towards Overdraft facility along with ©2% penal interest from the date of filing this application till the date of its realization and costs. Further, the name of Sh. Akhouri Binay was substituted as authorized representative in place of Sh.Vaibhav Bhojwani, erstwhile AR for the applicant bank.

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The brief facts of the case are that on the request of the defendants as co-borrowers vide loan application dated 24.11.2015 for takeover of housing loan against property situated at House No.720-P, Ground Floor, Type MIG-B, Sector17A, Gurgaon, Haryana-122001 from Dewan Housing Finance Corporation Ltd. (DHFL), the applicant bank sanctioned Housing Loan of Rs.87,00,000/- (Rupees Eighty Seven Lacs only) on 24.11.2015 9.60% interest per annum to be repayable in 360 monthly installment of Rs.73,789.92 (Rupees Seventy Three Thousand Seven Hundred Eighty Nine and Paisa Ninety Two only) against mortgage of property. Further, the applicant bank sanctioned Overdraft facility of Rs.25,00,000/- (Rupees Twenty Five Lacs only) @10.10% interest per annum against the mortgaged property.

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In order to avail the loan facilities, the defendants submitted housing loan application dated 20.11.2015 and executed Loan Agreement dated 24.11.2015 accepting the terms and conditions of the housing loan. Further, the defendants executed Letter of Continuity dated 19.01.2016 for overdraft facility availed.

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T.A. No.2979 of 2022

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That in order to secure the housing loan facility, the defendants created equitable mortgage of the property bearing House no.720-P, Ground Floor, Type MIG-B, Sector 17A, Gurgaon, Haryana-122001 by depositing title deeds of the property in favour of the applicant bank on 09.12.2015 and further extended on 19.01.2016 to secure overdraft facility.

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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 loan despite several requests and reminders and defaulted in payment of monthly installments in time to the applicant bank. Ultimately, the applicant bank classified accounts as NPA on 31.03.2018 in terms of RBI guidelines but defendants failed to regularize the accounts inspite of assurances made hence the applicant bank has approached this tribunal for recovery of its dues.

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Notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 05.05.2018 was issued to the defendants calling upon them to pay the entire outstanding dues but the defendants did not clear the dues. The applicant bank took symbolic possession of the mortgaged property on 25.07.2018.

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The defendants executed Balance and security Confirmation letter on 13.11.2018 acknowledging the debt towards the applicant bank.

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Notices of this O.A. were issued to the defendants and 8. despite proper service the defendants have chosen to absent from the proceedings. As per order dated 06.01.2020,

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T.A. No.2979 of 2022

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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 various documents such as Power of Attorney, Loan Application dated 20.11.2015, Housing Loan Letter, Loan Agreement, Letter dated 09.12.2015 along with Title Deeds, Letter dated 18.01.2016, Overdraft Facility Agreement, Continuity Letter, Remainder/Request Letters, Notice of Demand under Section 13(2) dated 05.05.2018, Photocopy of Symbolic Possession, Statement of Accounts, Certificate under Section 2A of the Banker's Book Evidence Act marked as page No.1-102.

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10.^{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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11.^{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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12.^{In the light of the above discussions, the Original} Application deserves to be allowed.

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T.A. No.2979 of 2022

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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.1,21,55,548/- (Rupees One Crore Twenty One Lacs Fifty Five Thousand Five Hundred Forty Eight only) along with pendentelite and future interest @11.75% per annum with monthly rests from 01.04.2018 till its realization with costs, failing which the aforesaid amount shall be recovered from the sale of mortgaged property bearing House No.720P, Ground Floor, Type MIG-B, Sector-17A, Gurgaon, Haryana-122001 . 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 18.06.2025.

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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 BALLABIRMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 19.04.2025

Punjab National Bank v. Neeraj Khullar

Case brief

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Punjab National Bank v. Neeraj Khullar

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