Allowed

Punjab and Sind Bank v. Mrs. Anjul Manchanda

DRT21 Nov 2025TA/426/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the original application filed by Punjab and Sind Bank against the Komman Peoples Welfare Society. The Tribunal directed the Society to pay the defaulted loan amount along with costs and interest, relying on the terms of a Tripartite Agreement.

What did the court decide?

The applicant bank is directed to recover Rs. 17,06,376.08 along with costs and interest from the respondent Society or through the sale of its properties.

Punjab and Sind Bank versus Mrs. Anjul Manchanda — Contract and Commercial Disputes | DRT (2025)

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Before SUSHIL KUMAR RASTOGI, Presiding Officer Debts Recovely Tribunal-Il, Delhi

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TA No.426 OF 2023

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PUNTAB AND SIND BANKVS MRS.^{ANJUL MAI{CHANDA &} oRs

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Reserued on lO7.aO.2O25

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Pronounced on : 21.11.2O25

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Punjab and Sind Bank Vs.

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-Applicant bank

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Mrs. AnjulManchanda

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Mr. Sandeep Manchanda

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Komman Peoples Welfare Society

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Defendants

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Present: Ms. Chitra Malhotra, Counsel appears^for applicant bank. Defendants are exparte, since, 20.02.2023.

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FINAL ORDER

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This original application has been filed by^the applicant bank, on 16.01.2019 through^{Shri. Jasbir} Singh Bedi, Senior Manager of the applicant^bank, under Section 19 of the Recovery of^{Debts and} Bankruptcy Act, 1993 against the defendants^for recovery of a sum of Rs.17,06,376.08 together^with cost, charges and^{pendentellite} and^{future interest} @12.75o/o^{from date of filing of this O.A. till the} realization in full.

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The brief facts of the^{Glse are that at the request} of the defendant nos.l &² being^{co-borrowers,the} applicant bank sanctioned a^{Housing Loan Facility of} Rs.20,00,000/- vide sanction letter dated^21.03.2014 for purchase Dwelling UniVFlat^No. to^{be Attottedlater} on at Kommoan Peoples^{Welfare Society,Sector-49,} Faridabad, Haryana. fhqggfgndant^{no'1 entered into}

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TANO.426of2023 2

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aforesaid property. The defendant no.3 issued an allotment letter dated 07.02.2014 in favour of defendant no.1. The defendants executed all necessary loaning documents on 07.02.0L4 and 03.02.2014. The defendants also agreed to create the equitable mortgage of the aforesaid propety. A Tripartite Agreement dated 07.02.2014 executed between defendant no.1, defendant no.2 and defendant no.3 with applicant bank.

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It is further submitted that the defendants enjoyed and utilized the Loan facility, but failed to maintain the financial discipline and failed to repay the due amounts. The applicant bank requested the defendants to regularize the loan account by visits and letters, but there was no response from the defendants, hence the account was classified as NPA on 29.10.20L7. Therefore, the applicant bank serued a legal notice dated 05.01.2018 and 31.07.2018 to the defendants, demanding the amount due as on that date, but failed to recover the same. Thus, the present O.A.fl-.A. is preferred by the applicant bank to recover its dues.

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On notice by this Tribunal, defendants failed to put appearance at all, despite service. Accordingly, the defendants were proceeded against exparte on 20.02.2023.

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The applicant bank has filed their relevant documents. q

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TANO.426of2023 3

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Heard the Ld. Counsel of applicant bank and perused the records. From perusal of the record, it is clear that at the time of executing loan documents the applicant bank has entered into a Tripartite Agreement with the builder along with the borrower. Para 3 of the Tripartite agreement is as follows: -

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"3. That the^gciety agrffi that it has no objution to the Borrower(s) mortgaging the sid flat with proportionate share in the land to NB as srcurity for the sid loan agrd to be aduancd by pSB for the purpose of purchase/construction of the said flat In the event of default in the repayment of loan and or the Borrower committing any other defautt which makes the Borrower(s) liable for the repyment of the en1:re amount outsbnding in the sid loan as per terms of the Loan Agrement avecutd betwen the furrower(s) and PSB, the Builder shall, at the rquest of BB, be under obligation to not to deliver posxssion to the Borrower(s) and/or ancel the booking and pay alt the amounb receivd by the Society on fuhatf of the Eorrower(s) to the extent of loan aduand by funk, The fuciety shall retain the earnest money and other charges and refund the fulance amount standing to the credit of account of customer to bank. tJpon payment of the amounb by the Society to^pSB as aforesid pSB and the Borrower will not have any ctaim, charge, tien, and moftgage, righl title and interest etc. wha@ver, over the said flat. BB shan issue a certificate to release any Mortgage/charge/ Lien created on the said Flat. The furrower hereby expressty agrres that in the event of default in either repayment of the lun or any other default by the turrower, BB shail be entiild to rquest the hciety to cancel the fuoking and return the amounb rrceivd by thar#iery and the turrower

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agres and acknowldges that any such rqu*t by PSB and payment made by the Builder under this claus to PSB shall fu binding upon the Borrower.,,

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As per conditions contained in the Tripartite Agreement dated 07.02.20L4 at para no.3, in case of default by the borrower the amount which has been paid by the borrower to the builder has to be returned to the bank. In the present case the borrower has made default in repayment of the EMIs and therefore, as per condition agreed between the pafties, the builder is under obligation to return the entire amount which he has received from the borrower or from the applicant bank in lieu of the payment of the construction of the flat. Moreover, from the perusal of the entire facts it is apparent that the borrower has taken the loan and the loan amount has been paid to the builder for construction of the flat. The applicant bank has not claimed that the builder in violation of the terms and conditions has handed over the flat to the defendant no,1 & 2. The borrower has not taken any amount in his account and the entire amount has been paid to the builder. In addition to this the borrower has also paid the margin money to the builder and also paid certain EMIs as menUoned by the applicant bank. The borrower has not got the possession of the flat. If the borrower is directed to pay the amount which has been actually paid to the builder this will amount double penalty on the borrower. The borrower has received no money and has still paid the margin money and also certain EMIs to the bank and has got in return nothing. In such circumstances and as per ggJgqd terms and conditions

TANO. 426 of 2023

it is only the builder^{who is liable to pay the defuulted} amount to the aPPlicant^bank.

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In the light of the^{above discussions, the presentT'A'} deserues to be^{allowed against the defendantno' 3'}

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ORDER

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I hereby^{allow this T.A. of the Applicant Bank and} direct the defendant^{no. 3 to pay to the applicant bank} within 30 days^{from today, a sum of Rs'17,06,376'08} along with^{cost, expensesand interest@ 10'25o/o from} the date of^{filingof this O.A. which has become T'A till} the date of^realization.

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In case of^{failure to depositthe above amount} within the stipulated^{period, the same shall be} recovered from^{the sale of the mortgagedproperty} bearing Dwelling^{UniVFlatNo. to be Attotted later on at} Kommoan Peoples^{Welfare Society,Sector-49'} Faridabad,^{Haryana. In caseof shoft fall, the same shall} be recovered^{from the sale of personal movableand} immovable^{assets of the defendant no' 3'}

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Recovery^{Certificatebe issuedforthwith and be} sent to^{RecoveryOfficer,DebtsRecovery Tribunal-Il'} Dethi.

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The^{registry of this Tribunalis herebydirected to} issue free copy^{of the order and send the sameto both} the parties. ql

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TANO.426of2023⁶

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Parties are directed to^{appear before the Ld.} Recovery Officer, DRT-II,^{Delhion21.01.2026.Pending} IAs, if any, stand disPosed^of.

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File be consigned to^records.

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^records. (s\ (susHIL rufi-nn nft#dcIl PRESIDING OFFICER DRT-II, Delhi

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Date : 21.11.2025

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This^judgement has^{been signed,dated and} pronounced in oPen court.

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.--.._1

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Date : 21.11.2025

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9A (susHrL KUMAR nnsrbcll PRESIDING OFFICER DRT-II, Delhi

Punjab and Sind Bank v. Mrs. Anjul Manchanda

Case brief

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Punjab and Sind Bank v. Mrs. Anjul Manchanda

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