Allowed

Icici Bank Limited v. Mr Vansh Sachdeva

DRT18 Sept 2025TA/573/2024

Case brief

AI extract

What is this about?

In a Section 19 RDB Act application for recovery of Rs. 38,29,700, the Tribunal held that since the borrower did not take possession and the loan amount was paid to the builder, the builder and developer were liable to pay the dues jointly under the agreement.

What did the court decide?

Defendants 3 and 4 directed to pay Rs. 38,29,700 with cost and interest within 30 days; recovery certificate issued.

Icici Bank Limited versus Mr Vansh Sachdeva — Contract and Commercial Disputes | DRT (2025)

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Before SUSHIL KUMAR^{RASTOGI,Presiding Officer} Debts RecoverY Tribunal-Il,^Delhi

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TA ls73l2024

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ICICI BANK LTD^{VS MR. VANSHSACHDEVA& ORS}

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Reserued on : 04.09.2025

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Pronounced on :^18.09.2025

ICICI Bank Ltd

-^{APPlicantbank}

Vs.

Mr, Vansh Sachdeva

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Ms. Pratima^{Ramchandra Singh}

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Maa Mansa^{Devi Sahkari AvasSamitiLtd}

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Defendants

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1. Nikhil Home Associates

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Present:

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Shri Bikash^{Kumar Jha, counsel for} applicant^bank. OeJendant nos.1^{to 3 are ex-parte since} 26.0s.2025. Defendant^{no.4 is exparte since 10'11'2017}

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FINAL ORDER

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This original^{application has been flled by the} applicant bank,^{on 28.11.2016 through Sh' Lokesh} Jaiman, Authorized^{Representativeof the applicant} bank, under^{Section 19 of the RDB Act, 1993 against} the defendants^{for recoveryof a sum of Rs'38'29'700/-} together^{with cost,chargesand pendentelliteand} future interest^{@24olofrom date of filing of this O'A' till} the realization^{in full.}

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The^{brief facts of the caseare that at the request} of the defendant^{nos.l and 2, the applicant bank} sanctioned a^{HomeLoan SchemeFacilityof} Rs.37,64,500 l-^{on 20'02'2015 for purchase the Flat} No.105, l't^{Floor, Tower-C Nikhil} ..v^{ParkRoyal' Mauza} ,\

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TA NO. 57312024

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Chamrauli Taj Kanj Ward,^{Agra-282001'The said} loan facility was^{granted by the applicant to the} defendant nos.1 and 2 against^{the moftgage of} aforesaid^{property. It is submlttedthat defendantno.3} is a co-operative society^{having registration no.3154} dated 20.08.2003.^{The defendant no.3 is the owner of} land of^{project "Nikhil Park Royal"situated at Mauza} Chamrauli,^{Jay-Pee Hotel, T'V Tower,125 wide link} road, Raj Nagri,^{Phase-II, Agra. The defendantno'4 is} a registered^{partnership firm.The defendantno'4 is the} developer and^{constructorof units of aforesaid project'} The defendant^{nos.3 and 4 have jointly developed,} construction and^{sold aforesaidproperty' The} defendant^{nos. 3 and 4 have issued letters to the} applicant wherein^{and whereby the defendantnos'3} and 4^{granted permissionsto the applicant to mortgage} aforesaid^{property in its favour' A Quadrapaftite} Agreement^{executed between defendantno'1'} defendant^{no.3 and defendant no'4 with the applicant} bank.

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It is^{furthersubmitted that the defendants} enjoyed and^{utilized the Loan facility, but failed to} maintain the^{flnancial discipline and failed to repay the} due amounts.^{The applicantbank requested the} defendants^{to regularize the loan accountby visitsand} letters, but^{there was no response from the} defendants.^{Therefore, the applicant bank served a} recall notice^{dated06'08'2016 to the defendants'} demanding^{the amount due as on that date, but failed} to recover^{the same' Thus, the present O'A|I'A'is} preferred by the applicant^{bank-to recover its dues'}

TA NO. 5',1312024

On notice by this^{Tribunal, defendantnos.1 to 3} put appearance through counsel and filed^written statement and evidence.^{Thereafter,the defendant} nos.l & 2 failed to^{put appearancein the matter.} Accordingly, the defendant^{nos.1 & 2 were proceeded} against exparte on^{26.05.2025.The defendantno'3} failed to^put appearance^{in the matte, despiteissuance} of default notice.^{Accordingly,the defendant no.3 was} proceeded against exparte on^{26.05.2025.The} defendant no.4^{failed to put appearance at all, despite} service. Accordingly,^{the defendant no'4 was} proceeded against exparte^{on 10.11.2017'}

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The defendant^{nos.1 & 2 have filed wriften} statement. In^{their written statement of the defendant} nos.1 & 2^{have deniedthe facts mentioned in the OA'} It is submitted^{that the present O.A filled by the A'R is} not competent^{and authorized person on behalfof the} applicant and^{thus the O.A mustbe dismissedon this} ground only. It is submitted^{that the applicant bank} disbursed^{the sanctioned loan amount to the defendant} no. 3 in one^{go altogetherwithoutappointing of its own} architect^{who should have suggestedthe applicant} bank to disburse:^{the loan amount in stage to stage} following the^{progressof the said residential project'} According to^{the rules and guidelines issuedby the} Reserve^{Bank of India, they i.e. the banksare required} to disburse^{the sanctioned loan amountin stagesand} according to^{the demand raised by the buildersin} regard to the^{home loan, which they willfully and} intentionally^{neglectedthe.se guidelines'It is further}

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TA NO. 57312024

submitted that the applicant bank^and defendant no. 3 & 4^have acted^{in connivance with} each other and conspired against the^innocent homebuyers to enjoy over^{public money and today the} applicant bank is demanding^{money from poor} borrower. It is a well^{settled law that none can receive} the^gain out of its own^{wrongdoings.If someoneshould} be held liable to^pay the^{said due amount, it shall be} defendant no. 3, as^{he has not delivered the possession} of the said flat and also,^{he is the one who has taken} huge money from Defendant^{No. 1 & 2 (Rs.9,00,000/-} )^{and also the applicant bank. The defendant no.1 had} surrendered the^{said flat to the applicant bank in the} event of default by^{the defendantno.3 & 4 in handing} over the^{possessionof the said flat and also in non-} payment of the EMIS. It is further^{submittedthat the} defendant no.¹ &^{2 also submit at this juncture that} Mr. Shailendra^{Agarwal of the defendant no.3 also gave} an affirmation^{letter (Page No. 9 of Evidence By Way} of Affidavit^{filed by defendant no. 1 & 2) on25'05'2077} many of the home^{buyers,which stated that all the} dues of the^{home-buyers due towards variousbanks} and NBFCs shall^{be cleared by the firm} /^company (defendant no.3) till 30.06.2017'^{It is submittedthat all} those home-buyers^{who does not wish to talk / keep} the said flat, their^{loan accounts shall be closed by me} (Mr. Shailendra Aggarwal)".^{It is clear that the} defendant no.3^{has assumed its responsibilityand} liabilities towards^{paymentof all the outstandingdues} qua the said loan account.^{The defendant no' 3 & 4} after receiving^{this heavy amount the builder has not} even rendered^{his servicesproperly. It is submifted} that the defendant^{no. 3 i.e.} -the^{builder has been} q)..'

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TA NO. 57312024⁵

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declared ex-parte by this^{Hon'bleTribunal and he} was deliberately avoiding the^{matter which is being} taken up by this Hon'ble^{Tribunal' It is prayed that the} Hontle Tribunal may^{dischargedthe defendant nos.1} & 2 from the^{present O.A and the defendant nos'3 & 4} shall be held liable^{to pay the outstandingdues towards} bank.

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The defendant^{no.3 has filed written statement'} In their written^{statementof the defendant no'3has} denied the facts^{mentioned in the OA. It is submitted} that the^{present originalapplicationhas not been} signed, verifled^{or instituted by a duly authorized and} competent^{personand as such the samemaybe} dismissed. It^{is submittedthat the presentoriginal} application^{does not even mention the date when the} account^{of defendant no'1was declared as irregularor} NPA and as^{such the present original application is} liable to be^{dismissedon this ground alone'}

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The^{applicant bank has filed evidenceby way of} affidavit of^{Shri. Lokesh Jaiman,Authorized} Representative^{of the applicant bank as PaperNo -2 to} Paper No -^66.

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Heard^{the Ld. Counsel for the applicant bank and} perused the records.^{From perusalof the record' it is} clear that^{at the time of executingloan documents the} applicant^{bank has enteredinto a Quadpartite} Agreement^{with the builder along with the borrowers'} Para 16^{of the} Quadpaftite^{Agreementis as follows:-} e)

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TA NO. 57312024

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"16. a. In the event of default by the Borrowerⁱⁿ paymentof dues to the Confirming Party/NIKHIL HOME ASSOCATES as^per the agreed terms,^{the Companyor} the Confirming Party/NIKHIL HOME^{ASSOCIATES shall,} notwithstanding anything to^{the contrary contained in} thisAgrement, be entitled to^{terminate the provisional} atlotment of the sid Unit and ICI1^{will haveno} objution to such termination^{provided ICICIis paid as} etaboratd hereunder. tJpon such^{terminationand} consquent^payment to ICICI, the^Company/the Confirming Party/NIKHIL^{HOME ASSOCIATESshall be} entitled to deal with the sid^{Unit in any manner as it} may dem fit, including but not^{limited to making a} fresh allotment of the sid Unit.

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b. The Borower shall comply^with all^terms& conditions of the Loan^{Agreement with ICICI. Further} that in the event the Borower^{commits a breachof any} of the terms and conditions of^this Quadrapartite Agrement and/or the Loan^{Agreemen| it shall fu} treated as an event of default^{underthe Documents of} Allotment or any such agreement^{or document signed} by and betwen the^{Borrower and the Companyor the} Confirming Party/NIKHIL^{HOME ASSOCIATESas the} case may be, for the^{provisional allotmentof the Unit.} In such an event, the^{Company or the Confirming} Party/NIKHIL HOME^{ASSOCIATESshallcancelthe} provisional altotment, upon instruction of^{ICICI, which} action is hereby agred^{and ratified by the Borower.}

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C. Stilt further if for^{any reason whatsoever the} provisional allotment is cancelled as^{mentiond in 16} (a) and (b) afuve or for any other^{reason, or if the}

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TA NO. 57312024

Borrower withdraws from^{purchasing the Unit in the} Project, all/any amounb^{payable to the Bonower} on account of such cancellation^{shall be directly} paid to ICICI as elafurated herein below.^However, it is further agreed between^{the Parties that such} payment made by the Confirming ParU/NIKHIL^HOME ASSOCATES directty to^{ICICI shall not absolve the} Bonower from his^{liabilityto pay the residualamounl} if any, from the outstanding^{under the Loan} Agrement.

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d. That the^{Borrower hereby agres and confirms that} in the event of^{termination of the provisionalallotment} of the unit for^{any reason whatsoever,or in the event} of the Borrower^{rquestingfor the cancellationof the} provisionat altotment of^{the Unit in his favour, the} Consideration^{receivedby the Confirming Party/NIKHIL} HOME ASSOCIATES^{shall be appropriatd in the} following order:

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i) the Confirming^{Party/NIKHIL HOME ASSOCIATES} shatl retain^{upto a maximum of 10o/o of the total sle} Consideration;^and

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ii) the balance^{shall be directty paid to ICICI by the} Confirming^{Party/NIKHILHOM E ASSOCIATES'}

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Further, inespxtive^{of what is contained herein or any} other documenl^{the Company or the Confirming} Party/NIKHIL^{HOME ASSOCIATES hereby agre that} under no^{circumstanceshatl any part of the Loan} Amount disburced^{by ICICI to the Borrowerand} receivd by^{the Confirming Party/NIKHILHOME} ASSOCIATES be^{rebined by the Confirming} $'

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TA NO. 573/2024

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PaU/NIKHIL HOME ASSOCIATES in the event of such cancellation."

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As per conditions contained in the Quadpartite Agreement at para no. 16, in case of default by the borrower the amount which has been^paid by^the borrower to the builder has to be^{returnedto the bank.} In the^present case the borrower^{has made default in} repayment of the EMIs and^{therefore,as per condition} agreed between the^{parties, the builder is under} obligation to return the entire amount^{whichhe has} received from the borrower or^{from the applicant bank} in lieu of the^payment of the^{construction of the flat.} Moreover, from the^{perusalof the entire facts it is} apparent that^{the borrower has taken the loan and the} loan amount has been^{paid to the builderfor} construction of the flat.^{The applicant bank has not} claimed that the builder^{in violationof the terms and} conditions has^{handed over the flat to the defendant} nos.1. The borrower^{has not taken any amountin his} account and the entire^{amount has been paid to the} builder. In addition^{to this the borrowerhas also paid} the margin money^{to the builder and also paid certain} EMIs as mentioned by^{the applicant bank. The} borrower^{has not got the possessionof the flat' If the} borrower is directed^{to pay the amountwhich has been} actually^paid to^{the builder this will amount double} penalty on the borrower'^{The borrowerhas received no} money and has still^{paid the margin money and also} ceftain EMIs to^{the bank and has got in return nothing'} In such circumstances^{and as per agreed terms and} e\

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TANO.57312024⁹

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conditions it is^{only the builderwho is liable to pay} the defaulted amount^{to the applicant bank'}

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In the light of the^{above discussions,the T.A deserves} to be allowed^{against the defendant nos.3 & 4'}

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ORDER

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I hereby^{allow this T.A. of the ApplicantBank and} direct the defendant^{nos' 3 & 4 to pay to pay jointly and} severally to the^{applicant bank within 30 days from} today, a sum of^{Rs.38,29,700/-along with cost,} expenses and^interest @^{10' 15% from the date of filing} of this O.A. which^{has become T'A till the date of} realization.

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In case^{of failure to deposit the above amount} within the stipulated^{period, the same shall be} recovered from^{the sale of the mortgaged property} bearing Flat^{No.105, 1* Floor, Tower-CNikhilPark} Royal, Mauza^{Chamrauli Taj Kanj Ward, Agra-282001'} In case of^{short fall, the same shall be recoveredfrom} the sale of^{personal movableand immovableassetsof} the defendant^{no. 3 & 4.}

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Recovery^{Certificatebe issuedforthwith andbe} sent to Recovery^{Officer, Debts Recovery Tribunal-Il'} Delhi.

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The^{registryof this Tribunal is hereby directed to} issue free^{copy of the order and send the same to both} the^pafties.

TA NO. 57312024

Parties are direct to^{appear before the Ld.} Recovery Officer, DRT-II,^{Delhi on 18.11'2025. Pending} IAs, if any, stand disPosed^of.

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File be consigneC to^records.

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( <.\ ( rl, Date :18,09.2025^(SUSHILKUMAR RASI-OGr) PRESIDING OFFICER DRT-II, Delhi

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

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Date : 18.09.2025

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(- s,\

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-l'l " (SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi

Icici Bank Limited v. Mr Vansh Sachdeva

Case brief

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Icici Bank Limited v. Mr Vansh Sachdeva

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