Allowed

Punjab National Bank v. Sanjeev Kumar

DRT28 Jul 2025TA/604/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the applicant bank's original application for recovery of dues from respondents who defaulted on housing and overdraft loans. After auctioning the mortgaged property yielded a partial recovery, the Tribunal directed respondents to pay the remaining balance with interest.

What did the court decide?

Direct order to pay outstanding sum of Rs.30,56,911.6/- plus interest and costs; issuance of recovery certificate; direction to appear before Recovery Officer.

Punjab National Bank versus Sanjeev Kumar — Contract and Commercial Disputes | DRT (2025)

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T.A. No.604 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. 604 of 2022

Punjab National Bank

Plot No.4, Sector-10

Dwarka, New Delhi

Also at:

Gurudwara Road, Karol Bagh New Delhi- 110005 Applicant

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Versus

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Mr. Sanjeev Kumar Flat No. C/403, Fourth Floor,

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UPSID Housing Sector Surajpur,

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Site-C, Extension Phase-II

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Distt. Gautam Budh Nagar, UP- 201308

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Also at:

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Shubham Associates & Co.

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Office-7, 14th Floor, Kasana Tower, Alpha Commercial Belt, Greater Noida, UP- 201308

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Mrs. Kavita Rani W/o Sanjeev Kumar Flat No. C/403, Fourth Floor, UPSID Housing Sector Surajpur, Site-C, Extension Phase-II

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Distt. Gautam Budh Nagar, UP- 201308

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Also at:

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SAC Money Ventures Pvt. Ltd.

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Office- 7, 14th Floor,

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Kasana Tower,

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Alpha Commercial Belt, Greater Noida, UP- 201308 Defendants

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Present: Mr. Rahul Pandey, Counsel for the applicant bank

T.A. No.604 of 2022

Date of Institution: 24.01.2019

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Date of Pronouncement:28.07.2025

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FINAL ORDER

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This original application has been filed by the applicant bank on 24.01.2019 before DRT-III, Delhi and then transferred to DRT-I Delhi through Shri Rokhu LovingSon, 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.30,56,911.6/- (Rupees Thirty Lacs Fifty Six Thousand Nine Hundred Eleven and Paisa Six only) (Rs.16,76,182.58/- and Rs.13,80,729.02/-) as on 23.01.2019 along with pendentelite and future interest ©11.25Wo interest per annum towards Housing loan and 11.75% interest per annum towards Overdraft facility respectively along with ©2% penal interest from the date of filing this application till the date of its realization and costs.

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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 03.02.2016 for takeover of housing loan against property situated at C-403, Design Arch Homes, Site- C, Extension Phase- II, Gautam Nagar, Greater Noida, Uttar Pradesh201308 from Dewan Housing Finance Corporation Ltd. (DHFL), the applicant bank sanctioned Housing Loan of Rs.26,50,000/- (Rupees Twenty Six Lacs Fifty Thousand only) ©9.60% floating interest per annum to be repayable in 180 monthly installment of Rs.27,832.08 (Rupees Twenty Seven Thousand Eight Hundred Thirty Two and Paisa Eight only) against mortgage of property. Further, the applicant

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T.A. No.604 of 2022

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bank sanctioned Overdraft facility of Rs.10,50,000/- (Rupees Ten Lacs Fifty Thousand only) ©10.10% floating 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 08.01.2016 and executed Loan Agreement dated 03.02.2016 accepting the terms and conditions of the housing loan. Further, the defendants executed Letter of Continuity dated 30.03.2016 for overdraft facility availed.

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That in order to secure the housing loan facility, the defendants created equitable mortgage of the property bearing House No. C-403, Design Arch Homes, Site- C, Extension Phase- II, Gautam Nagar, Greater Noida, Uttar Pradesh- 201308 by depositing title deeds of the property in favour of the applicant bank on 03.03.2016 and further extended on 29.03.2016 to secure overdraft facility.

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The defendant executed Acknowledgement of Debt thereby acknowledging the debt towards the applicant bank on 04.02.2016.

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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 30.09.2016 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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T.A. No.604 of 2022

Notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 14.10.2016 was issued to the defendants calling upon them to pay the entire outstanding dues but the defendants did not clear the dues. Further, the applicant bank issued a possession notice dated 30.12.2016 under section 13(4) of SARFAESI Act.

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The applicant bank further sold the mortgaged property in an auction dated 13.11.2018 for a sum of Rs.19,10,000/(Rupees Nineteen Lacs Ten Thousand Only) issuing sale certificate dated 09.01.2019 in favor of Mrs. Abha Rani. After appropriation of the sale deed the defendants are still liable to pay Rs.16,76,182.58/- (Rupees Sixteen Lacs Seventy Six Thousand One Hundred Eighty Two and Paisa Fifty Eight Only) and Rs.13,80,729.02/- (Rupees Thirteen Lacs Eighty Thousand Seven Hundred Twenty Nine and Two Paisa Only) along with pendente lite and future interest ©11.25% per annum towards Housing loan and ©11.75% per annum towards Overdraft facility respectively.

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Notices of this O.A. were issued to the defendants and despite proper service the defendants have chosen to absent from the proceedings. As per order dated 02.08.2022, 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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T.A. No.604 of 2022

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In order to prove its case, the applicant bank has filed various documents such as Power of Attorney dated 27.11.2017, Loan Application dated 08.01.2016, Housing Loan Letter, Undertaking cum Affidavit, Housing Loan Agreement dated 03.02.2016 along with Letter of Acknowledgement, Offer Letter, Letter for Overdraft Facility, Letter of Continuity, Request Letter, Title Deeds, Letter of Non Performing, Notice of Demand under Section 13(2) dated 14.10.2016 and Notice of Possession under section 13(4) dated 30.12.2016, Sale Certificate dated 09.01.2019, Statement of Accounts, Certificate under Section 2A of the Banker's Book Evidence Act marked as Annexure-A-1 to Annexure-A-20.

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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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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 defendants to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.30,56,911.6/- (Rupees Thirty Lacs Fifty Six Thousand Nine Hundred Eleven and Paisa Six only)

Sc(

T.A. No.604 of 2022

{Rs.16,76,182.58/- (Rupees Sixteen Lacs Seventy Six Thousand One Hundred Eighty Two and Paisa Fifty Eight Only) and Rs.13,80,729.02/- (Rupees Thirteen Lacs Eighty Thousand Seven Hundred Twenty Nine and Two Paisa Only)} as on 23.01.2019 along with pendent lite and future interest @11.25% per annum towards Housing loan and @11.75% per annum towards Overdraft facility respectively from the date of filing this application till the date of its realization and costs, failing which the aforesaid amount shall be recovered from the sale of mortgaged property bearing House No. C-403, Design Arch Homes, Site- C, Extension Phase- II, Gautam Nagar, Greater Noida, Uttar Pradesh- 201308. 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 06.10.2025

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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 OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 28.07.2025

Punjab National Bank v. Sanjeev Kumar

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sanjeev Kumar

Case brief

What is this about?

What did the court decide?

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