Allowed

Punjab and Sind Bank v. Sh. Mandeep Singh

DRT3 May 2025TA/807/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of a housing loan defaulting. The court directed the borrowers and guarantor to pay the principal amount plus interest, failing which recovery shall be effected from mortgaged and other properties.

What did the court decide?

Directing defendants to pay Rs.24,68,530.30 plus interest; recovery via sale of mortgaged and other properties if payment fails.

Punjab and Sind Bank versus Sh. Mandeep Singh — Contract and Commercial Disputes | DRT (2025)

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T.A. No. 807 of 2023

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Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi Presiding Officer: Shri Govind Ballabh Sharma T.A. No.807 of 2023
Punjab & Sind Bank Indirapuram, Ghaziabad Uttar Pradesh Applicant
Versus
1. Sh. Mandeep Singh s/o Sh.Jujhar Singh R/o 8921, 14/B, Shiddi Pura East Park Road, Karol Bagh New Delhi-110005
Also at: M/s S.C. Products 4-5,5655/5, Nagria Dayal Market Hanuman Mandir, Nabi Karim New Delhi-110055
Also at: Flat No.GF-2, MIG Ground Floor, Plot No.A-55, Ganga Vihar, Village Sadullabad, Ghaziabad, UP
Also at: 599/408, Kydganj, Krishna Nagar Allahabad, UP
Also at: 255 E, B.R.S.Nagar Ludhiana, Punjab-141008
2. Mrs. Harvinder Kaur W/o Sh. Mandeep Singh 8921, 14/B, Shiddi Pura, East Park Road Karol Bagh, New Delhi-110005
Both at: Flat No.GF-2, MIG Ground Floor Plot No.A-55, Ganga Vihar Village Sadullabad, Ghaziabad Uttar Pradesh
Sd

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T.A. No. 807 of 2023
Also at: 599/408, Kydganj Krishna Nagar, Allahabad
Also at: 255 E, B.R.S. Nagar Ludhiana-141008
3. Sh. Izhar Khan s/o Hasanir Khan R/o 116, Adarsh Nagar, Loni, Ghaziabad, Uttar Pradesh-201002 Defendants
Present: Shri J.K.Tiwari, Counsel for the applicant bank
Date of Institution: 06.07.2019 Date of Pronouncement: 03.05.2025
FINAL ORDER

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This original application has been filed by the applicant bank before DRT-III, Delhi on 06.07.2019 and then transferred to DRT-I Delhi through Sh.Rajpal Singh, authorized representative of the applicant bank under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendants for recovery of a sum of Rs.24,68,530.30 (Rupees Twenty Four Lacs Sixty Eight Thousand Five Hundred Thirty and Paisa Thirty only ) along with pendentelite and future interest @11.70% per annum (including @2% penal interest) from the date of filing this application till the date of realization.

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The brief facts of the case are that on the request of the defendants, the applicant bank sanctioned Housing Loan facility for a sum of Rs.19,00,000/- (Rupees Nineteen Lacs only) on 10.10.2013 @10.25% per annum to be repayable in

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T.A. No. 807 of 2023

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240 monthly installments of Rs.18,700/- for purchase of property bearing Flat No.GF-2, MIG Ground Floor without roof rights, Residential Plot No.A-55, Ganga Vihar, Village Sadullabad, Ghaziabad, Uttar Pradesh. The defendant no.3 stood as guarantor for the housing loan sanctioned by applicant bank in favour of defendant no.1 & 2. The defendant no.3 stood as guarantor for the housing loan sanctioned by applicant bank in favour of defendant no.1 and 2.

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In order to avail the housing loan facility, the defendant no.1 and 2 submitted Housing Loan application and executed Cibil Undertaking, Form No.15R, Form No.106, Form No.103/291/412, Form No.199, Form No.200 and defendant no.3 executed Form No.256(R) in favor of the applicant bank on 10.10.2013.

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That in order to secure the housing loan facility, defendant no.1 and 2 mortgaged the Flat No.GF-2, MIG Ground Floor without roof rights, built over Residential Plot No.A-551 Ganga Vihar, Village Sadullabad, Ghaziabad, Uttar Pradesh by depositing Original Sale Deed along with previous chain of title documents by executing Form 84A dated 11.10.2013 with the applicant bank.

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The defendant no.1 and 2 signed Revival letter on 20.07.2016 on Form No.440 with the applicant bank.

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It has been submitted by the applicant bank that after availing the housing loan facility, the defendants failed to comply with the terms and conditions of sanction and failed to regularize the account with the applicant bank. Ultimately, the applicant bank classified the account as NPA on 31.03.2017 as

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T.A. No. 807 of 2023

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per RBI guidelines and issued legal notice on 27.05.2019 but the defendants neglected the same and hence the applicant bank has approached this Tribunal for recovery of their 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 08.05.2017 was issued to the defendants calling upon them to pay the entire outstanding dues with the applicant bank but the defendants failed to regularize the account.

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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 01.05.2024, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal and even written statement, evidence and affidavit of assets have not been filed.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Sh. Rajpal Singh, authorized representative of the applicant bank who has proved the documents as General power of Attorney Ex.PW-1/1, Letter of Authorization Ex.PW-1/2, Sanction Letter Ex.PW-1/3, Cibil Undertaking Ex.PW-1/4 & Ex.PW-1/5, Form No.15(R) Ex.PW1/6, Form no.106 Ex.PW-1/7, Form no.103/291/412 Ex.PW1/8, Form No.199 Ex.PW-1/9, Form No.200 Ex.PW-1/10, Form no.256R Ex.PW-1/11, Form 84A, Sale deed Ex.PW-1/13, Revival Letter Ex.PW-1/14, Notice under Section 13(2) Ex.PW1/15, Postal Receipts Ex.PW-1/16, Legal Notice Ex.PW-1/17, Loan Application Form Ex.PW-1/18, Statement of Account Ex.PW-1/19.

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T.A. No. 807 of 2023

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The applicant bank has fully corroborated the averments ade in the O.A. Even otherwise the whole case of the pplicant bank is based on the documents and the same have II een duly approved.

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1.^{The case filed by the applicant bank gone unrebutted and} here is no question of disbelieving the case of the applicant ank and the applicant bank has proved its case beyond easonable doubts.

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In the light of the above discussions, the Original pplication 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 pplicant bank, jointly or severally, within a period of 30 days, sum of Rs.24,68,530.30/- (Rupees Twenty Four Lacs Sixty ight Thousand Five Hundred Thirty and Paisa Thirty only) ogether with pendentelite and future interest @11.70% per nnum with monthly rests from the date of filing this pplication till the date of realization and costs; failing which he amount shall be recovered from sale of mortgaged property earing Flat No.GF-2, MIG Ground Floor without roof rights, esidential Plot No.A-55, Ganga Vihar, Village Sadullabad, haziabad, Uttar Pradesh. In case of shortfall, the same shall •^{e recovered from the sale of movable and immovable} roperties of the defendants.

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II) The recovery certificate be issued forthwith and be sent o the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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T.A. No. 807 of 2023

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III) Parties are directed to appear before the Recovery II fficer, DRT I, Delhi on 02.07.2025. IV) Copies of final order as well as Recovery Certificate be ent to all concerned free of cost. Sci�> , --2,-)--s-(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI I^{Dictated and pronounced in open court)} 10 ated: 03.05.2025

Punjab and Sind Bank v. Sh. Mandeep Singh

Case brief

What is this about?

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Punjab and Sind Bank v. Sh. Mandeep Singh

Case brief

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