Allowed

Bank of India v. Komal Sharma

DRT29 Dec 2025TA/828/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed a bank's application for recovery of dues against a borrower, guarantor, and builder who defaulted on a housing loan. The court directed payment of the principal and interest within 30 days.

What did the court decide?

Defendants directed to pay Rs. 56,85,528.78 with interest within 30 days; recovery to be effected from sale of mortgaged flat or other properties of defendants.

Bank of India versus Komal Sharma — Contract and Commercial Disputes | DRT (2025)

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T.A. No.828 of 2023

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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. 828 of 2023

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Bank of India

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13/38, Arya Samaj Road

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Karol Bagh, New Delhi-110005

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Applicant

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Versus

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Mrs. Komal Sharma w/o Mr. Narender Sharma

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H.No.325, Pocket E-18

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Sector-3, Rohini, Delhi-110085

Also at:

Mrs. Komal Sharma

c/o M/s KGN Infra

113, Naresh Enclave, Jain Colony

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Main Bawana Road, Sector-35

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Rohini, New Delhi-110039

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Mr. Narender Sharma s/o Sh.Dharam Pal Sharma H.No.325, Pocket E-18

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Sector-3, Rohini, Delhi-110085

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M/s Rudra Buildwell Projects Pvt. Ltd. D-53, Okhla Phase I

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New Delhi-110020

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Also at:

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M/s Rudra Buildwell Projects Pvt. Ltd.

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A-66, Sector-63, Noida, U.P-201301

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Also at:

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M/s Rudra Buildwell Projects Pvt. Ltd.

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Palace Height, Plot no.GH-02B, Sector-1

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Noida Extension, Greater Noida

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Uttar Pradesh-201303 Defendants

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Present: Shri S.V. Tyagi, Counsel for the applicant bank

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Date of Reserve: 16.12.2025

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Date of Pronouncement: 29.12.2025

T.A. No.828 of 2023

FINAL ORDER

This original application has been filed by the applicant bank on 05.08.2019 before �^{Delhi and then transferred} to DRT-I Delhi through Shri Murari Mahto, 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.56,85,528.78 (Rupees Fifty Six Lacs Eighty Five Thousand Five Hundred Twenty Eight and paisa Seventy Eight only) as on 05.08.2019 along with pendentelite and future interest @8.60% per annum with monthly rests plus @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 defendant no.1 vide loan application along with payment receipts and demand letter issued by defendant no.3, the applicant bank sanctioned housing loan of Rs.58.00 lacs (Rupees Fifty Eight lacs only) on 07.09.2016, to be repayable in 240 EMIs of Rs.53,686/-, @9.40% interest per annum with monthly rests for purchase of under construction Flat being Unit no.1406, Tower-Al, 'Palace Heights', Plot no.GH-02B, Sector-1, Noida Extension, Greater Noida, UP-201303 being constructed by defendant no.3. The defendant no.2 stood as guarantor for the housing loan facility sanctioned in favour of the defendant no.1 by the applicant bank.

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That in order to avail the housing loan facility, the defendant no.1 submitted Loan Application and executed D.P. Note, Loan Bearer Letter, Installment Letter, Stamped Agreement for Home Loan, Multipurpose Documents, MCLR

sof —

T.A. No.828 of 2023

Agreement, Apartment Buyers' Agreement, Affidavit cum Undertaking by defendant no.1 and Special Power of Attorney in favour of applicant on 16.09.2016. The defendant no.2 executed Deed of Guarantee dated 16.09.2016 towards applicant bank. The defendant no.1 and 3 executed Tripartite Agreement with applicant bank on 12.09.2016 and defendant no.3 issued letter for permission to create mortgage in favour of applicant bank.

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That in order to secure the loan facility, the defendant no.1 deposited documents of title of flat being purchased in order to create equitable mortgage of Flat/Property no.1406, Tower-Al„ 'Palace Heights', Plot no.GH-02B, Sector-1, Noida Extension, Greater Noida, Uttar Pradesh on the basis of letter of permission issued by defendant no.3 on 16.092016.

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As per Tripartite Agreement dated 12.09.2016 executed by defendant no.1 and 3 with applicant bank, it was agreed that in case of termination or cancellation of the agreement for any reason whatsoever, the builder shall pay and remit the entire outstanding dues against the defendant to the applicant bank and shall execute and register proper conveyance deed/ sale deed in favor of borrow or such other persons as may be nominated by applicant bank and delivery the same directly to applicant bank nor to the borrower.

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It has been submitted by the applicant bank that after availing the housing loan facility, 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 issued various reminder letters but defendants neglected to clear the dues.

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T.A. No.828 of 2023

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The applicant bank classified the account as NPA on 31.07.2018 and issued demand notice dated 16.03.2019 and 26.07.2019 but defendants failed to clear the outstanding dues. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

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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 03.04.2025, 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 its evidence by way of affidavit of Shri Mehar Singh and Murari Mahto, authorized representatives of the applicant bank who have proved the documents such as Affidavit, Bank's Sanction Letter, D.P.Note, Loan Bearer Letter, Installment Letter, Agreement for Home Loan, Multipurpose Documents, MCLR Agreement, Deed of Guarantee, Apartment Buyer's Agreement, Tripartite Agreement, Special Power of Attorney, Affidavit cum Undertaking, Permission to Create mortgage, Payment Receipts, Power of Attorney, Letters, Email, Letter of Defendant no.3, Notice, Demand Letter to defendant no.3, Legal Demand Notice and Postal Receipts, Statement of Account, Uncharged & Penal Interest and Consolidated Statement of Account marked as Ex.AW-1/1 to Ex.AW-1/15 (Colly) and Ex.AW-2/1 to AW-2/24.

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the sd

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T.A. No.828 of 2023

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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.56,85,528.78 (Rupees Fifty Six Lacs Eighty Five Thousand Five Hundred Twenty Eight and paisa Seventy Eight only) along with pendentelite and future interest @10.60% per annum with monthly rests from 05.08.2019 till its realization with costs, failing which the aforesaid amount shall be recovered from the sale of mortgaged Flat / Unit no.1406, Tower Al, 'Palace Heights', Plot no.GH-02B, Sector-1, Noida Extension, Greater Noida-201303: In case of shortfall, the !ame 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 o the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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Parties are directed to appear before Recovery Officer, !DRT I, Delhi on 27.02.2026.

SU -

T.A. No.828 of 2023

(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

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Sd (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 29.12.2025

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Bank of India v. Komal Sharma

Case brief

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Bank of India v. Komal Sharma

Case brief

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