Allowed

Asset Reconstruction Company (India) Ltd. v. Sh. Munish Kumar Guliani

DRT4 Jul 2025TA/837/2023

Case brief

AI extract

What is this about?

The Tribunal allowed an original application filed by a bank against borrowers and assignees for recovery of home loan dues amounting to Rs.6.03 crores along with pendentente and future interest, issuing a 30-day stipulation and recovery certificate.

What did the court decide?

Directed defendants to pay Rs.6.03 crores with interest at 10.75% p.a. within 30 days; directed issuance of recovery certificate; defaulters to pay from sale of mortgaged and other properties.

Asset Reconstruction Company (India) Ltd. versus Sh. Munish… — Banking and Recovery | DRT (2025)

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T.A. No.837 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. 837 of 2023

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Asset Reconstruction Company Unit/Office no.1008, 11th floor Westend Mall, District Centre Janakpuri, New Delhi-110058

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Applicant

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Versus

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Sh. Munish Kumar Guliani (Borrower) Through his LRs Mrs.Minakshi Guliani (Wife) Sh.Devish Guliani (Son) H.No.5/128, NH Railway Road Faridabad-122001

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Also at:

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House no.228, Sec-21A

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Faridabad, Haryana-121001

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Also at:

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House no.276, Sector-21A Urban Estate, Faridabad-121001

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Also at:

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House no.351, Sector-21B Faridabad-121001

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Ms. Minakshi Guliani w/o Late Sh. Munish Guliani H.No.5/128, NH Railway Road Faridabad-122001

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Also at:

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House no.228, Sec-21A Faridabad, Haryana-121001

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Also at:

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House no.276, Sector-21A Urban Estate, Faridabad-121001

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T.A. No.837 of 2023

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Also at: House no.351, Sector-21B Faridabad-121001 3. Sh. Devish Guliani s/o Late Sh. Munish Guliani (Co-Borrower) H.No.5/128, NH Railway Road Faridabad-122001 Also at: House no.228, Sec-21A Faridabad, Haryana-121001 Also at: House no.276, Sector-21A Urban Estate, Faridabad-121001 4. Bajaj Finance Limited (Assignor) V-4 Plaza, 1st floor, KP Block, Behind Hotel City Park Pitampura, Delhi-110088 Defendants Present: Ms.Usha Singh, Counsel for the applicant bank Date of Institution: 02.08.2021 Date of Pronouncement: 04.07.2025

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FINAL ORDER

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This original application has been filed by the applicant bank in DRT-III, Delhi on 02.08.2021 and then transferred to DRT-I through Sh.Nikki Kumar, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendant no.1 to 3 for recovery of a sum of Rs.6,03,05,843.60 (Rupees Six Crores Three Lacs Five Thousand Eight Hundred Forty Three and paisa Sixty only) as on 25.05.2021 along with pendentelite and future

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T.A. No.837 of 2023

interest at documented rates with monthly rests from 25.05.2021 till the date of its realization and costs.

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The brief facts of the case are that defendant no.1 being borrower (since expired) has been impleaded through his legal representatives along with defendant no.2 and 3 availed Home Loan facility of Rs.1,85,15,000/- (Rupees One Crore Eighty Five lacs Fifteen Thousand only) and Rs.90,00,000/- (Rupees Ninety Lacs only) on 21.07.2014 from defendant no.4 (Assignor) which was repayable in 180 EMIs of Rs.2,11,560/- and Rs.1,07,658/- respectively in order to purchase House No.276, Sector-21A, Urban Estate HUDA, Faridabad. Further, on the request of defendant no.1 to 3, the defendant no.4 sanctioned Top Up loan of Rs.40,00,000/- @10.50% interest per annum on 31.12.2014, which was to be repayable in 180 EMIs of Rs.45,705/-. That the defendant no.4 who is the Assignor has been impleaded as Proforma party and no relief has been sought qua property and for sake of clarity.

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That in order to avail the credit facility, the defendant no.1 to 3 being borrowers, co-borrowers and mortgagors submitted loan application and executed Sanction Letters dated 21.07.2014 and 31.12.2014, Home Equity Agreement, Power of Attorney, Declaration and Demand Promissory Note on 31.07.2014 and 31.12.2014 in favour of applicant bank.

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That in order to secure the home loan facilities, the defendant no.1 to 3 mortgaged the property being House No.276, Sector-21A, Urban Estate Huda, Faridabad, Haryana with the applicant bank on 31.12.2014.

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It has been submitted by applicant FI that defendant no.4 (Assignor) unconditionally and irrevocably assigned,

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T.A. No.837 of 2023

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transferred and released all financial assistance granted to defendant no.1 to 3 together with all its rights, title, interest with all collateral / mortgages created to Assignee vide Assignment Agreement dated 01.12.2016 in terms of Section 5 of SARFAESI Act 2002 in favour of applicant FL

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It has been submitted by the applicant bank that after availing the aforesaid loan facilities, the defendant no.1 to 3 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 accounts as NPA as per RBI guidelines due to non-adherence to financial discipline but neglected by the defendant no.1 to 3. Hence, the applicant bank approached this tribunal for recovery of their dues.

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Notices of this O.A. were issued to the defendant no.1 to 3 and despite proper service the defendant no.1 to 3 have chosen to absent from the proceedings. As per order dated 08.05.2025, the defendant no.1 to 3 have been proceeded exparte as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

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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 12.07.2018 was issued by the applicant to the defendant no.1 to 3 calling upon them to pay the entire outstanding dues with the applicant bank and duly published in two newspapers.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Sh.Nikki Kumar, authorized

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T.A. No.837 of 2023

representative of the applicant bank who has proved the documents as Affidavit in Evidence Ex.AW-1/1, Registration Certificate Ex.AW-1/2, Power of Attorney Ex.AW-1/3 & Ex.AW1/16, Assignment Agreement Ex.AW-1/4, Sanction Letters Ex.AW-1/5(Colly) & Ex.AW-1/14, Home Equity Agreement Ex.AW-1/6, Ex.AW-1/10 & Ex.AW-1/15, Power of Attorneys Ex.AW-1/7, Ex.AW-1/11, Declaration Ex.AW-1/8, Ex.AW-1/12 & Ex.AW-1/17, Demand Promissory Note Ex.AW-1/9, Ex.AW1/13 & Ex.AW-1/18, Original Title Deeds of Mortgaged Property Ex.AW-1/19 (Colly), Notice u/s 13(2) Ex.AW-1/20(Colly), Recall Notice Ex.AW-1/21(Colly), Certificate under Section 65-B of Indian Evidence Act Annexure A-22 (Colly).

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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 defendant no.1 to 3 to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.6,03,05,843.60/- (Rupees Six Crores Three Lacs^{Five Thousand Eight Hundred Forty Three and Paisa Sixty} sd-

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T.A. No.837 of 2023

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only) along with pendentelite and future interest @10.75% per annum from 25.05.2021 till its realization with costs; failing which the aforesaid amount shall be recovered from the sale of mortgaged property being House No.276, Sector 21A, Urban Estate Huda, Faridabad, Haryana-122001. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendant no.1 to 3.

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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 03.09.2025.

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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: 04.07.2025

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Asset Reconstruction Company (India) Ltd. v. Sh. Munish Kumar Guliani

Case brief

What is this about?

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Asset Reconstruction Company (India) Ltd. v. Sh. Munish Kumar Guliani

Case brief

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