This adjudication resolved an ex-parte application filed by Indian Overseas Bank against a borrower and a builder. The tribunal allowed the application, directing recovery of outstanding dues and granting a mortgage lien.
Recovery of Rs. 20,63,688.70 plus 8% pendent-lite interest; sale of mortgaged and personal assets; recovery certificate issuance.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
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DEBTS RECOVERY TRIBUNAL LUCKNOW
| Date oforder or }roceedin! |
Order withsignatureofcourt | Officeaction takenwithdate |
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|---|---|---|---|
| O.A.No.463/2024 05.01.2026 |
Judgment is signed pronounced on separate sheets. Separatelyattachedin07she Order be uploaded on Tribunal’swebsite. |
and ets. the |
|
| (PravasKumar PresidingOffi |
siidij cer |
IN THE DEBTS RECOVERY TRIBUNAL AT LUCKNOW
Present: Pravas Kumar Singh, Presiding Officer
Case No. Original Application No.463 of 2024
Dated: 05.01.2026
Indian Overseas Bank, having Branch at B-7, Shastri Nagar, Meerut, UP.
. . . . . . ..Applicant Bank
| Versus 1. Mr.NikhilMohanJain, S/o SriVirendra KumarJani, House No.91,PanjabTyre House, Meerut Road, Hapur-245101. Second Address: C/o ApisIndiaLtd. |
|---|
| 1832, East Patel Nagar, New Delhi- 110008. |
| 2 M/s. Supertech Limited,Registered |
| Office at 1114, 11th Floor,Hemkunt Chamber, 89, Nehru Place, NewDelhi- 110019 Second Address: Supertech Green |
| Village, Noor Nagar, Hapur Bypass Road, Meerut, UP-250002 Third Address: E-Square,Plot No.C-2, |
| Sector96,NoidaDistrictGautamBudh |
| Nagar,UP-201303,throughits authorizedsignatory. |
| And Flat No.0211, Tower-M4, 1;t Floor, Supertech Green Village, Hapur Bypass Road, Meerut, UP-250002. .... . ..Defendants |
| Ld.Counselfortheapplicant-bank: Mr. OmkarDwivedi,Advocate. Ld.Counselforthedefendants :None |
JUDGEMENT
1 This Original Application has been filed by the applicant Bank under Section 19 of the Recovery of Debts & Bankruptcy Act, 1993,
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against the defendants for the recovery of Rs.20,63,688.70/(Rupees Twenty Lac1 Sixty Three Thousand, Six Hundred Eighty Eight and Paisa Seventy Only) together with pendent-lite and future interest, costs and other reliefs etc.
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approved valuer (Exhibit No.A-5 & Exhibit No.A-14) to this original application.
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demands. The applicant Bank has filed the copy of Statement of Account (Exhibit No.A-1 1 ) to this original application.
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application), it is proved that the defendants had availed the housing loan facility from the applicant bank by executing loan and security documents detailed as above in favour of the applicant Bank. A perusal of the application, evidence and documents relied upon clearly show that defendants had utilized the above housing loan facility as granted to them. The applicant bank had maintained the Books of account in the ordinary course of banking business showing disbursal of the loan amount. It further shows that bank had regularly credited the amount paid by the defendants in the books of account. The Bank had also charged interest from time to time and the entries is relevant u/s 4 of the Bankers Book Evidence Act. It is also proved that the applicant bank’s claim is within limitation against the defendants, therefore, they are liable to pay the dues
15, The applicant-bank has claimed interest @8.65% per annum together with pendent-lite and future interest till the date of its realization and costs. On the basis of the foregoing discussion,
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interest of justice will be served if pendent-lite and future interest is granted @8.00% per annum with monthly rate on reducing balance from the date of filing of the O.A. till the date of realization with costs.
(i) That the Original Application No.463 of 2024 of the applicant bank for issuance of Recovery Certificate to the tune of Rs.20,63,688.70/- (Rupees Twenty Lac, Sixty Three Thousand, Six Hundred Eighty Eight and Paisa Seventy Only) together with pendent-lite and future interest @8% per annum from the date of filing of the Original Application i.e. 11.12.2023 till the loan is fully liquidated and cost succeeds and is hereby allowed exparte against the defendants. The defendant No.2/builder is liable to pay the dues of the applicantbank as per the terms and condition mentioned in the Tripartite Agreement.
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from the secured assets, personal movables and immovable assets of the defendants.
(ii)
(iii)
(iv)
The applicant-bank is entitled to recover aforesaid amount by sale of mortgage property (in accordance with law). The amount, if any, already recovered by sale of mortgage property or otherwise shall be adjusted towards the debt and only the balance amount shall be recoverable. If the dues of the applicant-bank still remain unsatisfied, the same shall be recovered by attachment and sale of the personal movable and immovable assets of the defendants jointly and severally.
The defendants are hereby restrained by means of injunction from depleting, transferring, encumbering, alienating or in any way dealing with their properties/estates without first paying the claim of the applicant bank. Let Recovery Certificate be issued immediately u/s 19(22) of the Recovery of Debts Due to Banks and Financial Institution Act, 1993 by fixing 06.4.2026 before R.O., DRT, Lucknow.
Judgment is pronounced in the open court. Dated: 05.01.2026
{\ r (Pravas Kumar Singh) Presiding Officer
(Veeresh)
2 issues framed by the court
Whether the bank is legally entitled to the claimed recovery amount based on executed documents and affidavit evidence?
Whether the defendants are jointly and severally liable to repay the outstanding dues?
3 provisions across 3 enactments
Indian Overseas Bank
Mr. Nikhil Mohan Jain
M/s. Supertech Limited
Pravas Kumar Singh
As recorded by the court registry
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