Allowed

Bank of India v. Mr. Bhanu Pratap Singh

DRT17 Jun 2026TA/1210/2023

Case brief

AI extract

What is this about?

In an application under Section 19 of the RDB Act, 1993, the Debts Recovery Tribunal allowed the original application filed by the Bank of India. The court directed the builder (respondent No. 2) to pay the outstanding loan amount to the bank, holding the builder liable based on the Tripartite Agreement terms regarding default.

What did the court decide?

Directing defendant no. 2 (builder) to pay Rs. 33,48,971.41 with interest and costs to the applicant bank within 30 days by the sale of the mortgaged property and personal assets.

Bank of India versus Mr. Bhanu Pratap Singh — Contract and Commercial Disputes | DRT (2026)

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Before SUSHIL KUMAR RASTOGf, Presiding Officer Debts Recovety Tribunal-Il, Delhi

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TA lt2tol2o23

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BANK OF INDIA VS MR. BHANU PRATAP SINGH & ORS

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Reserved on : 14.05,2026

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Pronounced on z L7.O6.2O26

Bank of India

-^{Applicant bank}

Vs.

Mr. Bhanu Pratap Singh

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M/s Rudra Buildwell Projects h^. Ltd.^- Defendants

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Present: Mr. S.V. Tyagi, Counsel for applicant bank. Defendants are ex-parte since L9.LL.2024.

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FINAL ORDER

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This original application has been filed by^the applicant bank, on 27 .09.2018 through Sh.^Dwarka Prasad, Constituted Attorney and Chief^{Managerof the} applicant bank, under Section^{19 of the RDB Act, 1993} against the defendants for recovery of^{a sum of} Rs.33,48,97t.4L together with cost,^{charges and} pendentellite and future interest @10.80o/o from^date of filing of this O.A. till the^{realization in full.}

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2, The brief facts of the case are^{that at the request} of the defendant no.1, the^{applicant bank sanctioneda} Housing Loan Facility of^{Rs.31,25,0001-for purchasing} of the flat/immovable^{property being Unit No.B3-1802,} Palace Height, GH-02B, Sector-0l,^{Noida Extension,} Greater Noida-201303, Uttar^{Pradesh in the name of} defendant no.l repayableⁱⁿ 318^{EMI of Rs.27,377.001'} each commettcing from_ t" month after first g"-i

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TA NO. t2t012023 2

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disbursement, vide sanction letter dated

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13.06.2016. The defendant no.1 executed all necessary loaning documents on 13.06.2016. To secure the aforesaid loan the defendant no.1 deposited the documents of the aforesaid propefi with an intention to create the mortgage/charge in favour of applicant bank. The defendant no.1 also submitted the letter for permission to create the mortgage duly signed by the authorized signatory of M/s Rudra Buildwell Project tut. Ltd. A Tripartite Agreement dated 13.06.2016 executed between defendant no.l and applicant bank.

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It is fufther submitted that the^defendants enjoyed and utilized the Loan facility,^{but failed to} maintain the financial discipline and^{failed to repay the} due amounts. The applicant^{bank requested the} defendants to regularize the^{loan accountby visits and} letters, but there was no^{response from the} defendants, hence the^{account was classifiedas NPA} on 31 .t2.20L7. Therefore,^{the applicant bank serueda} recalt notice dated 06.01.2018^{and demandnotice} dated 10.09.2018 to the^{defendants, demanding the} amount due as on that date,^{but failed to recoverthe} same. Thus, the^{present O.Afl-.A.is preferred by the} applicant bank to^{recover its dues.}

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On notice by this^{Tribunal,defendantsput} appearance through^{counsel and filed written} statement but failed to^{file evldence. Thereafter, the} defendants failed to^{put appearancein the matter,} despite issuance of^{default notice. Accordingly, the} A.

TA NO. 1210t2023

defendants

were proceeded against exparte

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on 19.1L.2024.

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The applicant bank has filed evidence by way of affidavit of Mrs. sunita Kureet (AW-l), officer of the applicant bank as Annexure A-1 to Annexure A-14 and Sh. Pankaj Kumar Singh Chandel (AW-2), Chief Manager as Annexure A-15 to Annexure A-20 of the applicant bank.

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Heard the Ld. Counsel for the applicant bank and perused the records. From perusal of the record, it is clear that at the time of executing loan documents the applicant bank has entered into a Tripartite Agreement with the builder along with the borrowers. Para 4 of the Tripartite Agreement is as follows: -

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"4. The Developer agrees that it has no objection to Borrower mortgaging the said flat to the BOI as security for the sid loan aduanced/agreed to be advanced by the BOI for the purpose of purchase/construction of the said flat, In the event of default in the repayment of loan and or the Borower committing any other default which makes the Borrower liable for the repayment of the entire amount ouHtanding in the said loan as per the terms of the loan agreement executd between the Borrower and the BOI, the Developer shall, at the call of BOI, be under an obligation to cancel the booking and refund all amounB payable to the borower under the flat buyers agreement directly to the BOI forthwith without any reference to the Borower. "

TA NO. 12t012023

As per^{conditions contained in the Tripartite} Agreement at^{13.06.2016 at para no. 4, in case of} default by the^{borrowerthe amount which has been} paid by the borrower to the^{builder has to be returned} to the bank.^{In the present case the borrower has made} default in^{repaymentof the EMIs and therefore,as per} condition agreed^{between the parties, the builderis} under obligation^{to return the entire amount which he} has received^{from the borrower or from the applicant} bank in^{lieu of the payment of the construction of the} flat. Moreover,^{from the perusalof the entire facts it is} apparent that^{the borrower has taken the loan and the} loan amount^{has been paid to the builderfor} constructionoftheflat.Theapplicantbankhasnot claimed that^{the builderin violation of the terms and} conditions^{has handed over the flat to the defendant} no.l.Theborrowerhasnottakenanyamountinhis accountandtheentireamounthasbeenpaidtothe builder. In^{addition to this the borrowerhas also paid} themarginmoneytothebuilderandalsopaidcertain EMIs as^{mentionedby the applicant bank'The} borrowerhasnotgotthepossessionoftheflat.Ifthe borrowerisdirectedtopaytheamountwhichhasbeen actuallypaidtothebuilderthiswillamountdouble penaltyontheborrower.Theborrowerhasreceivedno money and^{has still paid the margin moneyand also} ceftain^{EMIsto the bank and has got in return nothing'} In such^{circumstancesand as per agreed terms and} conditions^{it is only the builder who is liable to pay the} defaulted^{amount to the applicant bank'}

g)'

TA NO. l2lol2023

In the light^{of the abovediscussions,} Application^{deserues to be allowed} defendant^no.2.

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the Original against^the

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ORDER

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1)IherebyallowthisT.A.oftheapplicantbankand direct the^{defendant no. 2 to pay to the applicant bank} within30daysfromtoday,asumofRs'33'48'97L'4L alongwithcost,[email protected]/ofrom thedateoffitingofthiso.A.whichhasbecomeT.Atitl the date of^realization.

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In^{case of failure to depositthe above amount} within the^{stipulated period, the same shall be} recovered^{from the sale of the moftgaged propefi i'e''} Apartment/Flat^{No.1802 on 18th Floor in Blockfl-ower} No. 83,^{having a Super Area of approx' 1088 Sq' Ft' In} theComplex..PalaceHeights"tobedevelopedinthe PlotNo.GH.O2B,Sector.l,NoidaExtension,Greater Noida-201303^{Uttar Pradesh. In case of short fall, the} Sameshallberecoveredfromthesaleofpersonal movable^{and immovableassets of the defendant no' 2'}

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3)RecoveryCertificatebeissuedforthwithandbe sent to^{Recovery officer, Debts Recovery Tribunal-Il,} Delhi.

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4)TheregistryofthisTribunalisherebydirectedto issuefreecopyoftheorderandsendthesametoboth the Pafties.

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q)-

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TA NO. t2rol2o23⁶ 5) Parties^{are direct to appear before the Ld'} Recovery^{officer,DRT.II,Delhi on 17.08.2026.Pending} IAs, if anY,^{standdisPosed of'}

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File be^{consigned to records'}

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!tA,

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Date 2L7.06.2026

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(SUSHIL KUMAR^RASTOGI) PRESIDING^OFFICER DRT-II,^Delhi

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This^{judgement has been signed, dated and} pronounced^{in oPen court'}

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Date : L7.06.2026

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s) (SUSHIL KUMAR^RASTOGI) PRESIDING^OFFICER DRT-II,^Delhi

Bank of India v. Mr. Bhanu Pratap Singh

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Bank of India v. Mr. Bhanu Pratap Singh

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