Allowed

Punjab and Sind Bank v. Shri Manish Tuli

DRT19 Jun 2026TA/2052/2023

Case brief

AI extract

What is this about?

Bank T.A. to recover dues secured by under-construction flats. Holding that the builder, not the borrower, must repay the outstanding loan amount as per tripartite agreement clauses regarding default.

What did the court decide?

Directed Defendant No. 4 (builder) to pay Rs. 1,22,82,760.50 with interest and costs within 30 days; recovery in case of shortfall from said flats or personal assets.

Punjab and Sind Bank versus Shri Manish Tuli — Contract and Commercial Disputes | DRT (2026)

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Before susHIL^{KUMARRASTOGI, Presiding officer} Debts RecovelY^{Tribunal-Il,Delhi}

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TA No.2052 OF²⁰²³

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PUNJAB & SIND^{BANK VS MANISHTULI & ORS} Reserued on : 19.05.2026

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Pronounced on^{: 19.06.2026}

Punjab & Sind^Bank

-Applicant bank

Vs.

Sh. Manish^Tuli

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Sh. Ashish^Tuli

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Smt. Simi^Tuli

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Defendants

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1. M/s GLM Infratech^hLtd

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Present: Mr. S.R. Katari and^{Mr. Surendra Nath} Kachar, Counsel^{appears for applicant bank} along with^{Mr. lhatakal Yadav, Nodal Officer} of the bank.

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Defendants are^{exparte, since, 30.10.2024'}

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FINAL ORDER

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Thisoriginatapplicationhasbeenfiledbythe applicant bank,^{on 26.06.2019through Ms' Manju} sharma, chief^{Managerof the applicant bank, under} section 19^{of the RDB Act, 1993 againstthe defendants} for recovery of^{a sum of Rs. L,22,82,760.50 together} with cost, charges^{and pendentellite and future interest} @13.650lo^{from date of filing of this o.A. till the} realization^{in full.}

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The brief^{facts of the case are that at the request} of the defendant^{nos.1 to 3, the applicant bank} sanctioned a^{one Housing Loan Facility of} Rs.70,00,000/-^{on 29.06.2016 againstthe mortgagedof} Flat under^{construction bearing no.605, Type A-1 on 6th} floor in Tower-A-l^{admeasuring 2085Sq. ft (approx)} super built area^{in housing project known as "Amazon-} The Defence^{Country" Sector 30 Panchkula, Haryana'} The defendant^{no.4 has givgnaJetter dated 30.06.2016} g'I

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TA NO. 2052 of 2023

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giving no objection/^permission to^mortgage the aforesaid^{propefi. A TripartiteAgreementdated} 02.07 .2016 was^{executed between defendantno.1 and} defendant no.4^{with the applicant bank in respectof flat} at serial no.l above.^{The defendantnos.1 to 3} executed all necessary^{loaning documentson} 02.07.2016.^{Again,at the request of defendants, the} applicant bank^{sanctioneda one Housing Loan Facility} of Rs.50,OO,0OO/- on^{1L.07,20L6 against the moftgage} of Flat under^{construction bearing no.201, Type B-3 on} 2nd floor in Tower-B-3^{admeasuring1590 Sq. ft (approx)} super built area^{in housingproject known as "Amazon-} The Defence Country"^{Sector 30 Panchkula, Haryana'} The defendant^{nos.4 has given a letterdated} L4.07.2016^{giving no objection/permissionto mortgage} of the aforesaid^{propefi. Further the defendant no.4} executed apaftment^{buyer agreementdated} L4,07.20L6 with the^{defendant no.l in respect of} second flat i.e.,^{Flat under construction bearing no.201,} Type B-3 on^{2nd floor in Tower-B-3 admeasuring1590} Sq. ft^{(approx) super built area in housingproject} known as^{"Amazon- The DefenceCountry" Sector30} Panchkula, Haryana.^{A TripaftiteAgreement dated} 18.07.2016 was^{executed between defendant no.1 and} defendantno.4^{with the applicant bank in respect of flat} at serial no.2^{above. The defendantnos.1 to 3} executed all^{necessary loaning documentson} L8.07.2016. It^{is submitted that applicantbank through} its two separate^{letters dated 18.11.2017 addressed to} M/s GLM Infratech^{h/t Ltd/ defendant no.4 intimated} that defendant^{no.1 has surrendered the flat no.605} Type A-1 and flat^{no.20t Type B-3 allotted to him. The} applicant bank^{requestedthe defendant no.4, to clear} applicant banak^{dues outslandi1g against Housing Loan}

TA NO. 2052 of 2023

no.13551200000404^and

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Account

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account no.13551200000408^{in the name of defendant} no.1 respect of^{above flats.}

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It is^{further submittedthat the defendants} enjoyed and utilized^{the Loan facility, but failedto} maintain the^{financial discipline and failed to repay the} due amounts.^{The applicant bank requestedthe} defendants to^{regularize the loan account by visits and} letters, but^{there was no response from the defendants,} hence the^{account was classifiedas NPA on 29.09 .20t7 '} Therefoie,^{the applicantbank serued a legalnotice} dated o6.to.2L7^{to the defendants, demanding the} amount due^{as on that date, but failed to recoverthe} same.Thus,thepresento.A.rr.A.ispreferredbythe applicant^{bank to recover its dues'}

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4.onnoticebythisTribunal,defendantnos.lto3 put appearance^{through counsel but failed to file} written statement.^{Thereafter, the defendant nos'1 to 3} failedtoputappearanceinthematter.Thedefendant no.4failedtoputappearanceatall,despitepublication. Accordingly,thedefendantswereproceededagainst exparte^{on 30.t0.2024'}

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The^{applicant bank has filed evidence by way of} affidavitofMrs.ManjuSharma,ChiefManagerofthe applicantbankasAnnexureA-1toAnnexureA.4l.

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6.HeardtheLd.Counselofapplicantbankand perused the^{records. From perusalof the record,it is} clearthatatthetimeofexecutingloandocumentsthe applicantbankhasenteredintoaTripaftiteAgreement withthebuilderalongwiththeborrower.Parag&10 of the^{Tripartite agreemelt} i1A^follows:-

TA NO. 2052 of 2023

"9. Further, the Builder, in the event of default of repayment as mentioned in^{preceding clattses,shall on} intimation by Punjab &^{Sind BANK cancel the allotment} of the residential apaftment^{in favour of the borrower} and refund all^{moniesto Puniab & sind BANK to the} ertent the toan amount^{is received from the Bank} directly under intimation^{to the borrowerfor} appropriation^{and adiustmentby Puniab & sind BANK} against all monies^{due to it from the Boffower as} mentioned above.

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In case of^{cancellation of the residentialunic as} mentioned in^{any of the above-mentioned clauses, the} Buitder hereby^{agrees to make the payment of the} amount due^{to Puniab & Sind BANKat the earliest after} adopting due^{process of law as well as companynorms} after intimation^{by Puniab & sind BANK.Alsq in case of} any detay,^{the buitder shatl be responsiblefor payment} of interest at^{the appticable rate of interest for the} period of any detay^{beyond the date of} intimation/canceltation/settlement^{as intimated by} Puniab & Sind^{BANK. "}

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As^{per conditions contained in the Tripartite} AgreementdatedLS.OT.2016atparano'9&10'incase of default^{by the borrowerthe amount whichhas 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^{betweenthe parties, the builder is} under obligation^{to return the entire amountwhich he} has received^{from the borrower or from the applicant} bank in lieu^{of the payment of the constructionof the} flat. Moreover,^{from the perusal of the entire facts it is} apparent that^{the borrower} lartpken^{the loan and the}

TA NO. 2052^of 2023

loan amount^{has been paid to thebuilder for} construction of^{the flat. The applicant bank has not} claimed that^{the builderin violationof the terms and} conditions^{has handed over the flat to the defendant} nos.1 to 3.^{The borrowerhas not taken any amountin} his account^{and the entire amount has been paid to the} builder.^{In additionto this the borrowerhas also paid} the margin^{moneyto the builder and also paid certain} EMIs as^{mentionedby the applicant bank. The borrower} has not^{got the possessionof the flat. If the borrower} is directed^{to pay the amount whichhas been actually} paid to the builder^{this will amount double penalty on} theborrower.Theborrowerhasreceivednomoneyand has still^{paid the margin moneyand also certain EMIs} tothebankandhasgotinreturnnothing.Insuch circumstancesandasperagreedtermsandconditions itisonlythebuilderwhoisliabletopaythedefaulted amount^{to the aPPlicantbank'}

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Inthelightoftheabovediscussions,thepresentT.A. deseruestobeallowedagainstthedefendantno.4.

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ORDER

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I^{hereby allow this T'A' of the applicant bank and} direct the^{defendant no' 4 to pay to the applicant bank} within 30^{days from today, a sum of Rs'1'22'82'760'50} alongwithcost,[email protected]/ofrom thedateoffitingofthiso.A.whichhasbecomeT.Atill the date^{of realization'}

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2)Incaseoffailuretodeposittheaboveamount within the^{stipulatedperiod' the same shall be} recoveredfromthesaleoftheproperties(i).Flat bearing^{no.605, Type A-1 on 6s floor in Tower-A-t} admeasuring^{2085 Sq' ft (qpprox) super built area in}

TA NO. 2052 of 2023

housing^project known^{as "Amazon-The Defence} County" Sector 30^{Panchkula, Haryana and (ii). Flat} bearing no.201, Type^{B-3 on 2nd floor in Tower-B-3} admeasuring 1590^Sq. ft^{(approx) super built area in} housing^project known^{as "Amazon- The Defence} County" Sector 30^{Panchkula,Haryana. In case of short} fall, the same shall be^{recoveredfrom the sale of} personal movable and immovable^{assets of the} defendant no.^4.

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Recovery^{Certificatebe issuedforthwith and be} sent to Recovery officer,^{Debts Recovery Tribunal-Il,} Delhi.

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The registry of^{this Tribunal is herebydirected to} issue free copy of^{the order and send the sameto both} the^parties.

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Parties are^{directed to appear before the Ld.} Recovery Officer,^{DRT-II, Delhi on 19.08 .2026'Pending} IAs, if any, stand^{disPosed of.}

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File be consigned^{to records.} ^* s) z L9.06.2026L9.06.2026 (susHrL ru*MAn nnsTocl) PRESIDING OFFICER DRT-II, Delhi

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Date z L9.06.2026L9.06.2026

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

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Date : L9.06.2026

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5A (SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi

Punjab and Sind Bank v. Shri Manish Tuli

Case brief

What is this about?

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Punjab and Sind Bank v. Shri Manish Tuli

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