LIC HOUSING FINANCE LTD vs SANJAY BHATIA on 30 September 2026

**FINAL ORDER**

This original application has been filed by the applicant FI on 13.12.2018 before DRT-III Delhi & then transferred to DRT-I Delhi under Section 19 of Recovery of Debts and FIruptcy Act, 1993 read with Rule 8 of the Debts Recovery Tribunal Rules 1993 against the defendants for recovery of a sum of Rs.1,03,46,907.63 (Rupees One Crore Three Lacs Forty Six Thousand Nine Hundred Seven & paisa Sixty Three only) as *Sd-*

on 04.12.2018 together with pendent-lite and future interest @10.10% per annum with monthly rests from the date of filing till the date of realization in full.

2. The brief facts of the case are that at request of the defendants vide loan application dated 27.01.2015 with relevant documents, the applicant FI sanctioned Housing Loan of Rs.79,50,000/- (Rupees Seventy-Nine Lacs Fifty Thousand only) on 31.01.2015 with @10.10% interest p.a. with monthly rests to be repaid in 168 EMIs of Rs. 88,581/-, for purchase of residential property being Entire Second Floor without roof rights of property bearing no. 24/75, built on land measuring 100sq.yds.situated at West Patel Nagar, New Delhi. The applicant FI disbursed amount on 31.01.2015 to Sh.Girish Chandra, seller of property who executed Sale Deed dated 13.02.2015. The defendants also agreed to charge additional/penal interest on defaulted instalments by the applicant FI.

3. In order to avail the housing loan facility, the defendants executed the Promissory Note, Loan Agreement, Receipt, Power of Attorney and Affidavit-cum-Undertaking in favour of the applicant FI on 31.01.2015.

4. In order to secure the housing loan facility, the defendants created equitable mortgage of immovable property i.e. Entire Second Floor without roof rights of property bearing no. 2423/75, built on land measuring 100sq.yds.situated at West Patel Nagar, New Delhi by depositing original sale deed dated 13.02.2015 duly registered with the office of Sub-Registrar-II, Basai Darapur, New Delhi on 13.02.2015 with the Sd- applicant FI along with Declaration and Affidavit dated 31.01.2015.

5. It has been submitted by the applicant FI that after availment of credit facility, the defendants miserably failed to maintain financial discipline despite repeated reminders and requests. Ultimately, the applicant FI classified the account as NPA on 31.10.2015 as per prudential guidelines of Reserve FI of India but defendants failed to regularize the account, hence the applicant FI has approached this tribunal for recovery of its dues.

6. Notices under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 was issued by applicant FI on 25.07.2016 for Rs.84,87,860.03 together with interest etc. to the defendants and issued possession notice u/s 13(4) dated 13.12.2016. The applicant FI moved application under Section 14 of the SARFAESI Act and obtained order dated 10.03.2017 to take possession of the secured asset through Court Receiver who issued possession notice. After that, one Sh.Sudhir Uppal filed two Securitization Applications before this Tribunal against applicant FI and Andhra FI which are pending adjudication.

7. Notices of this O.A. were issued to the defendants and despite proper service, they have chosen to absent from the proceedings. As per order dated 06.05.2026, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal and even written statement, evidence and affidavit of assets have not been filed by the defendants.

8. In order to prove its case, the applicant FI has filed its evidence by way of Affidavit of Sh. Gurjeet Lamba, authorized Sd- representative of the applicant FI who has submitted the photocopies of documents such as Authority Letter, Loan Application, Sanction Letter, Promissory Note, Receipt, Loan Agreement, Affidavit cum Undertaking, Irrevocable Power of Attorney, Affidavit, Demand Notice u/s Section 13(2), Possession Notice u/s 13(4), Sale Deed dated 13.02.2015, Valuation Report, Order u/s 14 dated 10.03.2017, NPA Certificate, Chain of Title Documents and Statement of Account marked as Page No.1 to 116.

9. The applicant FI has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant FI is based on the documents and the same have been duly approved.

10. The case filed by the applicant FI gone unrebuted and there is no question of disbelieving the case of the applicant FI and the applicant FI has proved its case beyond reasonable doubts.

11. In the light of the above discussions, the Original Application deserves to be allowed.

**ORDER**

I, allow this OA and direct the defendant to pay to the applicant FI within a period of 30 days, jointly or severally, a sum of Rs.1,03,46,907.63 (Rupees One Crore Three Lacs Forty Six Thousand Nine Hundred Seven & paisa Sixty Three only) as on 04.12.2018 together with pendentelite and future interest @10.10% per annum with monthly rests from the date of filing till the realization in full, failing which the aforesaid amount shall be recovered from sale of mortgaged property i.e. Entire Sd- Second Floor without roof rights of property bearing no. 2423/75, built on land measuring 100 sq.yds.situated at West Patel Nagar, New Delhi. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendants.

(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

(III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 30.11.2026.

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

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

(Dictated and pronounced in open court) Dated: 30.09.2026