IDBI BANK vs ABHISHEK SHARMA on 14 October 2026

**FINAL ORDER**

This original application has been filed by the applicant bank filed before DRT-III, Delhi on 14.01.2022 and then transferred to DRT-I Delhi under Section 19 of Recovery of Debts and Bankruptcy Act 1993 against the defendants for recovery of a sum of Rs.89,17,011/- (Rupees Eighty Nine Lacs Seventeen Thousand Eleven only) as on 31.12.2021 along with pendentelite and future interest @9.60% per annum plus @2% penal interest with monthly rests from 01.01.2022 till the date of realization and costs.

2. The brief facts of the case are that on the request of defendant no.1, the applicant bank sanctioned Housing Loan for Rs.90,00,000/- (Rupees Ninety Lacs only) @8.95% rate of interest with monthly rests to be repaid in 240 EMIs of Rs.80,686/- on 09.05.2019 in order to purchase under construction Flat No.302, 3^rd Floor, Harmony Tower, Block-A, Sikka Karmic Greens, Plot NO.GH-01C, Sector-78, Greater Noida, Distt.G.B.Nagar, UP being developed and constructed *Sd/-*

by defendant no.3. The defendant no.2 stood as guarantor for the housing loan facility sanctioned by applicant bank in favor of defendant no.1. The defendants agreed to pay penal interest @2% per annum in case of default or delay in repayment.

3. That in order to avail the housing loan facility, the defendant no.1 submitted loan application dated 01.05.2019 and executed Home Loan Agreement, Power of Attorney and Affidavit cum Undertaking, Declaration cum Undertaking creating the charge/liens in favour of applicant bank on 16.05.2019. The defendant no.2 executed Deed of Guarantee in favour of applicant bank for housing loan sanctioned in favour of defendant no.1. The defendants & applicant bank executed Tripartite Agreement dated 17.05.2019 in favour of the applicant bank.

4. That in order to secure the housing loan facility, the defendant no.1 & 2 created mortgage on 16.05.2019 by depositing Flat Allotment Agreement, Mortgage Permission of Defendant no.3 and Tripartite Agreement of Flat in favour of applicant bank. The applicant bank disbursed an amount of Rs.80.91 lacs thru Pay Order dated 29.05.2019 directly to IndusInd Bank on behalf of defendant no.1.

5. As per Tripartite Agreement dated 17.05.2019, the defendant no.3 shall not convey/transfer or give possession of flat without written consent of applicant bank and documents of flat when registered shall be forwarded directly to the bank. and defendant no.3 permitted to create equitable mortgage on the property as security and agreed to cooperate with bank for enforcement of security. It was also undertaken that borrower shall deposit sale agreement and other documents and when mortgage able right is created, shall create security on the *Sd-*

property. The defendant no.3/builder had undertaken that on receipt of entire consideration amount, they shall execute proper sale deed/lease deed and shall deliver the sale deed/lease deed directly to the applicant bank. As per agreement, the applicant bank shall have first lien over the flat being constructed and issued no objection for creating equitable mortgage in favour of applicant bank. In case of cancellation of allotment of flat, the defendant no.3 shall refund all such amount received on behalf of defendant no.1 and 2 to the applicant bank.

6. The applicant got the unit registered with Central Registry of Securitization Assets Reconstruction & Security Interest on 24.05.2019.

7. It has been submitted by the applicant bank that after availing the housing loan facility, the defendants failed to comply with the terms and conditions of agreement despite several requests and neglected to pay monthly installments in time. Ultimately, the applicant bank classified the account as NPA on 10.04.2021 as per RBI guidelines and issued demand notice dated 19.05.2021 & Invocation Letter dated 27.07.2021 calling upon the defendants to clear outstanding dues but defendants paid no heed, hence, the applicant bank has approached this Hon'ble Tribunal for recovery of their dues.

8. Notices of this O.A. were issued to the defendants and despite of proper service the defendants have chosen to absent from the proceedings. As per order dated 04.11.2025, the defendants have been proceeded ex-parte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets have been filed by the defendants.

SD

9. Notice under section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 29.05.2021 was issued to the defendants calling upon them to pay the entire outstanding dues with the applicant bank. The defendant no.1 replied vide legal notice on 06.08.2021 which was replied on 13.08.2021 by the applicant bank.

10. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Ashish Sachdeva, authorized representative of the applicant bank who has proved the documents such as Delegation of Power, Loan Application with Documents, Sanction Letter, Flat Allotment Agreement, Loan & Security Documents, Declaration & Undertaking, Permission to Mortgage, Tripartite Agreement, NOC by IndusInd Bank, Disbursement Request, CERSAI registration, Pay Order, Recall Notice, Demand Notice with Postal Receipts, Invocation Notice, Legal Notice, Reply of Defendant no1 and bank, Certified Statement of Account u/s 2A of Bankers' Books Evidence Act marked as Ex.AW-1/1 to Ex.AW-1/21.

11. 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.

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

ORDER

I, allow this OA and direct the defendants to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.89,17,011/- (Rupees Eighty Nine Lacs Seventeen Thousand Eleven only) as on 31.12.2021 along with pendentelite and future interest @11.60% per annum with monthly rests from 01.01.2022 till the date of realization with costs, failing which the aforesaid amount shall be recovered from the sale of mortgaged Flat No.302, 3^rd Floor, Harmony Tower, Block-A, Sikka Karmic Greens, Plot NO.GH-01C, Sector-78, Greater Noida, Distt.G.B.Nagar, UP. 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 14.12.2026.

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

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

(Dictated and pronounced in open court) Dated: 14.10.2026