PUNJAB AND SIND BANK vs MRS. ASHA KHATRI on 17 January 2026

FINAL ORDER

This original application has been filed by the applicant bank before DRT-II Delhi on 25.02.2021 and then transferred to DRT-I Delhi under Section 19 of Recovery. of Debts and Sd-

Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.27,87,431.60 (Rupees Twenty Seven Lacs Eighty Seven Thousand Four Hundred Thirty One and paisa Sixty only) as on 17.02.2021 along with interest @9.70% per annum plus @2% penal interest from the date of filing this application till the date of realization along with costs.

2. The brief facts of the case are that on the request of the defendant no.1 & 2 being co-borrowers, the applicant bank sanctioned Housing Loan for a sum of Rs.18.40 Lacs on 28.08.2015 @10.00% interest per annum to be repayable in 144 Equated Monthly Installments of Rs.21,989/- in order to purchase property being First Floor without roof rights, DDA Property No.323, Pocket I, Sector A-6, DDA residential Area, Narela, Delhi admeasuring 32 sq.meters. The defendant no.3 stood as guarantor for the housing loan facility availed by defendant no.1 & 2.

3. That in order to avail the housing loan facility, the defendant no.1 & 2 submitted loan application and executed Demand Promissory Note Form 15(R), Form No.103/291/412, Form No.199, Form No.200, Undertaking to give Disclosure, Loan Agreement as well as Agreement of Guarantee Form No.256 executed by defendant no.3 dated 28.08.2015 in favour of applicant bank.

4. It has been submitted by the applicant bank that in order to secure housing loan facility, the defendant no.1 created equitable mortgage of the property by executing Memorandum of Deposit of Title Deed in Form No.84A being DDA Property no.323, First Floor without roof rights, Pocket I, Sector A-6, DDA residential Area, Narela, Delhi admeasuring 32 sq.meters by depositing Sale Deed duly registered as Document No1.3117,

Book No.1, Volume No.3446 on Pages 164 to 169 dated 02.09.2015 in the office of Sub-Registrar VIB, Delhi on 18.09.2015 towards applicant bank .

5. It has been submitted by the applicant bank that after availing the aforesaid loan facility, the defendants failed to comply with the terms and conditions of sanction and failed to deposit instalment in the account regularly to regularize the accounts with the applicant bank. Ultimately, the applicant bank classified the account as NPA on 31.03.2017 as per RBI guidelines and issued notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 on 04.05.2017 calling upon the defendants to pay the entire outstanding dues but the defendants neglected to clear the dues.

6. The applicant bank took physical possession of mortgaged property thru Court Receiver appointed u/s 14 of SARFAESI Act. The defendants executed fresh Revival Letter confirming the debit balance in the account of Rs.20,51,950.50 as on 24.07.2018.

7. 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 21.05.2025, defendants have been proceeded ex-parte as they have not appeared before the Tribunal.

8. In order to prove its case, the applicant bank has filed its evidence by way of affidavits of Sh. G.D.Sharma, authorized representative of the applicant bank who has proved the documents such as Loan Application, Sanction Letter, Demand Promissory Note Form 15(R), Form No.106, Form

No.103/291/412, Form No.199, Form No.200, Undertakings for Disclosure etc., Loan Agreement as well as Agreement of Guarantee Form No.256, Memorandum of Deposit of Title Deed Form No.84A, Sale Deed, Notice u/s 13(2), Postal Receipts, Revival Letter, Certified Statement of Account, Statement of Memoranda Interest, Certificate under Section 2A of Banker's Book of Evidence Act, Power of Attorney and Letter of Authorization marked as Ex.AW-1/1 to Ex.AW-1/21.

9. 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 approved.

10. 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.

11. 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.27,87,431.60 (Rupees Twenty Seven Lacs Eighty Seven Thousand Fcur Hundred Thirty One and paisa Sixty only) as on 17.02.2021 along with interest @11.70% per annum from 17.02.2021 till the date of realization and costs; failing which the aforesaid amount shall be recovered from the sale of Mortgaged property being DDA Flat no.323, First Floor without roof rights, Pocket I, Sector A-61 DDA residential Area, Narela, Delhi admeasuring 32 sq.meters. 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 18.03.2026. (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: 17.01.2026