PUNJAB NATIONAL BANK vs DEEPAK CHATURVEDI on 20 April 2026

**FINAL ORDER**

This original application has been filed by the applicant bank on 31.08.2022 before DRT-II Delhi 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.21,03,061/- (Rupees Twenty One Lacs Three Thousand Sixty One only) as on 30.06.2022 along with pendentelite and future interest @8.75% per annum with monthly rests from the date of filing of this application till the date of realization and costs.

2. The brief facts of the case are that at the request of defendant no.1 and 2 vide loan application dated 08.12.2012, the applicant bank sanctioned home loan for Rs.24,00,000/- (Rupees Twenty Four lacs only) @10.25% interest per annum to be repayable in 180 Equal Monthly Installments of Rs.26,159/- on 19.03.2013 in order to purchase under construction flat bearing no.FH/A 402, Foster Heights, Plot No.14, Sector-2, Crossing Republic, Behind ABES Engineering, NH-24, Ghaziabad, UP being constructed by defendant no.3 based on allotment letter dated 24.09.2010. The defendant no.1 & 2 also 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 & 2 submitted loan application and executed Agreement to Sell, Allotment Letter, Agreement for Housing Loan, Letter of Authority, Declarations, Letter of Option of *Sd-*

Floating Rate of Interest/Fixed Rate of Interest, Power of Attorney, Payment Receipts, Legal Compliance Certificate in favour of the applicant bank on 18.03.2013. The defendants executed Tripartite Agreement dated 23.03.2013 in favour of applicant bank.

4. As per Tripartite Agreement and loan agreement etc. executed by defendants with applicant bank, the defendant no.3 agreed with the terms and conditions of the loan sanctioned and bound to deliver the possession of allotted flat to defendant no.1 & 2 and undertook that in case of non-possession/cancellation of the flat, shall refund/pay back the entire outstanding amount due and payable towards the loan to the applicant bank.

5. That in order the avail loan facility, the defendant no.1 & 2 executed agreement for housing loan and consented for mortgage the unit bearing No.FH/A 402, Foster Heights, Plot no.14, Sector-2, Crossings Republic Behind Abes Engg. NH-24, Ghaziabad U.P.-201009 towards the applicant bank on 18.03.2013.

6. The defendant no.1 & 2 executed Balance and Security Confirmation on 17.10.2015, 28.03.2018 and 04.02.2021 acknowledged their liability towards the applicant bank.

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 neither regularize the account nor repaid interest/installment in time to the applicant bank. Ultimately, the applicant bank classified the account as NPA on 01.05.2021 as per RBI guidelines and issued recall notice dated 01.08.2022 calling upon the defendants to pay the *sd-*

overdue amount but the defendants failed to clear the dues of the applicant bank, hence the applicant bank has approached this 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 20.12.2023, the defendant no.1 & 2 have been proceeded ex-parte and vide order 23.03.2026, the defendant no.3 has been proceeded ex-parte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets has been filed by the defendants.

9. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Sh.Rajiv Agarwal, authorized representative of the applicant bank who has proved the document such as General Power of Attorney, Loan Application, Agreement to Sell, Allotment Letter, Agreement for Housing Loan, Letter of Authority, Declaration, Letter of option of Floating Rate of Interest/Fixed Rate of Interest, Tripartite Agreement, Power of Attorney, Payment Receipts, Legal Compliance Certificate, Balance and Security Confirmation Letters, Recall Notice, Statement of Account and Certificate under Section 2A marked as Ex.AW-1/1 to Ex.AW-1/17 (Colly).

10. 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.

11. The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant *Sd-*

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bank and the applicant bank has proved its case beyond reasonable doubts.

12. 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 within a period of 30 days, jointly or severally, a sum of Rs.21,03,061/- (Rupees Twenty One Lacs Three Thousand Sixty One only) as of 30.06.2022 along with pendentelite and future interest @8.75% per annum with monthly rests from the date of filing of this application till the date of realization failing which the aforesaid amount shall be recovered from the sale of Flat bearing No.FH/A 402, Foster Heights, Plot no.14, Sector-2, Crossings Republic Behind Abes Engg. NH-24, Ghaziabad U.P.-201009. In case of shortfall, the same shall be recovered from the sale of moveable and immovable property 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 19.06.2026.

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

*sd-* *20.04.2026* **(GOVIND BALLABH SHARMA)** **PRESIDING OFFICER** **DRT-I, DELHI**

(Dictated and pronounced in open court) Dated: 20.04.2026