RBL Bank Limited vs TARUN GUPTA AND ORS on 30 April 2026

FINAL ORDER

This original application has been filed by the applicant bank on 12.04.2021 before DRT-II Delhi & then transferred to sot

DRT-I Deihl under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendants for recovery of a sum of Rs.78,53,704.71 (Rupees Seventy Eight Lacs Fifty Three Thousand Seven Hundred Four & paisa Seventy One only) as on 10.02.2021 along with pendentelite and future interest ©10.75% interest per annum from the date of filing of the 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 as co-borrowers for financial assistance, the applicant bank sanctioned Loan against Property of Rs.68,68,000/- (Rupees Sixty Eight lacs Sixty Eight Thousand only) @10.75% floating rate of interest per annum to be repaid in 130 EMIs of Rs.89,645/- from 05.07.2019 in order to taking over loan facility from defendant no.3 against mortgage of property which was mortgaged with them. As per request of defendant no.1 and 2, the applicant bank disbursed an amount of Rs.60,36,357/- and Rs.4,55,508/- to defendant no.3 and Rs.2,22,879/- to defendant no.1 subject to release of mortgaged property documents to the applicant bank after closing the overdraft accounts.

3. In order to avail the credit facility, the defendants executed Loan Agreement, Declaration of property free from all encumbrances, Promissory Note, Irrevocable Power of Attorney on 31.05.2019 towards the applicant bank.

4. That in order to secure the credit facility, the defendant no.2 created mortgage of property bearing Flat no.216, Lahore CGHS Ltd., Vasundhara Enclave, Delhi and executed declaration cum undertaking with respect to property being sd- free from all encumbrances and after adjustment of dues of defendant no.3, property will be mortgaged to the applicant bank.

5. The applicant bank submitted that respondent no.3 in collusion with respondent no.1 & 2 has not released the property documents of the property mortgaged without any reason and defendant no.1 and 2 not adhered to the repayment schedule and cheques issued are being dishonored and paid only Rs.4,12,283/- towards the instalments which has been adjusted towards principal and interest. The defendant no.3 not handover the original title documents of property mortgaged and in the alternative, reverse the credit of loan disbursed.

6. It has been submitted by the applicant bank that after availing the loan facility, the defendants committed defaults in the service of installments and account become irregular. The applicant bank issued loan recall notice on 26.08.2019 the defendants to make payments and handover peaceful possession of property but defendants failed to act upon, hence, the applicant bank approached this tribunal for recovery of their dues.

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 03.01.2025, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal and even evidence and affidavit of assets have not been filed by the defendants.

8. In order to prove its case, the applicant bank has filed its evidence by way of Affidavit of Ms Monica Gupta, authorized representative of the applicant bank, who has submitted the documents such as Power of Attorney, Sanction Letter, Disbursal Request Form, Loan Agreement, Declaration, Promissory Note, Irrevocable Power of Attorney, Memorandum of Deposit for Creation of Mortgage, Loan Recall Notice, Postal Receipts, Statement of Account marked as Ex.AW1/1 to Ex.AW1/11.

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 defendant no.1 & 2 to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.78,53,704.71 (Rupees Seventy Eight Lacs Fifty Three Thousand Seven Hundred Four & paisa Seventy One only) as on 10.02.2021 together with pendentelite and future interest @10.75% per annum with monthly rests from the date of filing of this application till the date of realization and costs. The defendant no.3 is directed to handover the original documents of mortgaged property bearing Flat no.216, Lahore CGHS Ltd., Vasundhara Enclave, Delhi to the applicant bank; failing which the aforesaid amount shall be recovered from the sale of mortgaged property bearing no. Flat no.216, Lahore CGHS Ltd., Vasundhara Enclave, Delhi. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendantno.1 and 2. (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 01.07.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. 5cT

--2_0 7 c. (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 30.04.2026