STATE BANK OF INDIA vs RAHUL KUMAR KAUSHIK AND ANR on 29 May 2026

FINAL ORDER

This original application has been filed by the applicant bank on 10.06.2022 before DRT-III 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.36,39,146/- (Rupees Thirty Six Lacs Thirty Nine Thousand One Hundred Forty Six only) as on 27.04.2022 along with pendentelite and future interest @24% per annum with monthly rest from 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 vide his loan application dated 22.11.2018 together with two payment receipt of Rs.3.10 lacs each dated 16.11.2018 and 19.11.2018 along with allotment letter dated 16.11.2018 issued by defendant no.2, the applicant bank sanctioned Housing Loan of a sum of Rs.44,50,000/- (Rupees Forty Four lacs Fifty Thousand only) @8.95% floating rate of interest subject to change as per bank guidelines, which was to be repayable in EMI of Rs.35,646/- on 14.12.2018 in order to purchase under construction flat being constructed/ developed by defendant no.2 at Jaypee Greens Sports City SDZ, G.B.Nagar, UP and LIC Housing Finance Ltd. issued NOC on 21.12.2018 in respect of the flat in the project. In addition, the applicant bank sanctioned SBI Life Rinn Raksha Insurance policy loan of Rs.1,18,620/- on 19.12.2018.

3. The applicant bank disbursed the loan amount to defendant no.2 on behalf of defendant no.1 as per disbursal requested dated 19.12.2018 thru Bankers' Cheque dated 24.12.2018. The defendant no.1 made another payment of

Rs.3.10 lacs on 26.11.2018 and Rs.3.44 lacs on 04.12.2018 to defendant no.2 as per receipts issued.

4. That in order to avail the housing loan facility, the defendant no.1 submitted loan application dated 22.11.2018 along with allotment letter and executed Operations Letter, Arrangement Letter, Memorandum of Loan Agreement, Deed of Undertaking, Agreement to Mortgage, Declarations, Standing Instructions to debit EMIs and Affidavit etc. in favour of applicant bank as well as executed Tripartite Agreement by both the defendants with Applicant Bank on 19.12.2018. The defendant no.2 executed No Objection to mortgage the flat in favour of applicant bank.

5. That in order to secure the housing loan, defendant no.1 executed Form A in favour of applicant bank having deposited title deeds of property being Flat No.302, Tower No.S2, 3rd Floor, Solitarian City, Sector-25, Jaypee greens, Sports City SDZ Gautam Budh Nagar, UP.

6. As per tripartite agreement executed by defendants with applicant dated 19.12.2018, applicant bank shall have first and paramount lien and charge over all the money paid or to be paid in future by or on behalf of defendant no.1 to the defendant no.2 and defendant no.2 stated its No objection of Flat with applicant bank as security to the loan amount.

7. It has been submitted by the applicant bank that after availing the loan facility, the defendants failed to comply with the terms and conditions of sanction despite several requests and failed to deposit interest and monthly instalments regularly in time to the applicant bank. The applicant bank classified the account as NPA on 13.07.2021 as per RBI guidelines and issued demand notices between 17.08.2021 to 18.02.2022 and legal notices on 12.09.2019 and 22.07.2021 calling upon the defendants to clear the entire dues. The applicant bank issued notice dated 21.02.2022 invoking the terms of tripartite agreement and called upon defendant no.2 to make payment of entire dues as deposited by bank on behalf of defendant no.1, but the defendants did not 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 18.10.2023, 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.

9. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Harish Kumar, authorized representative of the applicant bank who has exhibited the documents such as Gazette Notification, Loan Application with KYC documents, Allotment Letter, Payment Receipts, Builder Buyer Agreement, NOC by LIC Housing Finance Ltd., Sanction Letters, Operations Letter, Arrangement Letter, Memorandum of Loan Agreement, Affidavits, Deed of Undertaking, Agreement to Mortgage, Declarations, Irrevocable Standing Instructions, Tripartite Agreement, Permission to Mortgage, Form-A, SBI Life Insurance Loan Documents cum Insurance Documents, Disbursement Request, Banker's Cheque, Irregularity Notice / Payment Due Notices, Recall Notice, Legal Notice, Postal Receipts, Invocation Letter, Email Letter, Statement of Account, Certificate under Bankers' Book Evidence Act marked as Ex.A-1 to Ex.A-29.

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 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 the applicant bank within a period of 30 days, jointly or severally, a sum of Rs.36,39,146/- (Rupees Thirty Six Lacs Thirty Nine Thousand One Hundred Forty Six only) as on 27.04.2022 together with pendentelite and future interest @24% per annum from the 28.04.2022 till the date of realization with costs failing which the aforesaid amount shall be recovered from the sale of Flat No.302, Tower No.S2, 3rd Floor, Solitarian City, Sector-25, Jaypee greens, Sports City SDZ Gautam Budh Nagar, UP. In case of default/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 28.07.2026.

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

-2a (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 29.05.2026