KARUR VYSYA BANK vs ASHOK PRIYADARSHANI AND ORS on 6 June 2026

FINAL ORDER

This original application has been filed by the applicant bank on 17.07.2021 through Shri Rishu Jindal, authorized representative of the, applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the sd- defendants for recovery of a sum of Rs.47,56,152.05 (Rupees Forty Seven Lacs Fifty Six Thousand One Hundred Fifty Two and paisa Five only) as on 16.04.2021 along with pendentelite and future interest @8.20% per annum plus @3% penal interest 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 on the request of defendant no.1 vide loan application dated 07.01.2019 along with Apartment Buyers Agreement dated 06.02.2019 of defendant no.3, the applicant bank sanctioned housing loan facility for Rs.49,66,431/- (Rupees Forty Nine lacs Sixty Six Thousand Four Hundred Thirty One only) on 15.02.2019 to be repaid in 300 EMI of Rs.41,339/- @8.90% interest w.e.f. 05.04.2019 with monthly rests in order to purchase under construction Rs.47,56,152.05 (Rupees Forty Seven Lacs Fifty Six Thousand One Hundred Fifty Two and paisa Five only) as on 16.04.2021 as per Apartment Buyers' Agreement being developed by defendant no.2 & 3.

3. That in order to avail the housing loan facility, the defendant No.1 executed Sanction Letter dated 15.02.2019 and executed Housing Loan Agreement, Tripartite Agreement between defendants with applicant bank on 15.02.2019 and Letter of Allotment along with Flat Buyer's Agreement dated 06.02.2019.

4. That as per Tripartite Agreement, defendant no.2 & 3 undertakes that they shall execute proper Conveyance deed/Sale deed / Sub lease deed in favour of the defendant no.1 or such other persons as may be nominated by applicant bank and shall deliver the sale deed directly to the applicant 50(-- bank. The defendant no.2 & 3 confirmed having marked lien on the flat vide tripartite deed and in case of cancellation / termination of allotment by the developer for any reason shall refund all amount disbursed to respondent no.2 and 3 on behalf of defendant no.1.

5. It has been submitted by the applicant that after availing the loan facility, the defendant no1. failed to comply with the terms and conditions of sanction and loan agreement despite several demand letters, email to pay the monthly installments in time. The defendant no.2 and 3 also not complied the agreements. The applicant bank issued several recall notices/letters between 08.11.2019 to 08.12.2020 bot no response and classified the account as NPA on 23.03.2021, hence the applicant bank has approached this Tribunal for recovery of their dues.

6. Notices of this O.A. were issued to the defendants and despite proper service the defendants have chosen to absent from the proceedings. As per order dated 14.06.2022, the defendants have been proceeded ex-parte as they have failed to file written statement, evidence and affidavit of assets.

7. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Sh.Rishu Jindal, authorized representative of the applicant bank who has proved the documents such as Power of Attorney Ex.AW-1/1, Apartment Buyers' Agreement Ex.AW-1/2, Sanction Letter Ex.AW-1/3, Housing Loan Agreement Ex.AW-1/4, Tripartite Agreement Ex.AW-1/5, Demand Letters Ex.AW-1/6(Colly), Certified Statement of Account under Banker's Book Evidence Act Ex.AW-1/7(Colly).

8. 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.

9. 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.

10. 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.47,56,152.05 (Rupees Forty Seven Lacs Fifty Six Thousand One Hundred Fifty Two and paisa Five only) as on 16.04.2021 along with pendentelite and future interest @11.20% per annum with monthly rests and costs from the date of filing of this application till the date of realization and costs. In case of default / shortfall, the same shall be recovered from the sale of Rs.47,56,152.05 (Rupees Forty Seven Lacs Fifty Six Thousand One Hundred Fifty Two and paisa Five only) against whom the defendant no.1 availed the loan facility and other movable and immovable properties of the defendants. (II) The recovery certificate be issued forthwith and be sent the Recovery Officer, Debt Recovery Tribunal-I, Delhi. (III) Parties are directed to appear before Recovery Officer, DRT I, Delhi on 05.08.2026.

(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. _ cd (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 06.06.2026