STATE BANK OF INDIA vs NAGENDRA KUMAR AND ANR on 15 June 2026

FINAL ORDER

This original application has been filed by the applicant bank before DRT-III, Delhi on 10.06.2022 and then transferred to DRT-I Delhi under Section 19(1) read with Section 19(25) of sd---

Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.37,12,149/- (Rupees Thirty Seven Lacs Twelve Thousand One Hundred Forty Nine only) as on 03.04.2022 along with pendentelite and future interest @8.50% per annum with monthly rests plus @2% penal interest from 03.04.2022 till the date of its realization and costs.

2. The brief facts of the case are that on the request of the defendant no.1 vide loan application with Flat Allotment Letter dated 15.05.2019, the'applicant bank sanctioned Housing Loan of Rs.32,97,000/- (Rupees Thirty Two Lacs Ninety Seven Thousand only) @8.50% interest per annum to be repayable in 259 EMIs of Rs.26,292/- and Rinn Suraksha Loan of Rs.1,22,667/- (Rupees One Lac Twenty Two Thousand Six Hundred Sixty Seven only) for payment of Life Insurance Premium on 24.05.2019 in order to purchase under construction flat bearing No.1204, Tower-R, Nitya Homes, Raj Nagar Extension, Ghaziabad, Uttar Pradesh being developed and constructed by defendant no.2.

3. That in order to avail the housing loan facility, the defendant no.1 submitted Loan Application with Flat Allotment Letter and executed Sanction Letter, Letter of Arrangement, Housing Loan Agreement, Agreement to Mortgage, Agreement for Additional Loan for Insurance Premium, Memorandum of Loan Agreement, No Objection to Mortgage by defendant no.2 on 24.05.2019 in favour of applicant bank. In addition, the defendants executed Tripartite Agreement dated 24.05.2019 with the applicant bank.

4. That in order to secure the loan facilities, the defendant no.1 executed Memorandum of Deposit of Title Deeds and Affidavit for flat confirming the deposit of title deed documents with intention to create equitable mortgage of Flat No.1204, Tower-R, Nitya Homes, Raj Nagar Extension, Ghaziabad, Uttar Pradesh on the basis of Agreement to Mortgage dated 24.05.2019 and Flat Allotment Letter issued by the defendant no.2 in favour of the applicant bank.

5. As per Tripartite Agreement dated 24.05.2019 executed by defendants with applicant bank, it was agreed that in the event of failure on the part of defendant no.1, defendant no.2 shall pay the entire money so received by it to the applicant bank. The defendant no.2 builder had undertaken that on receipt of entire consideration amount, they shall execute proper sale deed / lease deed in name of the defendant no.1 and shall deliver the sale deed/lease deed directly to the applicant bank. As per agreement, the applicant bank shall have first lien over the flat being constructed and issued no objection for creating equitable mortgage.

6. It has been submitted by the applicant bank that after availing both the loan facilities, the defendant no.1 failed to adhere to the financial discipline and terms & conditions of credit facility and defaulted in payment of monthly installments to the applicant bank despite requests. Ultimately, the applicant bank classified the accounts as NPA on 31.10.2019 as per RBI guidelines and issued legal notice on 14.07.2021 to clear the dues or cancel the booking of flat and refund the amount by defendants no.2 as per tripartite agreement but both the defendants neglected, hence the applicant bank has approached this Tribunal for recovery of their dues.

7. 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 24.02.2026, both the defendants proceeded ex-parte as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

8. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Harish Sablok, authorized representative of the applicant bank who has proved the documents such as Gazette Notification Exhibit P-1, Loan Application Exhibit P-2, Tripartite Agreement Exhibit P-3, Arrangement Letter Exhibit P-4, Agreement to mortgage Exhibit P-5, Application for Additional Loan Exhibit P-6, Sanction of Additional Loan Exhibit P-7, Agreement for Additional Loan Exhibit P-8, Memorandum of Loan Agreement Exhibit P-9,Deed of Memorandum of Deposit of Title Deed and Affidavit Exhibit P-10, .& P-11, Flat Allotment Letter Exhibit P- 12, Legal Notices Exhibit P-13, Letter dated 11.12.2021 Exhibit P-14, Statement of Account certified under Bankers' Books Evidence Act Exhibit P-15(Colly), Statement of Account of Insurance Premium Account certified under Banker's Books Evidence Act Exhibit P-16 (Colly).

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 proved.

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. Sd

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 within a period of 30 days, jointly or severally, a sum of Rs.37,12,149/- (Rupees Thirty Seven Lacs Twelve Thousand One Hundred Forty Nine only) as on 03.04.2022 along with pendentelite and future interest @10.50% per annum with monthly rests from 03.04.2022 till its realization with costs, failing which the aforesaid amount shall be recovered from the sale of mortgaged Flat No.1204, Tower-R, Nitya Homes, Raj Nagar Extension, Ghaziabad, Uttar Pradesh. 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 Recovery Officer, DRT I, Delhi on 17.08.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. (GOVIND BALLABH SHA;IIMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 15.06.2026