KARUR VYSYA BANK vs ABHIJEET KUMAR SINGH AND ANR on 18 July 2026

FINAL ORDER

This original application has been filed by the applicant bank on 02.04.2022 under section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of Rs.44,56,287.29 (Rupees Forty Four Lacs Fifty Six Thousand

Two Hundred Eighty Seven and paisa Twenty Nine only) as on 28.10.2021 along with pendentelite and future interest @10.65% per annum and penal interest @3% per annum with monthly rests from 29.10.2021 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 13.04.2019, the applicant bank sanctioned housing loan for Rs.48,95,000/- (Rupees Forty Eight lacs Ninety Five Thousand only) on 16.05.2019 @8.90% interest per annum under Digital Home Loan-777 to be repayable in 300 EMIs of Rs.40,744/- for purchase of under construction residential apartment bearing Flat no.T-2/61-212, 12th Floor, Tower T-2, NCR Monarch, Sector-1, Plot no.GH-02/C, Block-2, Sector-1, Greater Noida West, Uttar Pradesh to be developed and constructed by defendant no.2. The defendant no.1 agreed to pay penal interest @3% per annum in case of default or delay in repayment of interest / installment.

3. That in order to avail the housing loan facility, the defendant no.1 submitted home loan application form along with necessary loan documents and executed Housing Loan Agreement dated 16.05.2019 and Tripartite Agreement on 01.05.2019 with the applicant bank.

4. That as per Tripartite Agreement dated 01.05.2019 between defendants and applicant bank, the defendant no.2 undertook to refund all the amount disbursed to the defendant no.1 by the applicant bank in case of default by defendant no.1.

5. That in order to avail the housing loan facility, the defendant no.1 created mortgage of the under construction

Flat no.T-2/131-212, 12th Floor, Tower T-2, NCR Monarch, Sector-1, Plot no.GH-02/C, Block-2, Sector-1, Greater Noida West, Uttar Pradesh as per permission to mortgage dated 01.05.2019 issued by defendant no.2 with the applicant bank.

6. It has been submitted by the applicant that after availing the loan facility, the defendant no.1 failed to comply with the terms and conditions of loan agreement and defendant no.2 is jointly liable to repay the outstanding dues. The applicant bank requested the defendants for regularization of the account but defendants neglected the same. Ultimately, the applicant bank classified the account as NPA on 03.10.2021 as per RBI guidelines but defendants did not come forward to clear the dues. 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 02.07.2025, the defendant no.1 has been proceeded ex-parte and vide order dated 07.07.2026, the defendant no.2 proceeded ex-parte due to non-appearance before this tribunal and failed to file written statement, evidence and affidavit of assets.

8. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Sh. P.S.Bhaskaran, authorized representative of the applicant bank who has proved the documents such as Power of Attorney, Sanction Letter, Housing Loan Agreement, Tripartite Agreement, Permission to Mortgage, Statement of Account duly certified under Banker's Evidence Act marked as Ex.AW-1/1 to Ex.AW-1/6 (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.

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.44,56,287.29 (Rupees Forty Four Lacs Fifty Six Thousand Two Hundred Eighty Seven and paisa Twenty Nine only) as on 28.10.2021 along with pendentelite and future interest @10.65% per annum with monthly rests from 29.10.2021 till the date of its realization from the sale of mortgaged Flat no.T-2/B1-212, 12th Floor, Tower T-2, NCR Monarch, Sector-1, Plot no.GH-02/C, Block-2, Sector-1, Greater Noida West, 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 the Recovery Officer, DRT I, Delhi on 17.09.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 18.07.2026