STATE BANK OF INDIA vs SH. ABHISHEK KUMAR on 5 August 2026

FINAL ORDER

This original application has been filed by the applicant bank on 14.10.2021 before 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.22,82,596/- (Rupees Twenty Two Lacs Eighty Two Thousand Five Hundred Ninety Six only) as on 11.10.2021 along with pendentelite and future interest @7.40% per annum with monthly rests in housing loan account having outstanding of Rs.21,86,071/- and @7.35% interest per annum in SBI Life Rinn Suraksha loan account having outstanding of Rs.94,525/- plus @2% penal interest from the date of filing of this application 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 dated 16.02.2019 along with Agreement to Sell dated 22.10.2018, the applicant bank sanctioned housing loan of Rs.20,00,000/- (Rupees Twenty Lacs only) @8.95% interest per annum and Rinn Suraksha loan of Rs.88,122/- for SBI Life Premium to be repayable in EMIs of Rs.16,021/- and Rs.704/- respectively on 16.03.2019 in order to purchase under construction flat bearing No.G-504, 5th Floor, Block G, Delhi-99, Opp. Awas Vikash Bhopura Tila More Road, Ghaziabad, UP being developed and constructed by defendant no.2. Earlier, the flat being financed was allotted in favour of Sh.Agyat Raj Sikarwar and Bharat Raj as per Allotment Letter dated 25.09.2013 issued by defendant no.2 and later on defendant no.1 through Agreement to Sell dated 22.10.2018 agreed to purchase and availed loan from the applicant bank. .s.1)

3. That in order to avail the housing loan facility, the defendant no.1 submitted loan application with Agreement to Sell and executed Memorandum of Loan Agreement for Home Loan, Agreement to Mortgage, Deed of Undertaking, Affidavit of Declaration & Indemnity, Consent Clause on 16.03.2019 in favour of applicant bank.

4. That the defendant no.1 produced original Agreement to Sell dated 22.10.2018 between Sh.Agyat Raj Sikarwar and Bharat Raj, original allottees of said flat together with Allotment Agreement dated 25.09.2013, No Dues Certificate dated 16.03.2017, Offer of Possession dated 03.05.2016 issued by defendant no.2, Eleven Payments Receipts issued by defendant no.2 in the name of original allottees duly endorsed in favour of defendant no.1 as well as No Objection Letter dated 16.03.2019 regarding Mortgage of flat both issued by defendant no.2.

5. The defendant no.1 executed confirmation letter dated 19.03.2019 confirming intention for deposit of original documents of under construction flat issued by defendant no.2 along with Tripartite Agreement with applicant bank and defendant no.2. As per Tripartite Agreement dated 19.03.2019 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.1 executed affidavit dated 15.03.2019 declaring to acquire clean title of flat and applicant bank got its charged registered with CERSAI.

6. It has been submitted by the applicant bank that after availing 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 19.06.2021 as per RBI guidelines and issued legal demand notice on 12.08.2021 and 24.09.2021 as well as Corrigendum-cum-Legal notice dated 28.09.2021 to clear the dues or cancel the booking of flat and refund the amount by defendants no.2 as per tripartite agreement but failed to comply, even defendant no.2 failed to inform the status of the project, 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 06.11.2023, the defendant No.1 has been proceeded ex-parte as not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

8. The matter was pending with NCLT Delhi against defendant no.2 under Section 14 of IBC 2016 and vide order dated 14.02.2020, the Hon'ble NCLT admitted the application in terms of Section 9(5) and commenced the Corporate Insolvency Resolution Process which was to be completed within 180 days. Later on, the matter was settled and COC was not been constituted, the process of CIRP was withdrawn against defendant no.2 allowing it to function as a normal entity vide order dated 24.08.2020. The defendant no.2 has not appeared before' this tribunal since the filing of this application and no written statement, affidavit etc. have been filed.

9. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Sharat Jain, authorized representative of the applicant bank who has proved the documents such as Gazette Notification, Agreement to Sell, Loan Application, Sanction/Arrangement Letter, Loan Agreement, Agreement to Mortgage, Deed of Undertaking, Affidavit of Declaration and Indemnity, Consent Clause, Allotment Agreement, No Dues Certificate, Offer of Possession, Eleven Payment Receipts, Letter of Transferring the Rights of Flat, Confirmation Letter, Tripartite Agreement, Affidavit of declaring to acquire clean title of flat, Legal Demand Notices with Postal Receipts, Unserved Envelopes, Speed Post Receipts, Corrigendum-cum-legal notice, Certified Statement of Accounts under Bankers' Books Evidence Act, Statement of Calculation Sheets, Overdue Penal Interest Calculation sheets, Account of Insurance Premium Account certified under Banker's Books Evidence Act marked as Ex.AW-1/1 to Ex.AW- 1/41 as well as Annexure A-1 to Annexure A-6.

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 pay to the applicant bank within a period of 30 days, jointly or severally, sd- a sum of Rs.22,82,596/- (Rupees Twenty Two Lacs Eighty Two Thousand Five Hundred Ninety Six only) as on 11.10.2021 along with pendentelite and future interest @9.40% per annum with monthly rests from 11.10.2021 till its realization with costs, failing which, the aforesaid amount shall be recovered from the sale of mortgaged Flat No.G-504, 5th Floor, Block G, Delhi-99, Opp. Awas Vikash Bhopura Tila More Road, Ghaziabad, UP. 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 05.10.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. e - 2'4° (GOVIND BALIAAIWSHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 05.08.2026