PUNJAB NATIONAL BANK vs AMBER SRIVASTAVA AND ANR on 30 July 2026

FINAL ORDER

This original application has been filed by the applicant bank on 29.05.2020 through Shri Praveen Relan, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.44,51,884/- (Rupees Sly—

Forty Four Lacs Fifty One Thousand Eight Hundred Eighty Four only) as on 20.03.2020 along with pendentelite and future interest @9.75% per annum with monthly rest from 20.03.2020 till the date of realization and costs.

2. The brief facts of the case are that at the request of defendant no.1 vide loan application dated 01.09.2017 and allotment cum buyer agreement dated 08.08.2017, the applicant bank sanctioned Housing Loan of Rs.45,00,000/- (Rupees Forty Five Lacs Only) under Home Loan scheme on 14.09.2017 to be repayable in 300 equated monthly installments of Rs.35,932/- @8.55% interest per annum subject to change from time to time in order to purchase under construction Flat no.1603, B-6, Morpheus Pratiksha, GH-16A, Sector-01, Greater Noida, UP measuring 2480 sq.ft. being constructed by defendant no.2. In case of default in repayment of interest / instalments, the defendants agreed to pay @2% penal interest over the agreed rate of interest.

3. That in order to avail the housing loan facility, the defendants executed Allotment cum Flat Buyer Agreement dated 08.08.2017, Sanction Letter, Agreement of Individual Housing Loan, Power of Attorney, Common Affidavit, Undertaking for carrying out construction, Affidavit of details of legal heirs, Letter for Auto Recovery, Letter of Consent, Agreement to execute Sale / Deed of Conveyance, Common Agreement, No Objection for Mortgage and Tripartite Agreement dated 15.09.2017 in favour of applicant bank. The defendant no.2 issued various receipts of payments received from defendant no.1.

4. It has been submitted by the applicant bank that after availing the housing loan facility, the defendant no.1 failed to regularize the account and defaulted in repayment of interest and instalment in the account with the applicant bank. Ultimately, the applicant bank classified the account as NPA on 01.03.2019 and issued demand notice dated 04.11.2019 calling upon the defendants to pay the overdue amount but the defendants neglected and hence the applicant bank has approached this Tribunal for recovery of their dues.

5. 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 15.07.2022, right to file written statement closed for defendant no.1 in terms of proviso of Section 19(5)(1) of RDB Act and defendant no.2 has been proceeded ex-parte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets have been filed.

6. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Sh.Praveen Relan, authorized representative of the applicant bank who has proved the documents such as Power of Attorney Exhibit A-1, Loan Application Annexure A-2, Sanction Letter Annexure A-3, Allotment cum Buyer Agreement Annexure A-4, Agreement of Individual Housing Loan Annexure A-5, Tripartite Agreement Annexure A-6, Power of Attorney Annexure A-7, Common Affidavit Annexure A-8, Undertaking Annexure A-9, Undertaking to execute Agreement for Sale/Deed of Conveyance Annexure A-10, Common Agreement Annexure A-11, No Objection for Mortgage Annexure A-12, Letter of Consent Annexure A-13, Affidavit of Legal Heirs Annexure A- 14, Copies of Receipts Annexure A-15, Demand Notice $cf

Annexure A-16, Statement of Account as per Bankers Book of Evidence Annexure A-17.

7. 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.

8. 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.

9. 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.44,51,884/- (Rupees Forty Four Lacs Fifty One Thousand Eight Hundred Eighty Four only) as on 20.03.2020 along with pendentelite and future interest @9.75% per annum from 20.03.2020 till the date of realization failing which the aforesaid amount shall be recovered from the sale of mortgaged Flat no.1603, B-6, Morpheus Pratiksha, GH-16A, Sector-01, Greater Noida, UP measuring 2480 sq.ft. In case of 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. Si)

(III) Parties are directed to appear before Recovery Officer, DRT I, Delhi on 28.09.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. 5a- (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 30.07.2026