STATE BANK OF INDIA vs MANISH KUMAR PUROHIT on 19 December 2025

FINAL ORDER

This original application has been filed by the applicant bank on 28.12.2021 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 Rs.43,06,763/- (Rupees Forty Three Lacs Six Thousand Seven Hundred Sixty Three only) as on 23.12.2021 along with pendentelite and future interest @7.15% per annum with monthly rests plus @2% penal interest from the date of filing 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 15.10.2018 along with necessary documents viz Sale Agreement, Undertaking by Society, Certificate of Acknowledgement and Demand Letter with payment receipts the applicant bank sanctioned Housing loan for a sum of Rs.41,00,000/- (Rupees Forty One Lacs only) on 05.11.2018 for the purchase of under construction flat admeasuring 1709 sq. ft., Tower A, Plot no.GH-07, Sector-06,

Palmwood Enclave, Wave City, Ghaziabad, Uttar Pradesh to be developed and constructed by defendant no.2. The defendant no.1 availed loan amount of Rs.37.62 lacs from applicant bank.

3. That in order to avail the housing loan 'facility, the defendant no.1 submitted Loan Application dated 15.10.2018 and executed Sanction Letter, Memorandum for Term Loan Agreement, Agreement to Mortgage, Deed of Undertaking, Affidavit of Declaration & Indemnity, Affidavit cum Undertaking to Mortgage and Consent Clause Letter all dated 05.11.2018 with the applicant bank. The defendant no.2 issued NOC and permission to mortgage as well as defendant no.1 and 2 executed Tripartite Agreement with the applicant bank on 05.11.2018.

4. That in order to secure the loan facility, the defendant no.1 created charge in favour of applicant bank on the under construction flat for membership no.799, 3 BHK with SER, area admeasuring 1709 sq. ft., Tower A, Plot no.GH-07, Sector-06, Palmwood Enclave, Wave City, NH-24, Ghaziabad, Uttar Pradesh-201002 with the applicant bank on 05.11.2018 by depositing Share Certificate, Sale Agreement, Undertaking, Certificate of Acknowledgement, Demand Letter, Receipts and NOC issued by defendant no.2 in favour of applicant bank.

5. As per Tripartite Agreement dated 05.11.2018 executed by defendants with applicant bank, it was agreed that in the event of cancellation of the allotment by defendant no.2, it shall refund to the applicant bank forthwith the entire amount received on behalf of defendant no.1 to the applicant bank. It was agreed that non•-completion of project shall not affect the liability of defendant no.1 towards the applicant bank.

6. It has been submitted by the applicant bank that after availing the aforesaid loan facility, the defendant no.1 failed to maintain financial discipline and comply with the terms and conditions of loan despite several requests and reminders and defaulted in payment of monthly installments in time to the applicant bank. Ultimately, the applicant bank classified the account as NPA on 31.03.2021 and issued legal notice dated. 29.11.2021 to clear the dues but 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 29.04.2025, defendants have been 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 Anil Kumar, authorized representative of the applicant bank who has proved the documents as Gazette notification, Original Loan Application, True photocopy of Share Certificate, Sale Agreement, Undertakings, Certificate of Acknowledgement, Demand Letter, Payment Receipts, No Objection Certificate, Sanction Letter, Memorandum of Term Loan Agreement, Agreement to Mortgage, Deed of Undertaking, Affidavit of Declaration, Consent Clause letter, Tripartite Agreement, Statement of Account, Calculation sheet marked as Ex.AW-1/1 to Ex.AW- 1/26.

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, jointly or severally, within a period of 30 days, a sum of Rs.43,06,763/- (Rupees Forty Three Lacs Six Thousand Seven Hundred Sixty Three only) along with pendentelite and future interest @9.15% per annum with monthly rests from the date of filing of this application till its realization with costs, failing which the aforesaid amount shall be recovered from the sale of mortgaged property being under construction flat for membership no.799, consisting of 3 BHK with SER, area admeasuring 1709 sq. ft., Tower A, Plot no.GH- 07, Sector-06, Palmwood Enclave, Wave City, NH-24, Ghaziabad, Uttar Pradesh-201002. 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 17.02.2026.

(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: 19.12.2025