PUNJAB NATIONAL BANK vs KUNAL KUMAR on 22 December 2025

FINAL ORDER

This original application has been filed by the applicant bank on 06.09.2018 before DRT-III, 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.41,00,366/- (Rupees Forty One Lacs Three Hundred Sixty Six only) as on 05.09.2018 along with pendentelite and future interest @8.45% per annum with monthly rests plus @2% penal interest from 06.09.2018 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 & 2 as co-borrowers vide loan application dated 01.08.2017, the applicant bank sanctioned Housing loan of Rs.42,00,000/- (Rupees Forty Two Lacs only) and One time Insurance for Rs.65„178/- on 06.09.2017 @8.55% per annum with monthly rests, which was to be repayable in 300 Equated Monthly Installments of Rs.34,489/- each for purchase of under construction Flat no.2101, 21st Floor, Tower-B2, Palace Height, Plot no.GH-02B, Sector-01, Noida Extension, Greater Noida, UP-201303 to be developed and constructed by defendant no.3 as per Apartment Buyers' Agreement dated 18.07.2017. The applicant bank disbursed the loan amount thru Four Pay Orders dated 11.09.2017 for Rs.38.00 lacs.

3. That in order to avail the housing loan facility, the defendant no.1 & 2 submitted Loan Application dated 01.08.2017 together with payment receipts as well as demand letters of defendant no.3 and executed Sanction Letter dated 06.09.2017, D.P.Note, Agreement under United Housing Loan Scheme, Undertaking cum Declaration, Permission to Create Mortgage, Power of Attorney dated 08.09.2017 as well as defendant no.1 and 2 executed Tripartite Agreement with applicant and defendant no.3 on 11.09.2017.

4. That in order to secure the housing loan facility, the defendant no.1 and 2 created equitable mortgage of the Flat no.2101, 21st Floor, Tower-B2, Palace Height, Plot no.GH-02B, Sector-01, Noida Extension, Greater Noida, UP-201303 with the applicant bank on 11.09.2017 by depositing documents of the title of the flat and permission to mortgage issued by defendant no.3 dated 17.08.2017.

5. As per Tripartite Agreement dated 11.08.2017 executed by defendants with applicant bank, it was agreed that in case of termination or cancellation of the agreement for any reason whatsoever, the defendant no.3 / builder shall pay and remit the entire outstanding dues against the defendant to the applicant bank. The defendant no.3 agreed to register proper conveyance deed/sale deed in favour of borrower or such other persons nominated by applicant bank and shall deliver the same directly to applicant bank.

6. It has been submitted by the applicant bank that after availing the loan facility, the defendants no.1 & 2 failed to maintain financial discipline and comply with the terms and conditions of loan despite several requests / reminders and defaulted in payment of monthly installments in time to the applicant bank. Due to default in payment of EMIs, the applicant bank classified the account as NPA on 30.04.2018 and issued legal demand notice on 07.08.2018 to clear the dues but defendants neglected to refund the amount as per agreement. Hence, the applicant bank has approached this Tribunal for recovery of its dues.

7. Notices under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 was issued on 04.05.2018 to the defendants by the applicant bank but defendants failed to clear the dues even after reminder / notice by applicant bank.

8. 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 23.07.2019, defendant no.1 & 2 have been proceeded ex-parte and vide order dated 03.12.2025, defendant no.3 has been proceeded ex-parte as they have not appeared before the Tribunal nor evidence and affidavit of assets have been filed.

9. In order to prove its case, the applicant bank has filed its evidence by way of Affidavits of Sh.Samarendu Samal (AW-1) & Sh.Sridhar Swaminathan (AW-2), authorized representatives of applicant bank who has proved the documents such as Sanction Letter, Demand Promissory Note, Agreement under United Housing Loan Scheme, Undertaking cum Declaration, Apartment Buyer's Agreement, Tripartite Agreement, Permission to Create Mortgage, Power of Attorneys, Payment Receipts, Copies of Pay Orders, Demand Notice, Postal Receipts, Legal Demand Notice, Statement of Account alongwith Certificate under Banker's Book Evidence Act, Statement of Uncharged and Penal Interest, Consolidated Statement of Account marked as Ex.AW-2/1 to Ex.AW-2/17.

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, a sum of Rs.41,00,366/- (Rupees Forty One Lacs Three Hundred Sixty Six only) as on 05.09.2018 together with pendentelite and future interest @10.45% per annum with monthly rests from 06.09.2018 till its realization with costs, failing which the aforesaid amount shall be recovered from the sale of mortgaged Flat no.2101, 21st Floor, Tower-B2, Palace Height, Plot no.GH-02B, Sector-01, Noida Extension, Greater Noida, UP-201303. 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 20.02.2026.

(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. na- (GOVIND BALLABT SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 22.12.2025