STATE BANK OF INDIA vs LALIT KUMAR on 20 July 2026

FINAL ORDER

State Bank of India Vs.

1. Mr. Lalit Kumar Present: This original application has been filed by the applicant bank, on 08'11'2018 through Mr' Sushil Kumar Chadha, Chief Manager of the applicant bank' under Section 19 of the RDB Act' 1993 against the defendants for recovery of a sum of Rs'98'11'677/- together with cost, charges and pendentellite and future interest @10.650lo p'a' from date of filing of this T.A. titl the realization in full'

2. The brief facts of the case are that at the request of the defendant no'1, the applicant bank sanctioned a Housing Loan Facility of Rs'84'96'000i- on L2'O2'2017 for purchasing property being Flat bearing No' J-0003' Ground Floor, Tower-je'"tsuring 1315 sq' Feet' s).

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Earth Copia, Sector-112, Gurgoan' Haryana' The defendant no.1 executed atl necessary loaning documents on 14'02'2017 and 18'01'2017' In view to secure the due repayment in the aforesaid loan' the defendant no.l created an equitable mortgage of the aforesaid of propefi' The defendant no'2 had issued permission to mortgage the aforesaid property' A Tripartite Agreement dated 18'01'2017 executed between defendant no'1 and defendant no'2 with the applicant bank.

3. It is further submitted that the defendants enjoyed and utilized the Loan facility' but failed to maintain the financial discipline and failed to repay the due amounts. The applicant bank requested the defendants to regularize the loan account by visits and letters, but there was no response from the defendants. Hence, the account was classifled as NPA dated 12.05.2108' The applicant bank served a demand notice dated 23'10'2018 to the defendants' demanding the amount due as on that date' but failed torecoverthesame.Thus,thepresentT.A.ispreferred by the applicant bank to recover its dues'

4. On notice by this Tribunal' defendants failed to put appearance at all, despite publication' Accordingly' the defendants were proceeded against expafte on 15.05.202s.

5. The applicant bank has filed evidence by way of affidavit of Mr. Vrjay Swaroop' Chief Manager of +)"a_..

applicant bank from Paper No'1 to Paper No'84 of evidence.

6. Heard the Ld' C-ounsel of applicant bank and perused the records' From perusal of the record' it is clearthatatthetimeofexecutingloandocumentsthe applicant bank has entered into a Tripartite Agreement with the builders along with the borrower' Para 4 of the Tripartite agreement is as follows: - u4. That in the event of the Buitder/Land Owner viotating the terms of this agreement and/or failing to complete the construction of the flat in time or completing the conrtruction of the flat but not handing over the posxssion of the flat to tfie Borrower or completing the construction of the flat and handing over the possession of the sme to the Borrower in time but not exxuting and rqisteing the sale ded/conveyance deed in respect of the said flat in favouroftheBorroweraspertheagrementexecuted betuen the Buitder/Land Owner and the Bonower' or in the event of the cancetlation of the agr*ment for whatever reasn furrower defautting in the repayment of the loan instalment, but before the exuution of the sb dd/conveyance de4 the Builderland Owner undertakes and agres to return to the Bank directly' all money rreived by him/her/them' directly from the Borrower and atso the amount disbursed by the Bank onbehalfoftheBorrowerforpurchaseofthegidflat, after retaining the permissible rductions' if any' as per the agrement to sll entered inb between the sA

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Buitder/tand Owner and the furrower' maximum Period of 90 daYs'' within a

7. As per conditions contained in the Tripartite Agreement at para no'4, in case of default by the borro*", the amount which has been paid by the borrower to the builder has to be returned to the bank' In the present case the borrower has made default in repayment of the EMIs and therefore' as per condition agreed between the parties' the builder is under obligation to return the entire amount which he has received from the borrower or from the applicant bank in lieu of the payment of the construction of the flat' Mor@ver, from the perusal of the entire facts it is apparent that the borrower has taken the loan and the loan amount has been paid to the builder for construction of the flat' The applicant bank has not claimed that the builder in violation of the terms and conditions has handed over the flat to the defendant no.1. The borrower has not taken any amount in his account and the entire amount has been paid to the builder. In addition to this the borrower has also paid the margin money to the builder and also paid certain EMlsasmentionedbytheapplicantbank.The borrower has not got the possession of the flat' If the borrower is directed to pay the amount which has been actually paid to the builder this will amount double penalty on the borrower' The borrower has received no money and has still paid the margin money and also certain EMIs to the bank and has got in return nothing' In such circumstances and as per agreed terms and g\

conditions it is only the builder who is liable to pay the defaulted amount to the applicant bank' In the light of the above discussions' the present T'A' deserves to be allowed against defendant no' 2'

ORDER

In case of failure to deposit the above amount within the stipulated period, the same shall be

Recovery Certificate be issued fofthwith and be sent to Recovery Officer, Delhi. Debts Recovery Tribunal-Il' t) I hereby allow this T'A' of the applicant bank and direct the defendant nos' 2 to pay to the applicant bank within 30 days from today' a sum of Rs'98'tl'6771' along with cost, expenses and interest @ 8'650/o from the date of flling of this O'A' which has become T'A' till the date of realization' recovered from the sale of the mortgaged property being Flat bearing No' J-0003' Ground Floor' Tower-J' areameasuringl3l5Sq.Feet,EarthCopia,Sector.ll2, Gurgoan, Haryana' In case of short fall' the same shall be recovered from the sale of personal movable and immovable assets of the defendant no'2'

4) The registry of this Tribunal is hereby directed to issue free copy of the order and send the same to both the Parties. g"I

5) Parties are direct to appear before the Ld' Recovery Officer, DRT-II, Delhion 2L'Og'2026' Pending IAs, if any, stand disPosed of' File be consigned to records'

Date : 20.07'2026 Date : 20.07.2026 !9,,\\ (susHIL KUNiAc RASToGI) PRESIDING OFFICER DRT-II, Delhi This judgement has been signed' dated and pronounced in oPen couft' ( s\? (susHIL KUMAR' RASroGI) PRESIDING OFFICER DRT-II, Delhi