STATE BANK OF INDIA vs MR. PANKAJ KUMAR SINHA on 17 August 2026

FINAL ORDER

This original application has been filed by the applicant bank, on 18.02.2019 through Mr. Sushil Kumar Chadha, Chief Manager of the applicant bank, under Section 19 of the RDB Act, 1993 against the defendant no.l for recovery of a sum of Rs.1,76,94,499/- together with cost, charges and pendentellite and future interest @10.95olo p.a. from date of filing of this O.A. till the realization in full.

2. The brief facts of the case are that at the request of defendant no.l, the applicant bank sanctioned a Housing Loan Facility of Rs.1,94,00,000/- on 23.09.20L7 for purchasing propefty being Flat bearing No. J-1203, Lzs, Floor. Block-J, Capital Gateway, Sector-111, Gurgaon, Haryana and out of the said sanctioned amount sAr TANO.547 of2022

of Rs.1,94,00,000/- a total sum of Rs.L,76,32,ZOgl- has been disbursed as per request of the defendant no.1 till date. The defendant no.l executed all necessary Ioaning documents on 09.09.2017, 23.09.20t7 and 22.09.20L7.In view to secure the due repayment in the aforesaid housing loan, defendant no.l created an equitable mortgage of the aforesaid property by way of deposit of the title documents with the applicant bank. The defendant nos.2 &

being bu i lder/developers/promoters have ta ken u p construction of residential apartment known as "Capital Gateway", Sector-111, Gurgaon, Haryana. The defendant nos.2 & 3 has issued non objection to certificate dated 22.09.20L7 qua moftgage of the aforesaid property. A Tripartite Agreement dated 23,09.2017 executed between the defendant no.1 and defendant nos.2 & 3 with the applicant bank.

3. It is fufther submitted that the defendants enjoyed and utilized the Loan facilities, 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 classified as NPA dated 15.01.2019. The applicant bank served a demand notice dated 30.01.2019 to the defendants but failed to recover the same Thus, the present O.A.ff.A. is preferred by the applicant bank to recover its dues.

4. On notice by this Tribunal, defendant no.1 put appearance through counsel but failed to file written statement and right to file written statement of defendant i s\

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no.l was closed vide order dated 11.06.2025. Thereafter, the defendant no.1 failed to put appearance in the matter. Accordingly, the defendant no.1 was proceeded against exparte on 11.06.2025. The defendant nos.2 & 3 failed to put appearance at all, despite publication. Accordingly, the defendant nos.2 & 3 were proceeded against exparte on 14.06.2024.

5. The applicant bank has filed documents as Paper No-l to Paper No.B2 which have gone unchallenged and un-rebutted. Hence, the case of the applicant bank stands fully established against the defendants with respect to nonpayment of EMI/ outstanding amount.

6. Heard the Ld. C-ounsel for the applicant bank and perused the records. From perusal of the record, it is clear that at the time of executing loan documents the applicant bank has entered into a Tripartite Agreement with the builder along with the borrower. Para 2 of the Tripartite Agreement is as follows:- 2, "That the Builder agrues that it has no objection to the Bonower(s) mortgaging the said flat with ptoportionate sharc in land to the SBI as security for'the sid loan agt d to be advaned by the . SBI for the purp(Ee of purcha*/construction of the sid flat In the event of default in the rcpayment of loan and/ or the Bonower(s) committing any other default which makes the Borruwer(s) liable for the rgpayment of the enthe amount outstanding in the sid loan as per the terms of the Loan Agre--------------ementexecutedbe\e"theBonower(s) (.I l

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and the SBd the Builder shall, at the catt of SBI, be underobligation to ancel the booking and pay all the amounB received by the Builder fiom the Bonower(s) oron behalf of the Bonower(s) to the sBr.'

7. As per conditions contained in the Tripartite Agreement at 23.09.2017 at para no. 2, in case of default by the borrower 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 Moreover, 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 ceftain EMIs as mentioned by the applicant bank. 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 EI

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terms and 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 Original Application deserues to be allowed against the defendant no.2 & 3.

ORDER

1) I hereby allow this T.A. of the applicant bank and direct the defendant nos.2 & 3 to pay jointly and severally to the applicant bank within 30 days from today, a sum of Rs.1,76,94,4991- along with cost, expenses and interest @8.50o/o from the date of filing of this O.A; which has become T.A till the date of realization.

2) In case of failure to deposit the above amount within the stlpulated period, the same shall be recovered from the sale of moftgaged propefi bearing property being FIat bearing No. J-1203, 12h Floor, Block-J, Capital Gateway, Sector-l11, Gurgaon, Haryana. In case of short fall, the same shall be recovered from the sale of personal movable and immovable assets of the defendant nos.2 &

3.

3) Recovery Certificate be issued forthwith and be sent to Recovery Officer, Debts Recovery Tribunal-Il, Delhi.

4) The registry of this Tribunal is hereby directed to issue free copy of the order and send the same to both the parties. ---'-\

9. \ i

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5) Parties are directed to appear before the Ld. Recovery Officer, DRT-II, Delhi on 19.10.2026. pending IAs, if any, stand disposed of. File be consigned to records. Date : 17.08.2026 s^ (susH r L KU-MAR'RASTOGT) PRESIDING OFFICER DRT-II, Delhi This judgement has been signed, dated and pronounced in open court. Date : 17.08.2026 SJ (susHrl KUMAR'RAS I ocr) PRESIDING OFFICER DRT-II, Delhi