UCO BANK vs SH NARENDER KUMAR on 30 April 2025

FINAL ORDER

This original application has been filed by the applicant bank, on 01.05.2018 through Mr' Khushiram' Asstt. General Manager of the applicant bank' under Section 19 ofthe RDB Act, 1993 againstthe defendants for recovery of a sum of Rs'37,97,t85/- together with cost, charges and pendentellite and future interest @ !1.70o/o 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 the defendant nos. 1 & 2, the applicant bank sanctioned a Housing Loan Facility of Rs'35 lakhs for purchase of Flat No'103, Tower -E, Manorath Situated at Plot No GH 4B/1, Sector-16 Greater Noida- West' { -- --'l' SI l I I I I I i I I I I I I i

TANO.289of2022 2 Distt- Gautam Budh Nagar, U.P allotted by defendant no.3/builder. The defendants executed all necessary loaning documents dated 29.06.2015. A Tripartite Agreement dated 08.07.2015 has entered into between applicant bank and defendant no.1 and defendant no.3.

3. It is further submitted that the defendants enjoyed and utilized the Loan hcility, 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 on 31.10.2017. Therefore, the applicant bank served a notice dated 08.01.2018 to the defendants, demanding the amount due as on that date, but failed to recover the same. Thus, the present O.Aff'A. is preferred by the applicant bank to recover its dues'

4. On notice by this Tribunal, defendant nos' 1 & 2 put appearance through counsel but failed to file WS and evidence. The defendant no.3 failed to put appearance at all. Accordingly, defendants were proceeded against exparte on 10.09.2024'

5. The documentary evidence filed by way of affidavit of Mr. Khushiram, Asst. General Manager of applicant bank from paper no.3 to paper no'65'

6. Heard the Ld. Counsel of applicant bank and perused the records. From perusal of the record it is 9A i I

TANO.289 of 2022

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 15 of the Tripartite agreement is as follows:- " 15. In the event of default of repayment of the loan and / or the Bonower(s) ammitting any other default which make the Borrower tiable for the repyment of the entire amount outstanding in the said lan as per the terms of the loan agreement exxutd betwen the Borrower/s and the fun& or if the furrower withdraws from his agrtrment or Buitder ancels the fuoking of the furrower, or in the event of failure of the Builder to complete the projut, or in the event of dath of the Borrower, or in any event where the title to the shdule flat/dwelling unit is not /not being psd on b the Borrower or in any other eventualities of the nature by which the loan advanced by the Bank is not utitisd for the purpose for which it was so advand or breach of any of the terms and condition conbind in this agremen| the entire amount aduanced by the Bank on a@unt of dre Bonower shall fu rcfunded by tfie Builder to the Bank' If the entire amount refundd by the Builder is insufficient to clos the lmn account, Bonower shall make immdiate anangements for payment of such deficit amount as may fu requird to cloe the loan account' If the Builder faits to repay the amount as satd under this clatt*' the furrower shall repay the entire lun amount with interest, exp€nses, penal interest, etc' in terms of the lun agrement ex$utd-Ye Bonower/s' " 4,\',,

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7. As per conditions contained in the Tripartite Agreement at para no.15, 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 pafties, 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 & 2. 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 Elvlls 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 ceftain EMIs to the bank and has got in return nothing. In such circumstances and as per agreed terms and conditions it is only the builder who is liable to pay the defaulted amount to the applicant bank. =?.

TANO.289of2022 5 In the light of the above discussions, the Original Application deserves to be allowed against defendant No.3.

ORDER

1) I hereby allow this T.A. of the Applicant Bank and direct the defendant no. 3 to pay to the applicant bank within 30 days from today, a sum of Ps.37,97,L851- along with cost, expenses and interest @ 9.95olo simple from the date of flling 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 stipulated period, the same shall be recovered from the sale of the property bearing Flat No.103, Tower -E, Manorath Situated at Plot No GH 4B/1, Sector-16 Greater Noida- West, Distt- Gautam Budh Nagar, U.P. In case of short fall, the same shall be recovered from the sale of personal movable and immovable assets of the defendant no. 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.

5) Parties are direct to appear before the Ld. Recovery Officer, DRT-II, Delhion 30.06.2025. Pending IAs, if any, stand disposed of.il TANO.289of2022 6 File be consigned to records. Date : 30.04.2025 g.) (SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi --_.--,-E_r- This judgement has been signed, dated and pronounced in open court. Date : 30.04.2025 E-\ (SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi T I I I I I I I I : I I I II I l I I