UNION BANK OF INDIA vs MS PRAVEEN GUPTA on 8 May 2025

FINAL ORDER

This original application has been flled by the applicant bank, on 19.02.2018 through Mr' Shripad Dilip T1karam, Asst General Manager of the applicant bank, under Section 19 of the RDB Act, 1993 against the defendants for recovery of a sum of Rs'33,48,350/- together with cost, charges and pendentellite and future interest @ 12.25olo p.a' from date of filing of this O.A. tillthe realization in full.

2. The brief facts of the case are that at the request of the defendant no.1 & 2, the applicant bank sanctioned Housing Loan Facility of Rs.50.00 lacs for purchase of under Construction Unit No' G-1, Ground Floor, Block-E, measuring Super Area 1925 Sq' Ft in Bulland Elevates, situated $-Group Housing Plot c). Mr. Sandeep Soni, Counsel appears for applicant bank. Oefendants are exparte, since 12.01.2023' I i I I I I I i i j I l i

I i I I I l I i l I i

TANO. l8g5l2o23 2 No.GH-3A, Sector-16C, at Greater Noida' Gautam Budh Nagar, UP, vide sanction letter dated 12'07 '20t3' The defendant nos'1 and 2 executed all necesgry loaning documents on 26.07'2013' The aforesaid credit facilities were secured by mortgage of the aforesaid property. A Tripartite agreement executed between defendant no.l and defendant no'3 with the applicant bank on 26.07.20t3.

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. Therefore, the applicant bank served a demand notice dated 12.02.2018 to the defendants, demanding the amount due as on that date, but failed to recover the same. Thus, the present O'A'fl-'A is preferred by the applicant bank to recover its dues'

4. On notice by this Tribunal, defendant nos' 1 to 3 put appearance through counsel but failed to file WS and evidence on time. Thereafter, defendant nos' 1 to 3 failed to put appearance. Accordingly, defendant nos.l to 3 were proceeded against exparte on L2.0t.2023.

5. The applicant bank has filed its evidence by way of affidavit of Sh. Ratnesh Kumar Sinha (AW-l), Chief Manager of the applicant bank as Paper no.21 to Paper no.109 which have gone unchallenged and un- rebutted. Hence, the case-of th-e applicant bank stands s).

respect to nonpayment of EMI/ outstanding amount'

5. Heard the Ld. Counsel 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 3 of the Tripartite Agreement is as follows: - o3. That in the event of the Bonower and or Buitder/Land Owner faiting to complete the sle TANO. 189512023 3 fully established against the transaction agreement defendants with ad registration thermf as Per the betwen the Buitder/and Owner & Borrower/Land Owner undertakes and agres to return altthe moneys received by him, in connection with the amount disburced by the bank to the Botower for purchase of the flat in question with interest to the Bank."

7. As per conditions contained in the Tripartite Agreement at para no. 3, 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 o.. I i I I l I i I I I I i i i l i I

TA NO. 189512023 4 constructionoftheflat.Theapplicantbankhasnot claimed that the builder in violation of the terms and conditions has handed over the flat to the defendant nos.1 and 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 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 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 T'A deserves to be allowed against the 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 Rs'33'48'350/- along with cost, expenses and interest @ 10'25olo from the date of filing of this OA 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 moftgaged property q>

TA NO. r89s12023 bearing Unit No. Date : 08.05.2025 G-1, Ground Floor, Block-E'

measuring Super Area 1925 Sq' Ft in Bulland Elevates' Situated at Group Housing Plot No'GH-3A' Sector-l5C' atGreaterNoida,GautamBudhNagar'UP'Incaseof short fall, the same shall be recovered from the sale of personal movable and defendant no. 3. immovable assets of the

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

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

5) Parties are direct to appear before the Ld' Recovery Officer, DRT-II, Delhion 08'07'2025' Pending the Parties. IAs, if anY, stand disPosed of' File be consigned to records' a. n- % Date :08.05'2025 (susHIL KITMAR RASiOGI) PRESIDING OFFICER DRT-II, Delhi This judgement has been signed' dated and pronounced in oPen court' q-. ; (SUSHIL KUM-AR NffdCII PRESIDING OFFICER DRT-II, Delhi T I l i i I i

L I