UNION BANK OF INDIA vs SYED MOHD. FAISAL ALI on 8 May 2025

FINAL ORDER

This original aPPlication has been filed bY the applicant bank, on 30'08'2016 through Sh' Devesh Kumar Bajpai, Senior Manager of the applicant bank' under Section 19 of the RDB Act' 1993 against the defendants for recovery of a sum of Rs'68'89'193/- together with cost, charges and pendentetlite and future interest @ 12'25olo p'a' from date of flling of this O.A. till the realization in full' Z. The brief facts of the case are that at the request of the defendant no' 1 & 2' the applicant bank sanctiond a Term Loan Facility of Rs'69'68'000/-' In 9).

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order to avail the above said loan facility the defendants have executed various loaning documents dated 13.03.20t4.To secure the aforesaid Term Loan Facility as advanced by the applicant bank in favour of the defendants, the defendant no.1 executed security interesVcharge of their immovable properfy situated at AVJ Heights, C-1401, Plot No. GH-t2102, Sec- Zeta-I, Greater Noida in favour of the applicant bank allotted by the defendant no.3. A Tripartite Agreement executed on 13.03.2014 between the defendant no'1,2 and 3 with 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. Therefore, the applicant bank served a legal demand/recall notice dated 05'08'2016 to the defendants, demanding the amount due as on that date, but failed to recover the same' Thus, the present T.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 and failed to file WS and evidence' Thereafter, defendant nos' 1 & 2 failed to put appearance. Accordingly, defendant no'1 & 2 were proceeded against exparte on 18'01'2017' The defendant no.3 failed to put appearance at all' despite C} I I I i I I i I I I

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publication. Accordingly, defendant no.3 proceeded against exparte on 30'01.2025. was

5. The applicant bank has filed evidence by way of the affidavit of Mr. Vinay Kumar Singh, Attorney Holder of applicant bank as Annexure P-1 to Annexure P-12'

6. Heard the Ld. Counsel of 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 10 of the Tripartite agreement is as follows: - ' 10. In the event of the Bank recalling the loans and the amounts disburced therein for any reasons whatsoever, the Builder shatl remit back to the Bank att amounts standing to the credit of the furrower. In the event of the Builder cancelling the allotment in favour of the Borower, upon the Bank realling the advancq the Buitder shall refund to the bank atl amounb disburced by the funk till date of such r*atl along with interest as appliable and only thereafter shatt have the lifurty to allot the Ftat to anY other PartY."

7. As per conditions contained in the Tripartite Agreement at para 10, in case of default 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 e)

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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 & 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 present T'A' deserues 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 O.. i I ; I I I l ! i I I

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Rs.68,89,193/- 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 mortgaged property bearing situated at AVJ Heights, C-1401, Plot No' GH- l2l)2, Sec- Zeta-I, Greater Noida. 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 directed to appear before the Ld' Recovery Officer, DRT-II, Delhi on 08'07'2025' Pending IAs, if any, stand disPosed of. File be consigned to records. !q Date : 08.05.2025 (SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi This judgement has been signed, dated and pronounced in oPen coutt' a -l \ 9A Date : 08.05.2025 (susHIL KUMAR RASToGI) PRESIDING OFFICER DRT-II, Delhi T I I I I i I I