KARUR VYSYA BANK vs PRADEEP KUMAR SINGH AND ORS on 29 October 2026

**FINAL ORDER**

This original application has been filed by the applicant bank on 20.06.2022 under section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of Rs.42,99,695.28 (Rupees Forty Two Lacs Ninety Nine Thousand Six Hundred Ninety Five and paisa Twenty Eight only) as on 12.10.2021 along with pendentelite and future interest @7.20% per annum and penal interest @3% per *Sd-*

annum with monthly rests from 12.10.2021 till the date of realization and costs.

2. The brief facts of the case are that on the request of defendant no.1 vide loan application dated 14.12.2018 along with Allotment Letter and Builder Buyer Agreement dated 31.01.2019, the applicant bank sanctioned housing loan for Rs.39,10,846/- (Rupees Thirty Nine Lacs Ten Thousand Eight Hundred Forty Six only) on 27.02.2019 @8.90% interest per annum under Digital Home Loan-777 to be repayable in 300 EMIs of Rs.32,552/- for purchase of under construction residential Flat no.T-3/A-418, 18^th Floor, Tower T-3, Plot no.GH-02/C, Sector-1, NCR Monarch, Greater Noida, Uttar Pradesh to be developed and constructed by defendant no.2. The defendant no.1 agreed to pay penal interest @3% per annum in case of default or delay in repayment of interest / installment.

3. That in order to avail the housing loan facility, the defendant no.1 submitted home loan application form along with necessary loan documents on 14.12.2018 and executed Housing Loan Agreement and Agreement cum Undertaking to create Mortgage on 27.02.2021. The defendants executed Tripartite Agreement on 22.02.2019 with the applicant bank.

4. That as per Tripartite Agreement dated 22.02.2019 between defendants and applicant bank, the defendant no.2 undertook to refund all the amount disbursed to the defendant no.1 by the applicant bank in case of default by defendant no.1.

5. That in order to secure the housing loan facility, the defendant no.1 created mortgage of the under construction Flat no.T-3/A-418, 18^th Floor, Tower T-3, Plot no.GH-02/C, *sd-*

Sector-1, NCR Monarch, Greater Noida, Uttar Pradesh as per permission to mortgage issued by defendant no.2 with the applicant bank.

6. It has been submitted by the applicant that after availing the loan facility, the defendant no.1 failed to comply with the terms and conditions of loan agreement and defendant no.2 is jointly liable to repay the outstanding dues. The applicant bank requested the defendants for regularization of the account but defendants neglected the same. Ultimately, the applicant bank classified the account as NPA on 23.03.2021 as per RBI guidelines but defendants did not come forward to clear the dues. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

7. Notices of this O.A. were issued to the defendants and despite proper service the defendants have chosen to absent from the proceedings. As per order dated 08.09.2025, the defendant no.1 has been proceeded ex-parte due to non filing of written statement, evidence and affidavit of assets. The applicant bank submitted that IB-570(ND)/2022 was filed by Subish Tyagi against defendant no.2 u/s 7 of IBC 2016 before NCLT which was dismissed vide order dated 16.05.2023 and now there is no matter is pending, hence the defendant no.2 proceeded ex-parte due to non-appearance before this tribunal and non-filing of written statement, evidence and affidavit of assets.

8. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Sh. Bibhuti Kumar, authorized representative of the applicant bank who has proved the documents such as Power of Attorney Ex-AW-1/1, Builder *Sd-*

Buyer Agreement Ex-AW-1/2, Sanction Letter Ex-AW-1/3, Housing Loan Agreement Ex-AW-1/4, Agreement cum Undertaking Ex-AW-1/5, Tripartite Agreement Ex-AW-1/6, Statement of Account duly Certified under Banker's Evidence Act Ex-AW-1/7(Colly).

9. The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

10. The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

11. In the light of the above discussions, the Original Application deserves to be allowed.

**ORDER**

I, allow this OA and direct the defendants to pay to the applicant bank within a period of 30 days, jointly or severally, a sum of Rs.42,99,695.28 (Rupees Forty Two Lacs Ninety Nine Thousand Six Hundred Ninety Five and paisa Twenty Eight only) as on 12.10.2021 along with pendentelite and future interest @10.20% per annum with monthly rests from 12.10.2021 till the date of its realization from the sale of mortgaged Flat no.T-3/A-418, 18^th Floor, Tower T-3, Plot no.GH-02/C, Sector-1, NCR Monarch, Greater Noida, Uttar Pradesh. In case of shortfall, the same shall be recovered from Sd- the sale of movable and immovable properties of the defendants.

(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

(III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 29.12.2026.

(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

**(GOVIND BALLABH SHARMA)** **PRESIDING OFFICER** **DRT-I, DELHI**

(Dictated and pronounced in open court) Dated: 30.10.2026