ASWINI KUMAR SINGH JASROTIA vs Cholamandalam Investment and Finance Company Ltd on 26 October 2026

1. 'l'hc appcllant filcd S.A. bcaring no.39412023 titlcd as Aswini Kumar Singh .Iasrotia V. Cholamandalam Investmcnt and l'inance Company Limitcd, which was statcd to bc pcnding bcforc DI{I'-I, Dclhi. 'l'hc appcllant olaims to bc ncithcr thc borrower nor thc guarantor nor thc mortgagor ancl has no conncction with thc loan facilitics allcgcd to havc bccn grantcd to Parvccn Kurnar Ilabbar and othcrs. 't'hc appcllant in S.A contcndcd that hc is a bonct /ide purahascr having purchasccl thc said proporty i.c. cntirc first l-1oor (without rool'rigl-rts) boaring n<>.79, Pockcl 10, Scctor-Z},I{ohini, I)clhi-86 from Itashmi Aggarwal. Itashmi Aggarwal was statcd to havc purohascd thc said propcrty in c-auction oonducted by thc I{ccovcry Officcr, DI{I-III, Dclhi on 05.07.2019 in cxccution prooccdings in It.C. no.28312017 arising out of O.A. bcaring no.2l3l20l5 titlcd as UCO Ilank V. lloshan Kumar & othcrs. Itashmi Aggarwal bcing thc auction purchascr had participatcd in thc auction conductcd by thc I{ccovcry Officcr, DI{I'-III, Dclhi and was subscqucntly dcclarcd as highcst biddcr. 'l'hc salc was confirmcd in four of I{ashmi Aggarwal. 'l'hc appcllant had also plaocd ncccssary dooumcnts on rccord.

2. 'l'hc rcspondcnt, in rcply to thc appcal, also stated factual posilion. 'Ihc counscl for thc rcspondcnt statcd that Parvccn Kumar Ilabbar, Archna Ilabbar and Itishu Ilabbar had availcd IIomc Loan of Its.2tl lacs ori 31.10.2025 vidc Sanotion Lcttcr datcd 31.10.2025. Archna Ilabbar morlgagcd thc subjcct properly and also dcpositcd original titlcd documcnts, inoluding thc Convcyancc Dccd datcd 1ti.06.2008 statcd to havc bccn cxccutcd in favour Ajuy Aggrwal. Othcr documcnts wcrc also cxccutcd. 'l'hc loan account was dcclarcd NPA on 06.12.2021 and thcrcaftcr notioc datcd 16.12.2021 undcr Scction l3(2) of thc SAITIAIiSI At was issucd whcrcin clcmdnd rcgarcling thc outstancling clucs was raiscd. Noticc was also publishcd in local ncwspapcrs on 04.02.2022. 'l'hc rcspondcnt also issued posscssion noticc datcd 27.06.2022 undcr Scction 13(4) of thc Act which was duly scrvccl upon thc borrowcrs by publication. 'l'hc rcsponclcnt thcn file<t application unclcr Scotion 14 of thc Act bcftrrc CMM, which was also allowcd on 04.06.2023 and a Court l{cccivcr was appointcd who issuc noticc datcd 22.06.2023 for taking physioal posscssion of thc subjcct propcrly on 06.07.2023. 'l'hc posscssion of thc propcrly has alrcady bccn takcn ovcr by thc rcspondcnt on 06.07.2023.

3. DI{l' viclc thc impugncd ju<lgmcnt clatccl 24.04.2024 has dismissccl thc S.A. by obscrving that thc rcspondcnt was having bettcr and prior chargc ovcr thc subjcct propcrly as it was moftgagcd with thc rcspondcnt from 3 1 . 10.201 5 (corrcct datcd is 1 1.03 .2014). DI{f has furthcr obscrvcd that thc appcllant is claiming to bc thc owncr of thc subjcot propcrty on thc basis of Salc Dccd datcd 24.09.2021 from llashmi Aggarwal who purchasccl thc surbjcct propcrty in an auction conclur:tcd by thc ltccovcry OI'liccr, I)l{'l'-lll, I)clhi or-r 05.07.2019 in I{.C. No.28312017. 'l'hc rclcvant portion o1'thc impugncd llnal orclor clatccl 24.04.2024 is rcprcduccd as r-rnclcr:-

5. ln thc prcsent mattcr, thc applicant is claiming as the owner o1' thc ;rroper(y in question purchasccl lrom Ms. Rashmi Agarwal on 24.119.2021 vidc Salc l)cerl cluly rcgislcrccl with Sub-lLcgislrar VII), lLohini bcaring lLcgistrali<ln no.4tl49 in llooh No.l Vol.No.lfl76 on I'agc 155 to I64 ancl Ms. llashrni Agarwal has purchasccl thc propcrty in qucstion in iln auction conductcd by l,rl. Ilccovcry ol'ficcr, l)lt'l'-lll, I)clhi on 05.07.2019 in ItC no.28312017 vidc salc ccrtilicatc, which was duly rcgistcrcd with Sulr-ltcgistrar VI l), I{ohini <tn 29.05.2020 bcaring ltcgistration No.l220 in lilrok No.l, Vol. No.l502 on l>tge 29 to 136. On thc othcr hancl, thc rcspondcrrt no.1 Fl is clairning that Parvccn Kumar llabbar, Archana Ilabbar and ltishu llabbar had availcd llomo llquity l,ozrrr furcility ol' Its.2tt.00 lacs on 3l.l0.20l5lionr thc rcspondcnt lr'l against thc nrortgztgctl (hc propcrty in qucstion by dcposit oI original clocumcnts inclucling Oouveyance l)ccd rlalctl Itt.06.200tt and sincc thc itccount becamc Nl'}A rlrrc to norr-aclhcrcncc ol'[inancial clisciplino on 06.12.2021, thcrelilrc, the rcs;rorrdetr( I,'l has procccclctl lirrthcr undcr thc SAltlr'AllsI Act,,2ll1l2 ttt recovcr ils tlucs.

6. Kccping in vicw ol'1hc alirrcsaitl Iacts ancl circumstancos, this'l-ribunal is ol' thc viclv that thc respondcnt lr'l is having hctter ancl prior chargc ovcr thc propcrty in qucs(ion lrccausc thc propcrly in qucstittn is rnortgagccl with thcm sincc 31.10.2015, whcrcas thc applicant is claiming as lhc owncr o{'thr: pr<lpcrtv in qucstion on thc basis ol'thc sac dccd datccl 24.09.2021 I'r'onr Ms. Itashmi Agarwal, who has purchasecl tlrc propcrty in rlucstion in iln iluction conductcd by [,tI. llccovcry Ofliccr, Dlt'l'-lll, ,l)clhi on 05.07.2019 irr ItC rro.2tt3l21ll7 viclc salc ccrtil'icittc, which was duly rcgistcrcd with Srrb*llcgislrar Vl l), lkrhini on 29.05.2020. Ir'urthcr thc applicani has also lailctl (rl makc tJCO liank as party to this SA bccausc thc LJCO llanl< lvas thc ccrtilicatc hoklcr in the albresaid rccovery proccedings antl thc applicant has also not lilcd any suit fbr cancellation ol'thc salc dcccl upon lvhich thc rcsponclcnt Ir'l is rclying its claim. 'l'hus, thc rcspondcnt No.l lr'l has procccdctl undcr thc SAIIIIAIISI Act 2002 qtra thc propcrty in qucstion in rlrdcr 10 rccovcr its ducs.

7. Ilcncc, in thc light ol'albrcsaicl discussiorr, this'l'ribtrnal como to thc conclusion that thc prcscnt sccurilisati<ln application is n<lt maintainablc, accordirtgly, thc prescnt sccuritization application is liable to bc dismisscrl. (oRDER) 'l'hc SAI{lr'AltSI Application [ilcd by thc applicant s(ands clisrnisscd zrlong with pcntling applications, il' any. A copy o['this orclcr bc givcn to thc partics.

4. Sh. Il.l'}.S. Sabharwal, Advoca.tc {irr thc appcllaurt argr,rccl that thc appollant is tho bonct ficlc ptu'chasct'ol'thc subjcct propcrty having purohascd thc sanlo Il'om ILzrshrri Aggarwal viclc Salc I)cccl clatcd 24.09.2021 . IIc firrthcr startcd that l{ashmi Aggarwal haci pr-rrchasccl thc sub.icct propcrly in an auotion concluctcd by thc Ilccovcry Ol'liccr, I)l{'l'-lll, I)clhi on 05.07.2019 in I{.C. No.283l2Ol7 arising out of' tlrc O.A. trcaring n<>.213120lr-5 titlccl as [JCO llanl< V. Iloshan Kumar & of lr crs.

5. On thc othcr hancl, Slr. Vivcl< Singh, Aclvocalc fbr thc rcsporrclcnt argucd that thc sLrbjcct propcrty was mortgargccl on 11.03.2014 lry tho borrowcrs, namcly, I)arvccrr I(umar Ilabbar, Archna Ilabbar ancl Rishu Ilabbar who hacl availccJ Ilon-rc lrclLrity Loan ol'rs.28 lacs. Archna Ilabbar bcing thc owrrcr hacl n-rortgagcd thc sr-rb.icct propcrty with thc rcsponclcnt atrcl also clcpositcd titlcd ck>cumcnts.

6. lt is rcllccting that t-roth thc appcllant and thc rcspondcnt arc claiming titlc in rcspcct of' llrc sr-rbjcct propcrty on thc basis o[' c]ocun,cnts statccl to havc bccn cxccr-rtccl unclcr lcgal provisions. I)lt'l'shourlcl not havc clisn-rissccl thc S.A. mcrcly by obscrving that thc rcsponclcnt hers prior chargc. ln larct, thc appcllant ancl thc rcsponclcnt arrc clainring prior chargo thror-rgh clif'lbrcnt channcls by dif'f'crcnt sct of clocurmu-rts appcarcd to bc cxccutcd in arccordancc law. Allcr consiclcring all l-act, thc irrpugnccl orclcr clertcd 24.04.2024 is sct asidc and S.A. bcaring ru>.39412023 is rcnrunclcd bacl< to t)lt'l' lor ll'csh considcration in accorclancc witl-r law and on thc basis of propcr adjudication of rival contcntions of thc appcllant and thc rcspondcnt. It is madc clcar that I)RI-I, I)clhi shall not bc influcnccd by any obscrvati<rn madc in thc impugncd ordcr datcd 24.04.2024 whilc passing final crrdcr in S.A. bcaring no.394.2023. 'l'hc appcllant and thc rcspondont shall bc at libcrty to takc all plcas and contcntions avatlablc to thcm in accordancc with law. 'l'hc partics arc dircctcd to appcar bcforc DIt'l' on 12.01.2027 for furthcr dircction.

7. Pcnding applications, if any, also stand disposcd of. (Dr. .Iusticc Sudhir Kumar .Iain) Chairperson -pkS i