LIC HOUSING FINANCE Ltd vs SANDEEP KUMAR SHARMA AND ORS on 2 November 2026

**FINAL ORDER**

This original application has been filed by the applicant bank on 25.09.2020 before DRT-III, Delhi and then transferred SD

to DRT-I Delhi under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendants for recovery of a sum of Rs.42,03,294.22 (Rupees Forty Two Lacs Three Thousand Two Hundred Ninety Four and Paise Twenty Two only) as on 31.08.2020 along with pendentelite and future interest @11.90% per annum with monthly rest from 01.09.2020 till the date of its realization and costs.

2. The brief facts of the case are that on the request of defendant no.1 vide its loan application dated 26.06.2010, the applicant bank sanctioned housing loan facility for Rs.45,00,000/- (Rupees Forty Five Lacs only) on 24.07.2015 @9.90% interest per annum with monthly rests to be repaid in 300 EMIs of Rs.40,575/- in order to purchase under construction Flat No.D-901, 9^th floor, Tower-S1, La Casa, Sushant Aquapolis, NH-24, Doondahera, Ghaziabad, Uttar Pradesh measuring approx.. 1560 sq. fts. being developed and constructed by defendant no.2. On the request of defendant no.1, the applicant bank disbursed an amount of Rs.31,10,300/- on 28.08.2015. In case of default in repayment of instalments, the defendant no.1 agreed to pay @2% penal interest over the agreed rate of interest.

3. That in order to avail the housing loan facility, the defendant no.1 submitted loan application along with Flat Buyer Agreement dated 05.08.2015 and executed Sanction Letter dated 24.07.2015 along with Terms & Conditions of Loan, Loan Agreement, Affidavit cum Undertaking, Irrevocable Power of Attorney, Tripartite Agreement dated 22.08.2015 and Permission to Mortgage dated 11.08.2015 issued by defendant no.2 in favour of applicant bank.

Sd/-

1. 4. That in order to secure the housing loan facility, the applicant bank created equitable mortgage of Flat No. D-901, 9^th floor, Tower-S1, La Casa, Sushant Aquapolis, NH-24, Doondahera, Ghaziabad, Uttar Pradesh measuring approx. 1560 sq. ft. (Super Area) on the basis of Flat Buyer Agreement dated 05.08.2015 and Permission to Mortgage dated 11.08.2015 issued by defendant no.2.

2. 5. As per Tripartite Agreement dated 22.08.2015 and Flat Buyer Agreement dated 05.08.2015, defendant no.2 agreed to note charge on the flat in favor of applicant bank and assured that defendant no.1 will not be to permitted to cancel, transfer assign, sell off the said flat without prior consent of applicant bank and said flat is free from all encumbrances. In the event of borrower failed to complete the sale transaction, defendant no.2 undertakes to return the money received for flat in question to the applicant bank.

3. 6. It has been submitted by the applicant bank that after availing the loan facility, the defendant no.1 failed to comply with the terms and conditions and despite several requests and reminders the defendants failed to pay the outstanding dues and monthly installments in time to the applicant bank. Ultimately, the applicant bank issued legal demand notices on different dates to the defendants to liquidate the dues but defendants neglected, hence the applicant bank has approached this Tribunal for recovery of their dues.

4. 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 01.10.2026, the defendants have been proceeded ex-parte as they have not sd - appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

8. In order to prove its case, the applicant bank has filed its evidence by way of Affidavit of Mr. Pawan Sharma, authorized representative of applicant FI, who has submitted the documents such as Authority Letter, Loan Application, Sanction Letter, Permission to Mortgage, Loan Agreement, Affidavit cum Undertaking, Agreement to Mortgage, Irrevocable Power of Attorney, Flat Buyer Arrangement, Tripartite Agreement, demand Notices and Certified Statement of Account are marked as Exhibit AW-1 to Exhibit AW-15.

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 unrebuted 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.42,03,294.22 (Rupees Forty Two Lacs Three Thousand Two Hundred Ninety Four and Paisa Twenty Two only) as on 31.08.2020 along with pendentelite and future Sd- interest @11.90% per annum with monthly rest from 01.09.2020 till the date of its realization and costs, failing which the aforesaid amount shall be recovered from the sale of the mortgaged Flat No.D-901, 9^th floor, Tower-S1, La Casa, Sushant Aquapolis, NH-24, Doondahera, Ghaziabad, Uttar Pradesh. In case of shortfall, the same shall be recovered from 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 04.01.2027.

(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: 02.11.2026