DILIP KUMAR SAHA Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) THE petitioner, who was a Private Secretary in the Ministry of Finance, filed an application dated 23.12.2003 for seeking a term loan from the respondent-Bank to the tune of `13,41,000.00 for the purchase of flat No.39-C, Second Floor, Pocket-I, Rohini, Delhi- 110085. THE loan was sanctioned and the petitioner executed various documents including the agreement for housing loan dated 11.2.2004 in terms whereof the petitioner was required to pay monthly installments of `11,950.00 in 216 monthly installments. THE petitioner also executed a letter of authority of the even date authorizing the respondent Bank to debit the sum of the monthly installments from his bank account.

(2.) THE petitioner defaulted in paying monthly installments which fact was admitted by the petitioner in its letter dated 23.11.2005 seeking indulgence. THE bank responded by calling upon the petitioner to adhere to the financial discipline but despite various reminders the account was not regularized. It may be noticed that as per the agreement between the parties, the petitioner was required to deposit the original Conveyance deed with the respondent-Bank as and when it was executed by the DDA in favour of the petitioner. THE petitioner put up a story that the original Conveyance Deed had got misplaced and thus sent a certified copy of that document vide letter dated 4.1.2006 in furtherance of the intention of creating a equitable mortgage. Since the original document was not being submitted, the respondent Bank lodged a criminal complaint with the Crime Branch on 14.2.2006. It is the say of the respondent-Bank that during the course of investigation it transpired that the petitioner had even tried to create a mortgage with some other bank which matter is under investigation. THE petitioner had also availed of a personal loan with the Punjab National Bank.

(3.) THE order of the DRT dated 13.9.2007 has at length dealt with the issue of the validity of the mortgage and has examined this aspect even from another perspective, i.e., even in the absence of the original Conveyance Deed, the property in question is a secured asset against which the respondent-Bank can proceed taking into consideration the definition of a Secured Asset, Secured Creditor, Secured Debt and Secured Interest as contained in the SARFAESI Act.