H.D.F.C LTD Vs. NIRMAL SINGH

JUDGEMENT

(1.) THIS is a suit filed under the provisions of Order 37 of the Code of Civil Procedure for recovery of Rs.35,44,239.00. The case of the plaintiff, which is a leading Housing Finance Company, is that defendant approached it for grant of a housing loan to the tune of Rs 37 lakh for purchase of a flat bearing No. 1053, 5th Floor, Tower-I, Shivkala Charms--Golf Course SAS Ltd. Plot No. 07, Sector Pi II, Greater Noida, District Gautam Budh Nagar, U.P. The plaintiff processed the application received from the defendant for grant of loan and sanctioned a loan of Rs 36,40,000.00 to him. The loan was to carry interest at rate of 10% at variable/admissible rate of interest for a period of 20 years. Pursuant to sanction of the loan, the defendant executed a General Power of Attorney in favour of one Lokesh Singh, who, acting under the said Power of Attorney, executed documents such as promissory note, loan agreement, etc. in favour of the plaintiff-company. Acting on those documents, the plaintiff disbursed part payment of Rs 34,13,000.00 to the defendant on 28.03.2011 vide cheque dated 18.03.2011. Under the agreement, in the event of default in payment of EMI and/or pre EMIs and other dues, payable to the plaintiff, the plaintiff was entitled to recall the loan extended by it. The plaintiff was also entitled to recall the loan in case it was found that any information supplied by the borrower was incorrect or misleading.

(2.) IT is alleged that the loan account of the defendant became irregular with effect from July, 2011. It is further alleged that on enquiry, it transpired that the defendant had furnished false and fabricated documents to procure the loan. The plaintiff accordingly sent a legal notice dated 20.09.2011 to the defendant recalling the entire loan outstanding. However, the outstanding loan was not cleared despite notice. A sum of Rs 33,87,877.00 is stated to be due from the defendant as the pre- outstanding amount, Rs 14,5,233.00 are stated to be due as the amount of outstanding EMIs and an amount of Rs 7,438.00 is stated to be due as additional interest. The plaintiff is also seeking to recover incidental charges amounting to Rs

(3.) THE plaintiff has placed on record the home loan agreement dated 28.03.2011 as also the promissory note executed on the same date. A General Power of Attorney purporting to be executed by the defendant in favour of one Lokesh Kumar Singh, authorizing him, inter alia, to apply for loan with the plaintiff-company, accept the loan offer, receive the disbursed amount, mortgage any property of the defendant and execute loan agreement, promissory note, etc. in favour of the plaintiff has also been filed. The plaintiff has placed on record the statement of account in respect of loan granted to the defendant and a sum of Rs 35,44,329.00 including incidental charges amounting to Rs 3691 is shown as due from the defendant in loan account No. 601414743 as on 31.10.2011.