SUBHASH ARORA Vs. KISHAN SHARMA

JUDGEMENT

(1.) Kalyani (India) Private Ltd. has filed an application under Order I Rule 10 Code of Civil Procedure, 1908 (hereinafter referred to as "CPC ") to be impleaded as a party in the present Suit for Specific performance of an Agreement to Sell dtd. 26/3/2012 between the plaintiff and the defendant.

(2.) The facts in brief as narrated in the application are that the residential property consisting of Basement, Ground Floor and First Floor built on Plot No.38, Block-B, Masjid Moth, Panchsheel Enclave, Chirag Delhi-110017 measuring 216 Sq. Metres (hereinafter referred to as "suit property "), of which the defendant was the owner, had been mortgaged with Punjab National Bank by the original owners/ allottees. On account of their failure to pay the bank dues, the proceedings were initiated by the Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "SARFAESI Act "). Punjab National Bank, Mayur Vihar, Phase-II, Delhi held an auction of suit property under the provisions of the SARFESI Act, 2002 on 31/12/2018. The applicant was declared as the highest bidder in the auction. The sale in favour of the applicant was confirmed by the Bank vide letter dtd. 1/1/2019 and the Sale Certificate dtd. 15/2/2019 was executed in its favour on 12/6/2019, and registered on 14/6/2019 in the Office of Sub-Registrar, 5-A, Hauz Khas, New Delhi.

(3.) The applicant has asserted that the entire sale consideration of Rs.4,90,25,000.00 has already been paid by him to the Punjab National Bank and the sale transaction has been concluded, despite which the Bank has failed to hand over the possession of the property for the reasons and causes attributable to the plaintiff in the present suit.