RELIANCE HOME FINANCE LIMITED Vs. JAGWATI JAIN

JUDGEMENT

(1.) Mr. Abhas Kumar, Ld. counsel submits that Mr. Pankaj Jain Defendant No.6 is absconding and he seeks discharge from this matter. Accordingly, Mr. Abhas Kumar is discharged.

(2.) The present suit for recovery of a sum of Rs. 2,04,00,000/- has been filed by the Plaintiff against Smt. Jagwati Jain Defendant No.1; Shri Satyaveer Singh Defendant No.2; Smt. Rajbati Defendant No.3; Shree Om Wires Private Limited Defendant No.5; Shri Pankaj Jain Defendant No.6 and Shri Mander Das Jain Defendant No.7. None of the Defendants except Defendant No.4 - M/s. Jain Foot Comforts Pvt. Ltd. have filed their written statements. The Plaintiff is a financing company, which has financed a sale and purchase transaction in respect of property being Plot admeasuring 199.68 square meters bearing Nos.426-431 situated at Gali No.8, Friends Colony, G. T. Road, Shahdara, New Delhi-110095 (hereinafter "suit property"). Defendant No.l - Smt. Jagwati Jain was the seller of the property and Defendant Nos. 2 and 3 were the purchasers of the property. The Defendant No. 2 and 3 were customers of the Plaintiff in whose favour the loan was sanctioned and money was deposited directly in the bank account of Defendant No.1 in Kotak Mahindra Bank.

(3.) It is the case of the Plaintiff that Smt. Jagwati Jain Defendant No.1 claiming to be the owner of the suit property had deposited the original title deeds of the said property including the original sale deed dated 17th February, 2015 with the Plaintiff company. After verification and other legal compliances, the Plaintiff sanctioned a sum of Rs.2.04 crores to Defendants No.2 and 3 vide sanction letter dated 31st March, 2018 to enable the said Defendants to purchase the suit property. After considering the original sale deed between Defendant No.1 and Defendants Nos. 2 & 3 - dated 17th July, 2015, the loan was disbursed to Smt. Jagwati Jain Defendant No.1 on behalf of Defendants No.2 and 3. The Defendant No.1, executed the sale deed in favour of Defendants No.2 and 3. The same was registered on 26th April, 2018 and the cheques were handed over by the Plaintiff to Defendant No.1. Defendant Nos. 2 and 3 were to pay the EMIs on or before 10th of every month. When Defendant Nos. 2 and 3 defaulted in payment of EMIs on 10th May, 2018, it established contact with Defendant No.2. At that stage, the Defendant No.2 informed the Plaintiff that there was a status quo order in respect of the suit property and hence the Sub-Registrar had refused to register the sale deed in favour of Defendant Nos. 2 and 3. The Plaintiff, thereafter, learnt that there was an order dated 9th March, 2018 which had been passed in OMP (I) 12/2017. The Plaintiff then moved an application in the said case seeking directions from Defendant No.1 to remit the sale consideration, but the said application was rejected as the Plaintiff was not a party to any arbitration agreement which was subject matter of the said petition. The present suit then came to be filed by the Plaintiff. Thus, the Plaintiff became aware of the fact that Defendant No.1 had sold the suit property in violation of the status quo order and had also accepted the sale consideration.