SHIV PRAKASH OJHA Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) This petition is filed seeking directions for refund of amount to the petitioner which was deposited towards clearing the housing loan of respondent Nos.4 to 7 (herein after referred to as 'respondents').

(2.) The brief facts are that the petitioner was interested in purchasing the property in dispute and on 17/10/2010 entered into an agreement to sell with the respondents. The property was mortgaged with the respondent-Bank and on failure of the respondent to maintain financial discipline, proceedings under Sec. 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'SARFAESI Act') were initiated. The petitioner served legal notice on the respondents for compliance of the agreement to sell and to clear dues of the bank. The civil suit filed by the petitioner on 1/7/2019 for specific performance and permanent injunction is still pending. In the meantime, the petitioner deposited the amount of Rs.20,30,000.00 for clearing the defaulted amount. It is undisputed fact that inspite of depositing of the amount, there was outstanding amount against the housing loan availed by the respondent. The mortgaged property was auctioned and transferred in the name of auction purchaser on 3/9/2020.

(3.) Learned counsel for the petitioner submits that once the property was auctioned, the amount deposited by the petitioner should have been refunded as surplus amount to petitioner. It is further argued that the petitioner was neither borrower nor guarantor and cannot avail remedy before the Debts Recovery Tribunal (for short 'DRT').