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NAJMI WAZIRI, SUDHIR KUMAR JAIN
Shajan Jacob – Appellant
Versus
Reserve Bank of India – Respondent
JUDGMENT
Najmi Waziri, J. (Oral)
The hearing has been conducted through hybrid mode (physical and virtual hearing).
1. The petitioner seeks setting aside of all proceedings emanating from O.A. 927/2016, which was disposed-off by DRT-II, New Delhi in terms of the final order dated 09.09.2022, which reads inter-alia as under:
"...
7(i) In light of the above facts & circumstances, the Original Application is hereby allowed to the effect that the applicant bank is entitled to receive a sum of Rs.20,44,256 (Rupees Twenty Lakh Forty Four Thousand Two Hundred Fifty Six Only), as on 29.09.2016, less the amount already received during this intervening period (if any), along with pendente-lite and future simple interest @ 9% per annum, and costs, till realization, as mentioned in following Para 7(ii).
(ii) In case of failure to execute sale deed in favour of defendant nos. 1 & 2, the aforesaid amount shall be recovered from the sale of properties of Defendant No.3, with direction to compensate defendant nos. 1 & 2, from the excess amount with respect to margin/earnest money paid by defendant nos.1 & 2 to defendant no.3 and amount/EMIs paid to applicant bank, alongwith interest. In case, the defe
The court emphasized that the petitioner would have the liberty to file a response/reply at the appropriate stage and pursue available legal remedies, and would not be required to make any payments u....
The court's decision emphasized the principle that no recovery liability can be fastened upon the petitioner until the proceedings have been exhausted, and the petitioner's right to pursue remedies w....
The main legal point established in the judgment is the liability of the defendants for non-payment and violation of agreements, leading to the entitlement of the applicant bank to recover a specific....
The judgment emphasizes the finality of sale transactions, the need to balance the interests of defaulters and creditors, and the importance of following the statutory provisions for challenging the ....
The main legal point established in the judgment is that in cases of loan agreements for property development, recovery should first be sought from the property developer and land owner, with the pet....
The rights of the second allottee and the recovery process in case of default by the developer were central to the court's decision.
The central legal point established in the judgment is the abuse of writ jurisdiction by the borrowers and the consequences of their actions on the auction-purchaser and the Recovery Officer, leading....
Ownership of immovable property requires a registered sale deed; an unregistered agreement to sell does not confer any title or interest.
The Recovery Officer should cancel the auction sale if the bank's dues are paid before the sale is confirmed. The auction purchaser has no right over the property before the sale is confirmed.
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