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NAJMI WAZIRI, SUDHIR KUMAR JAIN
Mohsin Akhtar – Appellant
Versus
ICICI Bank – Respondent
JUDGMENT
Najmi Waziri, J. (Oral)
The hearing has been conducted through hybrid mode (physical and virtual hearing).
1. The petitioner is aggrieved by proceedings emanating from orders passed by the DRT-I, Delhi in O.A. No. 814/2016 on 28.02.2020 which directs, inter alia, as under :
"11. In the light of the above discussions, the OA deserves to be allowed against the defendant Nos. 1 to 4, whose liability is joint and several.
ORDER
(i) I allow this OA and direct the defendants Nos. 1 to 4, jointly and severally, to pay the sum of Rs.45,97,523/- (Rupees Forty Five Lakhs, Ninety Seven Thousand, Five Hundred and Twenty Three only) along with costs & pendente lite and future interest @ 9.55% per annum from 05.10.2016 till its realization in full. The recovery shall first be made from defendant Nos. 3 & 4.
(ii) Defendant Nos. 3 & 4 are directed to pay the aforesaid amount within 30 days, failing which the aforesaid amount shall be recovered from the sale of the mortgaged property situated at Flat No. 1002, 10th Floor, Block-A, Nikhil Park, Royale, Mauza Chamrauli, Taj Ganj Ward, Agra - 282001 owned by Defendant Nos. 1 & 2. Short fall if any, shall be recovered from the defendants Nos. 1 &
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 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 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 central legal point established in the judgment is the importance of upholding consent terms, the obligations of the parties, and preventing deliberate obstruction of recovery proceedings.
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....
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