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VIBHU BAKHRU, AMIT MAHAJAN
Dhruva Choudhary – Appellant
Versus
Union of India – Respondent
JUDGMENT
Vibhu Bakhru, J. The petitioner has filed the present petition, inter alia, praying that the proceedings instituted by respondent bank (Central Bank of India) before the learned Debts Recovery Tribunal (hereafter `the DRT') in O.A.974/2018 captioned Central Bank of India v. Druva Choudhary be stayed. The petitioner also prays that the proceedings instituted by the Central Bank of India under Section 138 of the Negotiable Instruments Act, 1881, in respect of dishonour of cheques, issued by the petitioner, be stayed.
2. The petitioner had booked a residential flat (being no. T-3(A)/B-701 (hereafter `the said flat') in a development named as "Shubhkamna City", located at Plot No. GH-2/A, Sector-1, Greater Noida West, being developed by respondent no.5 (M/s Shubhkamna Buildtech Pvt. Ltd. - hereafter `the builder').
3. The builder had issued an allotment letter in respect of the said flat. It had also entered into a Flat Buyers Agreement dated 13.05.2016 with the petitioner for sale of the said flat at a consideration of Rs.57,40,375/-. The petitioner claims that, thereafter, it approached respondent bank (Central Bank of India) along with the builder for sanction of a loan in
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 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 court clarified that there is no provision in the Recovery of Debts and Bankruptcy Act ousting the remedy of a civil suit by a defendant in a claim by the bank, and the proceedings under the Act ....
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