Full Text
HIGH COURT OF DELHI
Date of Decision: 16.05.2023
SHAJAN JACOB ..... Petitioner
Through: Mr. Ashish Chauhan, Advocate.
Through: Mr. Rajeeve Mehra, Senior Advocate (Amicus Curiae).
Ms. Tanya Chowdhary and Mr. Rohan Srivastava, Advocates for RBI.
Mr. Kuber Dewan, Ms. Neeharika Aggarwal and Mr. Kaustubh Srivastava, Advocates for ICICI Bank.
Ms. Mani Gupta, Mr. Aman Chowdhary, Ms. Sonali Jain, Ms. Saumya Upadhyay and Ms. Sreemantini Mukherjee, Advocates for AVJ Developers
(India) Pvt. Ltd. (Through RP) .
HON'BLE MR. JUSTICE SUDHIR KUMAR JAIN NAJMI WAZIRI, J (ORAL)
The hearing has been conducted through hybrid mode (physical and virtual hearing).
JUDGMENT
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 defendant No.3 is under liquidation, applicant bank is at liberty to stake its claim before the Liquidator/NCLT, as the case may be. However, it is made clear that any direction given by Hon'ble High Court, or by Hon'ble Supreme Court of India, with respect to this housing project/defendant no.3, if any, will prevail over this final Order. Alternatively. in case of execution of sale deed in favour of Defendant Nos. 1 & 2, but failure to pay to the applicant bank, on the part of Defendant Nos. 1 & 2, the aforesaid amount shall be recovered from the sale of charged property, Flat bearing no. 1406, 14th Floor, Tower-G, AVI Heights, Plot no. GH-12/2, Sector-Zeta-I, Greater Noida, Uttar Pradesh-201307 after notifying the proposed auction sale of the said property on ebkery site, and after obtaining the valuation of the property. Excess amount of the auction sale proceeds, over the recoverable dues, if any, be returned to defendant Nos.[1] & 2.
(iii) The Recovery Certificate be issued forthwith and be sent to Recovery Officer, DRT-II, Delhi.
(iv) The Registry of this Tribunal is hereby directed to issue the free copy of this order and send it to all the parties.
(v) Parties are directed to appear before the Ld.
(vi) I.A/s it any pending stands closed....”
2. The learned counsel for the petitioner submits that neither the sale deed has not been executed in favour of the petitioner nor has the petitioner been given the possession of the property. Furthermore, the procedure prescribed in paragraph 7(ii) is yet to be exhausted.
3. Evidently, till the steps of recoveries apropos the D-3 are exhausted there would be no occasion for the petitioner to make any payments; as detailed in paragraph 7(ii). The petitioner would have the liberty to file a response/reply at the appropriate stage and to pursue such remedies in law as may be available.
4. The petition is disposed-off in terms of the above. Pending application too stand disposed-off.
NAJMI WAZIRI, J SUDHIR KUMAR JAIN, J MAY 16, 2023