Pnb Housing Finance Limited vs Akhilesh Chandra & Ors.
2017 Latest Caselaw 4433 Del

$~26
* IN THE HIGH COURT OF DELHI AT NEW DELHI
%                                      Judgment delivered on: 24.08.2017
+        O.M.P.(I) (COMM.) 411/2016
PNB HOUSING FINANCE LIMITED                             ..... Petitioner
                             versus

AKHILESH CHANDRA & ORS.                                ..... Respondents
Advocates who appeared in this case:

For the Petitioner           : Mr. Ajay Uppal, Adv.

For the Respondents          : Mr. L.B. Rai, Adv.

CORAM:-
HON'BLE MR JUSTICE SANJEEV SACHDEVA

                                 JUDGMENT

24.08.2017

SANJEEV SACHDEVA, J. (ORAL)

1. This is a petition under Section 9 of the Arbitration &

Conciliation Act, 1996 (hereinafter referred to as the Act).

2. The petitioner is a finance company rendering financial/credit

facility in the form of loans.

3. As per the petitioner the respondent had availed a loan for

purchase of property bearing No. E-2, INST-5 Amarpali Yojana,

Lucknow, Uttar Pradesh-226001.

4. A loan in the sum of Rs. 1,02,94,081/- was disbursed to the

respondent. The loan was secured by creation of an equitable

mortgage by deposit of title deeds of the above referred property with

the petitioner.

5. As per the petitioner, respondents committed breach of the loan

agreement and defaulted in making the payment. The petitioner has

foreclosed/recalled the loan facility granted to the respondents vide its

notice dated 05.10.2016.

6. By order dated 21.10.2016, the respondents was restrained from

transferring, selling, alienating, encumbering or creating any third

party interest in any manner, in respect of the property bearing No. E-

2, INST-5 Amarpali Yojana, Lucknow, Uttar Pradesh-226001.

7. No reply has been filed by the Respondent. There is no denial

to the factum of availing of the loan facility and the creation of

equitable mortgage by the respondents. There is also no denial of the

foreclosure and recall of the loan facility.

8. Learned counsel for the parties submit that the arbitration

proceedings have already commenced.

9. In view of the above, till the disposal of the arbitration

proceedings, the respondents are restrained from transferring, selling,

alienating, encumbering or creating any third party interest in any

manner, in respect of the property bearing No. E-2, INST-5 Amarpali

Yojana, Lucknow, Uttar Pradesh-226001.

10. The petition is disposed of in above terms.

11. Order Dasti under signatures of the Court Master.

SANJEEV SACHDEVA, J AUGUST 24, 2017/'rs'