Pnb Housing Finance Limited vs Liladhar Jagganath Warade & Anr.
2017 Latest Caselaw 3054 Del

$~13
* IN THE HIGH COURT OF DELHI AT NEW DELHI
%                                        Judgment delivered on: 05.07.2017

+        O.M.P.(I) (COMM.) 99/2017
PNB HOUSING FINANCE LIMITED                                        ........ Petitioner
                             versus

LILADHAR JAGGANATH WARADE & ANR.                                 .....Respondents

Advocates who appeared in this case:

For the Petitioner           : Mr. Ajay Uppal with Mr. Kanishk Arora, Advocates.

For the Respondents          :   None.

CORAM:-
HON'BLE MR JUSTICE SANJEEV SACHDEVA

                                   JUDGMENT

05.07.2017

SANJEEV SACHDEVA, J. (ORAL)

1. This is a petition under section 9 of the Arbitration and

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

2. The respondents have been served. None appears for the

respondents.

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

facilities in the form of loans.

4. It is the case of the petitioner that the respondents had

approached the petitioner for seeking financial assistance for purchase

of Flat No. 1202, Tower No.23, 12th Floor, Lodha Belmondo,

Gahunje, Pune, Maharastra-412101.

5. A loan in the sum of Rs.4 crores was sanctioned vide Loan

Agreement dated 28.03.2014. Loan amount of Rs.2,92,25,091/- was

partly disbursed to the respondents.

6. The loan was secured by creation of an equitable mortgage by

deposit of title deeds of the above referred flats in favour of the

petitioner.

7. Since the project is still under construction, the balance

sanctioned loan amount has not been disbursed and interest is being

charged only on the amount that has been disbursed as per the agreed

terms.

8. The respondents are alleged to have breached the repayment

schedule and, accordingly, the petitioner has recalled/foreclosed the

loan facility granted to the respondents by its notice dated 14.02.2017.

9. Learned counsel for the petitioner submits that the arbitration

clause has already been invoked.

10. This petition under Section 9 of the Arbitration & Conciliation

Act seeks interim measures of protection in the form of a restraint on

the respondents from disposing of, selling, alienating, transferring or

creating any encumbrance, charge or third party interest, in any

manner, whatsoever, in respect of Flat No. 1202, Tower No.23, 12th

Floor, Lodha Belmondo, Gahunje, Pune, Maharastra-412101.

11. By order dated 02.03.2017, this Court had restrained the

respondents from transferring, selling, encumbering or in any manner

alienating the property bearing No. 1202, Tower No.23, 12th Floor,

Lodha Belmondo, Gahunje, Pune, Maharastra-412101 and Saptasatij

Metatech Pvt. Ltd. Survey No.879, Siddivinayak Industrial Estate,

Near Maharashtra Weight Bridge, Kudalwadi, Chikhali, Pune,

Maharashtra-412114.

12. None has appeared for the respondents to defend the petition

despite service. There is no rebuttal to the case set up by the

petitioner. The interim order dated 02.03.2017 is liable to be made

absolute.

13. The petition is, accordingly allowed. The respondents are

hereby restrained from transferring, selling, encumbering or, in any

manner, alienating or creating any third party interest in respect of

property bearing No. 1202, Tower No.23, 12th Floor, Lodha

Belmondo, Gahunje, Pune, Maharastra-412101 and Saptasatij

Metatech Pvt. Ltd. Survey No.879, Siddivinayak Industrial Estate,

Near Maharashtra Weight Bridge, Kudalwadi, Chikhali, Pune,

Maharashtra-412114.

14. The petitioner shall take appropriate steps to ensure compliance

of the provisions of section 9(2) of the Act

15. The petition is disposed of in the above terms.

16. Order Dasti under the signatures of the Court Master.

SANJEEV SACHDEVA, J JULY 05, 2017 st