Pnb Housing Finance Limited vs Kate Amit Baban & Ors.
2017 Latest Caselaw 3200 Del

$~19
* IN THE HIGH COURT OF DELHI AT NEW DELHI
%                                        Judgment delivered on: 12.07.2017

+        O.M.P.(I) (COMM.) 95/2017
         PNB HOUSING FINANCE LIMITED                           ..... Petitioner
                             Through          Mr. Ajay Uppal, Advocate.

                             versus

         KATE AMIT BABAN & ORS.                                ..... Respondents
                      Through   None.

Advocates who appeared in this case:

For the Petitioner           : Mr. Ajay Uppal, Advocate.

For the Respondents          :   None.

CORAM:-
HON'BLE MR JUSTICE SANJEEV SACHDEVA

                                   JUDGMENT

12.07.2017 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 appeared for the

respondents on 08.05.2017. None is present even today.

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. 1101, Tower No.26, Lodha Belmondo, Dehu Road, Pune,

Maharastra-410105.

5. A loan in the sum of Rs.4,04,91,573/- crores was sanctioned

vide Loan Agreement dated 29.11.2014. Loan amount of

Rs.3,71,08,427/- 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. 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. 1101, Tower No.26, Lodha

Belmondo, Dehu Road, Pune, Maharastra-410105.

10. By order dated 01.03.2017, this Court had restrained the

respondents from transferring, selling, encumbering or in any manner

alienating the property bearing Flat No. 1101, Tower No.26, Lodha

Belmondo, Dehu Road, Pune, Maharastra-410105.

11. 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 01.03.2017 is liable to be made

absolute.

12. 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 Flat No. 1101, Tower No.26, Lodha Belmondo,

Dehu Road, Pune, Maharastra-410105.

13. Learned counsel for the petitioner submits that steps, in terms

of Section 9(2) of the Act, have already been taken and notice

invoking arbitration has already been issued to the respondents and

further steps in accordance with law shall be taken for appointment of

the arbitrator.

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

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

SANJEEV SACHDEVA, J JULY 12, 2017 st