Delhi High Court
Pnb Housing Finance Limited vs Gautam Mahendra Jain on 7 September, 2017
$~33
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Judgment delivered on: 07.09.2017
+ O.M.P.(I) (COMM.) 250/2017
PNB HOUSING FINANCE LIMITED ........ Petitioner
versus
GAUTAM MAHENDRA JAIN .....Respondent
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
07.09.2017
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.2103, 21st Floor, LA Royal, Indirapuram, Ghaziabad,
Uttar Pradesh-201010.
5. A loan in the sum of Rs. 97,58,474/- was disbursed vide Loan
Agreement dated 28.10.2013.
6. The loan was secured by creation of an equitable mortgage by
deposit of title deeds of the above referred flat in favour of the
petitioner.
7. 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 05.06.2017.
8. 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.2103, 21st Floor, LA
Royal, Indirapuram, Ghaziabad, Uttar Pradesh-201010.
9. By order dated 12.07.2017, this Court had restrained the
respondents from transferring, selling, encumbering or in any manner
alienating the property bearing Flat No.2103, 21st Floor, LA Royal,
Indirapuram, Ghaziabad, Uttar Pradesh-201010.
10. 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 12.07.2017 is liable to be made
absolute.
11. The petition is, accordingly allowed. During pendency of the
Arbitration proceedings, 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.2103, 21st Floor, LA Royal, Indirapuram, Ghaziabad, Uttar
Pradesh-201010.
12. The petitioner shall take appropriate steps to ensure compliance
of the provisions of section 9(2) of the Act
13. The petition is disposed of in the above terms.
14. Order Dasti under the signatures of the Court Master.
SANJEEV SACHDEVA, J
SEPTEMBER 07, 2017
'rs'
