Delhi High Court
Pnb Housing Finance Limited vs Rajesh Kumar Mangla & Anr. on 7 September, 2017
$~34
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Judgment delivered on: 07.09.2017
+ O.M.P.(I) (COMM.) 251/2017
PNB HOUSING FINANCE LIMITED ........ Petitioner
versus
RAJESH KUMAR MANGLA & ANR. .....Respondents
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 properties bearing Nos. (i) 303,3, Tower J1, Exquisite Nirvana
Country 2, Sohna Road, Gurgaon-122001 and (ii) 203,2, Tower J1,
Exquisite Nirvana Country 2, Sohna Road, Gurgaon-122001.
5. A loan in the sum of Rs. 1,38,10,000/- was disbursed vide Loan
Agreement dated 29.05.2015.
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. 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 20.06.2017.
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 properties bearing Nos. (i) 303,3,
Tower J1, Exquisite Nirvana Country 2, Sohna Road, Gurgaon-
122001 and (ii) 203,2, Tower J1, Exquisite Nirvana Country 2, Sohna
Road, Gurgaon-122001.
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 properties bearing Nos. (i) 303,3,
Tower J1, Exquisite Nirvana Country 2, Sohna Road, Gurgaon-
122001 and (ii) 203,2, Tower J1, Exquisite Nirvana Country 2, Sohna
Road, Gurgaon-122001.
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 properties bearing Nos.
(i) 303,3, Tower J1, Exquisite Nirvana Country 2, Sohna Road,
Gurgaon-122001 and (ii) 203,2, Tower J1, Exquisite Nirvana Country
2, Sohna Road, Gurgaon-122001.
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.
SEPTEMBER 07, 2017/'rs' SANJEEV SACHDEVA, J
