CAPT RAMINDER SINGH WADHWA vs AXIS BANK LIMITED AND ORS

Judgment text excerpt

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Date of decision: 21.02.2025 + W.P.(C) 6766/2024 CAPT RAMINDER SINGH WADHWA .....Petitioner Through: Lt. Col. P. K. Saran (Retd.), Advocate. versus AXIS BANK LIMITED AND ORS. .....Respondents Through: Mr.Ramesh Singh, Senior Advocate with Mr.Anupam Singh & Ms.Hage Nanya, Advocates for R-1. Mr.Rishi Manchanda, Mr.Siddharth Mullick & Mr.Lakhan, Advocates for R-2 to 5. Mr.Ayush Puri, Mr.Sultan Haider Jafri & Mr.Kanav Madnani, Advocates for R-12. CORAM: HON'BLE MS.JUSTICE REKHA PALLI HON'BLE MS.JUSTICE MANMEET PRITAM SINGH ARORA REKHA PALLI, J (ORAL) CM APPL. 42724/2024 (directions) 1. This is an application filed by the respondent no.2 seeking to deposit the balance sum of Rs.90 lakhs, which was payable to the respondent no.1/ bank in terms of the One Time Settlement (hereinafter “the OTS”) entered Signature Not Verified Digitally Signed By:GARIMA MADAN W.P.(C) 6766/2024 Page 1 of 13 Signing Date:24.02.2025 14:42:20 into between the respondent no.1/ bank and the respondent no.2 on 31.05.2023. 2. At the outset, we may note the brief factual matrix as is necessary for deciding the present application. 3. The respondent nos. 2 to 5 were in November, 2006 sanctioned a loan of Rs.4.25 crores out of which a sum of Rs.4 crores was released to them on 22.12.2006. The said home loan was sanctioned for buying plot no. A-1/303, Safdarjung Enclave, New Delhi-110029 along with superstructure standing thereon (‘Plot No. A-1/303’). 4. By utilizing this loan amount, the respondent nos. 4 and 5 purchased plot no. A-1/303 on 27.12.2006 and consequently, the said plot stood mortgaged with respondent no. 1/ bank. The respondent nos. 4 and 5 thereafter entered into a collaboration agreement dated 17.01.2007 with the respondent no. 6 for construction