Lic Housing Finance Ltd vs Nishant Masih on 18 April, 2023
2. The case of the plaintiff as pleaded in the plaint is as
follows. It is stated that the plaintiff is a company
incorporated under the provisions of Companies Act, 1956.
The plaintiff is engaged in the business of giving financial
assistance in the form of their loan schemes, for
purchasing residential accommodation for individual home
loan scheme. Under the said scheme, a borrower, who
approaches the plaintiff company for loan to
purchase/construct the property submits an application
form and after sanction, enters into written
agreement/contract. The defendant no.1 is the borrower
under the above loan scheme within the meaning of loan
agreement executed between the plaintiff and defendant
no.1. The defendant no.2 is the builder/society to whom
the loan amount has been disbursed. The defendant no.2
being a co-operative society, having its registration
no.3289, registered on 07.04.2004, through its authorized
signatory, was allotted a plot of land bearing no.7, sector Pi
II, Greater Noida, as per lease deed dated 29.03.2005,
registered in book no.1, volume no.916, on pages from 213
CS no.57737 of 2016 LIC HOUSING FIN. LTD. VS. NISHANT MASIH page no.2
to 248, with registration no.2509, registered on 29.03.2005
in the office of Sub-Registrar, Gautam Budh Nagar ,
Ghaziabad, UP and was constructing a multi-storey group
housing society. The defendant no.2 proposed that as per
this scheme they were in process of constructing various
flats, for its members. The defendant no.1 approached the
plaintiff, and applied to the plaintiff for the loan against the
property/flat/unit no.1003, on ground floor, measuring
1950 sq. ft. in block/tower-T 1, in Shiv Kala Charms, plot
no.07, Sector-Pi II, Greater Noida, UP (hereinafter referred
to as 'said property') under the plaintiff's individual home
loan scheme for purchasing the said property. The
defendant no.1 also produced a share certificate showing
membership no.553 issued by defendant no.2 society and
further stated that the defendant no.1 had been allotted a
flat bearing number property/flat/unit no.1003, on ground
floor, measuring 1950 sq. ft. in block/tower-T1, in Shiv
Kala Charms, plot no.7, Sector-Pi II, Greater Noida, UP.
The tentative cost of said flat was Rs.46,70,000/- out of
which a sum of Rs.11,50,000/- had already been paid by
defendant no.1 to defendant no.2 society against following
receipts: i) Receipt no.1811 dated 19.08.2010 for
Rs.3,00,000/-, ii) Receipt No.1860 dated 22.09.2010 for
Rs.1,50,000/-, iii) Receipt No.1831 dated 31.08.2010 for
Rs.5,00,000/-, iv) Receipt No.1609 dated 20.06.2010 for
Rs. 2,00,000/-. The said payment of Rs.11,50,000/- was
confirmed by defendant no.2 society, which also assured
the plaintiff that no other dues were outstanding against
defendant no.1 in respect of said property. The defendant
CS no.57737 of 2016 LIC HOUSING FIN.