SANJEEV KUMAR JAIN Vs. UNION BANK OF INDIA

JUDGEMENT

(1.) The petitioner has filed the present petition, inter alia, impugning an order dtd. 1/2/2023 (hereafter 'the impugned order') passed by the learned Debts Recovery Tribunal -II, Delhi (hereafter 'the DRT') whereby the DRT dismissed the petitioner's miscellaneous application being MA/119/2022 in SA/113/2018

(2.) The petitioner had filed the aforesaid application, inter alia, praying that the direction be issued to respondent no.1 (hereafter 'the Union Bank') to refund the entire bid amount of Rs.8.42 crores along with interest at the rate of 8% per annum in compliance with the earlier orders dtd. 12/9/2022 and 25/10/2022.

(3.) The Union Bank had provided cash credit facility to the extent of Rs.7.98 crores to respondent no.4 (hereafter 'the Principal Borrower'). The said facility was secured by mortgage of the property described as Khasra No.150/79, Municipal No.XIV/11163-2, Block-D admeasuring 373 square yards located at Sidhipura, New Rohtak Road, Karol Bagh, New Delhi (hereafter 'the mortgaged property'). The repayment obligation of the Principal Borrower was also guaranteed by respondent nos.2 and 3 (hereafter 'the Guarantors"). The Union Bank claims that the Principal Borrower had defaulted in its repayment obligations. Consequently, on 14/6/2017, the said account was classified as Non-Performing Asset (NPA) in terms of the guidelines issued by the Reserve Bank of India.