INDIAN OVERSEAS BANK Vs. RAJAT SHARMA

JUDGEMENT

(1.) THE appellant Bank extended loan facility to M/s. Mittal Trading Company and others in the year 1995 against equitable mortgaged property by deposit of title deeds of entire second floor comprising of two residential flats measuring 2900 sq. ft. in property bearing No.A -3/104C, Permanent Estate, Khasra No.1303/240/2/2, Village Kilokari, Maharani Bagh, New Delhi.

(2.) THE borrowers failed to repay the loan whereupon the appellant, Indian Overseas Bank, instituted O.A. No.129/2000 against M/s. Mittal Metal Trading Company, which is a proprietorship firm of Suresh Chand Jain and Sons (HUF), comprising of coparceners Suresh Chand Jain, Snehlata Jain, Sharat Chand Jain and Sudhir Chand Jain, for the recovery of Rs.74,20,053/ - and sale of the mortgaged property.

(3.) VIDE order dated 17th October, 2008, the Debt Recovery Tribunal -I, Delhi allowed the bank's application and directed the debtors to pay the aforesaid amount within two months failing which the same be recovered by sale of the aforesaid mortgaged property.