K ROHMINGLIANA Vs. IDBI BANK LTD

JUDGEMENT

(1.) Heard Mr. B. Lalramenga, learned counsel for the petitioner. No one appears for the respondents.

(2.) The petitioner's case in brief is that he is the proprietor of M/s Mizoram Retreads that had been granted a term loan from the IDBI Bank Limited for Rs. 60 lakhs. Thereafter, another Rs. 20 lakhs was also given to the petitioner. The petitioner mortgaged his landed property covered by LSC No. AZL-405/1991, as security for the loan amount.

(3.) The petitioner's counsel submits that at the time of availing of the loan, the valuation of his land as per Valuation Report dated 15.09.2008 was Rs. 1,36,00,000/-. As the petitioner was unable to repay his loan, the bank filed a case for recovery against the petitioner in the DRT, Guwahati, vide Original Application No. 186/2012.