BANK OF INDIA Vs. SUDERSHAN KUMAR MITTAL

JUDGEMENT

(1.) Learned counsel for the parties present. Arguments heard.

(2.) Shri Sudershan Kumar Mittal, the complainant/respondent stood guarantor in the loan account of M/s M. G. Metal Linkers Pvt. Ltd. and mortgaged his two residential properties against the said loan. The complainant, Shri Sudershan Kumar Mittal also stood guarantor of M/s Shri Balaji Educational and Charitbale Trust, which had obtained another loan. It is pointed out that he is the Chairman of Shri Balaji Educational and Charitable Trust. So far as loan of M/s M.G. Metal Linkers Pvt. Ltd. is concerned, it was loan to the tune of Rs.241.60 lakhs. In one time settlement it was agreed that the complainant/guarantor shall pay a sum of Rs.140.00 lakhs to the Bank. He was assured that his title deeds would be returned. However, the needful was not done.

(3.) On the contrary, the bank demanded another sum of Rs.7,03,467.00, which according to the Bank was due towards interest. The said amount was also paid. It is also admitted that so far as loan of M/s Shri Balaji Educational and Charitable Trust was concerned, that became NPA and the bank released one title deed in the name of Smt. Raj Mittal but the bank did not release the second sale deed and contended that they have lien over all the securities furnished by the respondent/complainant.