Appeal No. R-138 of 2014. Case: Ram Kumar Tiwari Vs Allahabad Bank and Ors.. Allahabad DRAT DRAT (Allahabad Debt Recovery Appellate Tribunals)

Case NumberAppeal No. R-138 of 2014
CounselFor Appellant: J.K. Mishra, Advocate and For Respondents: P.N. Tripathi, Advocate
JudgesV.K. Mathur, J. (Chairperson)
IssueIndian Penal Code 1860, (IPC) - Sections 420, 467, 468, 506; Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002 - Sections 13(2), 13(4), 17, 18
CitationIV (2015) BC 82 (DRAT)
Judgement DateMay 11, 2015
CourtAllahabad DRAT DRAT (Allahabad Debt Recovery Appellate Tribunals)

Judgment:

V.K. Mathur, J. (Chairperson)

  1. The present Appeal has been preferred by the appellant-Shri Ram Kumar Tiwari against the order dated 17th November, 2014 passed by the learned DRT, Allahabad wherein the Securitization Appeal No. 122/2010 under Section 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the 'SARFAESI Act') filed by the appellant was dismissed on the ground of delay. The brief facts of the present case are that the present appellant-Shri Ram Kumar Tiwari and his brothers namely Sri Pawan Kumar and Anjani Kumar are running a sweet shop. The appellant and his brothers purchased a plot measuring 83.60 sq. metres bearing Khasra No. 1313, Hamirpur Road, Naubasta, Kanpur Nagar on 31st May, 2001 for construction of residential house.

  2. It has been stated by the appellant that due to financial problems, they could not construct the house on the said plot. Later one Sri Satya Narain Purwar, who was also a businessman had the knowledge of the financial position of the appellant and the brother of Sri Satya Narain Purwar approached the elder brother of the appellant and influenced him for managing the housing loan from the respondent-Allahabad Bank, for which he demanded the original sale deed from the elder brother of the appellant. The appellant is the equal share holder of the property in question.

  3. It has been further averred that Shri Satya Narayan Purwar, who is the proprietor of Purwar Shakkar Bhandar applied for a loan of Rs. 5.00 lacs as cash credit limit under the Merchant Credit Scheme and instead of getting the loan sanctioned in favour of the elder brother of the appellant, he himself took the loan under the aforesaid scheme creating the mortgage on the property of the appellant as well as his brothers by playing fraud and the appellant and his two brothers stood as guarantors. It is further stated that after scrutinizing the application, the Bank considered the documents submitted by the borrower Shri Satya Narayan Purwar and sanctioned the loan vide sanction letter dated 7th October, 2014 for a sum of Rs. 5.00 lacs. It is further stated that on being sanctioned the credit facility, to secure the loan the appellant and his two brothers not only stood as guarantors but also voluntarily signed, executed and delivered the security documents namely agreement of guarantee dated 7th October, 2004, the letter of mortgagor confirming deposit of title deeds for borrower and guarantor dated 7th October, 2004 to the Bank. The credit declaration forms dated 13th September, 2004 duly signed by the appellant as well as his brothers...

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