Ms Somani Medical Store versus State Bank of India

Counsel for the applicant submits that the bank has not clarified as the loan was renewed on 10.06.2021, then how the account could be declared as NPA on 28.08.2021. Renewal of the accounts can be shown even in the stressed account. As per the pleadings of the respondent bank they have declared the account as NPA 90 days default as per RBI guidelines.

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Counsel for the applicant also states that there is default of 90 days that the account can be declared as NPA. He submits that the bank after three years of declaring the account as NPA take action.

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Be that it may be, the limitation to enforce the security of immovable property is 12 years, therefore, action of the bank is within the limitation. An opportunity can be granted to approach the bank for settlement. Let the applicant approach the bank for settlement by paying 20% down payment along with OTS letter.

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In view of the above, this Securitization Application stands disposed of. File be consigned to record, as per rules. Copy of order be uploaded on website.

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(Vimal Gupta) Presiding Officer Debts Recovery Tribunal, Jaipur

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Ms Somani Medical Store v. State Bank of India

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Ms Somani Medical Store v. State Bank of India

Case brief

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