Bholu Ram Kumawat versus Mentor Home Loans India Limited

In this matter, counsel for the applicant submits that agreed rate of interest is 15% as per the sanction letter. He further submits that the account becomes NPA in the year 2017 and he continued to deposit the installments till 2022.

¶10

Counsel for the respondent bank shows the sanction letter signed by the applicant in which rate of interest is 24% not 15%. Further, the default charges being levied which are also acknowledged by putting signatures on the sanction letter.

¶11

Applicant’s allegation is that the bank has gone beyond the law, therefore, he came before this Tribunal. He further submits that he was given an opportunity to settle the account, but according to the counsel for the respondent bank no settlement proposal has been given.

¶12

Heard arguments.

¶13

The Tribunal do not find any irregularity in the securitization proceedings conducted by the respondent bank, therefore, this Securitization Application stands dismissed.

¶14

The respondent bank is directed that if the applicant comes before him for a settlement that should be considered by giving concessions in the penal and default charges, as per their policy.

¶15

File be consigned to record, as per rules. Copy of order be uploaded on website.

¶16

¶17

Court of the Presiding Officer Debts Recovery Tribunal, Jaipur

¶18

(Vimal Gupta) Presiding Officer Debts Recovery Tribunal, Jaipur

¶19

Bholu Ram Kumawat v. Mentor Home Loans India Limited

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Bholu Ram Kumawat v. Mentor Home Loans India Limited

Case brief

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