In a secured application to adjust balance, the applicant sought interest concession claiming fund diversion. The court did not adjudicate the merits as the application lacked necessary content, leading to its dismissal.
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Court of the Presiding Officer Debts Recovery Tribunal, Jaipur
Item No. 27
Case No. SA/499/2026
JAYESH JAIN AND SURBHI JAIN Vs BANK OF BARODA
Date: 06.07.2026. Proceedings through hybrid mode Present:
Ms. Pratyushi Mehta, Counsel for the Applicant Shri Kirti Kapoor, Counsel for the Respondent Bank/FI
In this matter, the counsel for the applicant seeks concession for the COVID period and the Tribunal was inclined to grant some concession and requested the Bank’s counsel to seek instructions if the bank can charge simple rate of interest during the COVID period.
Counsel for the respondent bank submits that even after COVID period nothing have been constructed as four years have passed. He further submits that as per sanction if the construction is not completed within three years, commercial rate of interest shall be charged from the day one.
The counsel for the applicant submits that she is not aware as to where this fund of construction has gone. Definitely, this fund have not been utilized to construction the property and admittedly the same have been diverted somewhere else. There is no default with the bank in charging commercial rate of interest, however, I leave it to the bank that they would like to consider their request of giving contractual rate of interest of two years.
There is nothing in this Securitization Application, therefore, this Securitization Application stands disposed of. File be consigned to record, as per rules. Copy of order be uploaded on website.
Court of the Presiding Officer Debts Recovery Tribunal, Jaipur
(Vimal Gupta) Presiding Officer Debts Recovery Tribunal, Jaipur
Jayesh Jain and Surbhi Jain
Bank of Baroda
Vimal Gupta
As recorded by the court registry
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