Guarantor cries foul after bank recovers `40 lakh, spares debtor
The authorities of Central Bank of India, Sujanpur, have recovered `40 lakh from a guarantor against the outstanding loan of the defaulting JM Paper Mills, Kathua, which was set up in 2005 even as the bank had the mill and other properties of the proprietor pledged with it.punjab Updated: Sep 14, 2013 19:09 IST
The authorities of Central Bank of India, Sujanpur, have recovered `40 lakh from a guarantor against the outstanding loan of the defaulting JM Paper Mills, Kathua, which was set up in 2005 even as the bank had the mill and other properties of the proprietor pledged with it.
When contacted, PR Sharma, branch manager of the bank, told Hindustan Times that the bank had not committed any error in recovering the outstanding loan from the guarantor, adding that the bank still had to recover the remaining loan amount of `25 lakh from the mill concerned.
He, however, added that the bank had sufficient property pledged with it by the mill proprietor for recovery of the outstanding loan.
The guarantor, Kamlesh Kumari, presented papers before mediapersons on Saturday, stating that she had withdrawn her guarantee to the said mill by filing an application to the bank on June 29, 2010, but the bank authorities did not take any action on her request.
She added that the mill proprietor furnished details of his additional properties to the bank to pledge these with the bank. Kamlesh said the proprietor had made a written agreement with her to spare her property from being pledged with the bank and in place of that he would pledge his additional properties with the bank.
She said she had stood surety for the loan of the mill because of her relationship with the other partner, Mandeep, who later withdrew her partnership from the mill in 2011. Kamlesh complained that the present sole proprietor, Mohit Kumar Dhuppar, who is the son of BJP leader Bishan Dass Dhuppar, who contested unsuccessfully from Dinanagar seat in the last Vidhan Sabha elections and is party's halqa in-charge from Dinanagar, had promised in writing that he would bear all the responsibilities, including repayment of loans.
She alleged that in connivance with the bank officials, Mohit got her property attached while saved his assets from being pledged with the bank.
She said she had to deposit `40 lakh in two instalments of `30 lakh and `10 lakh on July 10 and September 8, 2013, respectively, to save her pledged property -3 kanals of land at Gurdaspur-bypass near Jiwanwal village -- from being attached by the bank and to save her reputation.
Kamlesh Kumari questioned the working of the bank authorities in recovering the outstanding loan from her while the mill owner had properties worth several crores of rupees besides the premises of the mill that was also pledged with the bank.
She claimed that Mohit shifted all machinery of the mill to his new mill set up in Chandigarh and the old premises was rented out as a cement store.
She accused the bank authorities of violating the rules in recovering the loan amount from her sparing the actual debtor. She accused Mohit of cheating her of `40 lakh through the bank.
Mohit, however, could not be contacted for comment.