The flat of Surendra Khandhar, MD Suman Motels & Resorts, was sealed by the Debt Recovery Tribunal-II for non-repayment to IDBI Bank loan taken in 1999.
The residential property of managing director of Suman Motels & Resorts, Surendra Khandhar, was taken "symbolic possession" of by the Debt Recovery Tribunal-II on Wednesday for non-repayment to IDBI Bank loan taken in 1999.
Khandhar's property at 109, Tej Gaurav House, Matunga, originally belonged to his wife Bharati, who was the guarantor to the loan. "I gifted the Matunga property to my son Bipen in 2000. The property now belongs to him and not to us or Suman Motels. Investors in the motels are playing dirty by misguiding authorities," alleged Bharati.
Stating that he owned yet another property in Mahableshwar worth Rs10 crore that is mortgaged to IDBI, Surendra Khandhar was of the opinion that the DRT should instead have seized that property rather than his Matunga residence.
"The property belonged to Bharati at the time she stood guarantor and she has declared that in her guarantee papers. The later transfer is mala fide," said a DRT official source.
A fortnight ago, the DRT sent its first notice for repayment of the loan. Confirming having received the notice Bharati said, "I will take necessary action against the government for sending me such a notice." However, the Kandhars have not acknowledged or replied to the notice till date. Finally on March 14, DRT attached the property and put up their signboard at their residence, Tej Gurav House.
"If the Kandhars now fail to repay the loan, we will auction the property," said the official source.
Directors of Naheshri Marketing Ltd, Surendra and Bharati, had originally borrowed Rs51,39,684.15 from IDBI, erstwhile United Western Bank. However, because of non-payment of principal and interest, the sum steadily grew to become crores of rupees.
After the takeover, IDBI Bank failed in its attempt to recover the loan. Suspecting a fraud, IDBI complained against the Kandhars to Economic Offences Wing of the Mumbai police. EOW investigated and placed the complaint for trial before the DRT.
"Kandhars are living on the third and fourth floor of the property. After they learnt that the bank would take legal action against them, they surreptitiously transferred the property to their son Bipen. Law permits us to seize this property for recovery purposes," said a DRT official source.
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