Maximum bank loan defaulters from city

Mohit Khanna 

Tribune News Service

Ludhiana, September 13

The city with highest number of Mercedes, Audis, BMWs, Land Rovers and Jaguars has the biggest number of bank loan defaulters in the state as well.

It is for the first time, the administration has gone ahead and made the names of banks defaulters public and directed the banks to take action against defaulters. 

The move has spread panic among industrialists as the list of defaulters includes some of the most reputed names of the city. 

Due to recession and slump in the property market some of the big business houses have suffered major losses and defaulted with banks. 

As the district administration has given a go ahead to the banks to take action against 125 defaulters, defaulters are exploring all legal options to evade serious legal action. 

Naresh Gaur, General Secretary of the All-India State Bank of Patiala Employees’ Federation said: “Now, these defaulters will explore legal lacuna to turn the case into civil litigation or try to drag the matter to the Debts Recovery Tribunal (DRT) to buy more time.”

While demanding stringent action, Naresh Gaur said strongest criminal action should be taken against defaulters and recovery process should be done on fast track bases. 

“In bank default case, action is taken only against the directors of the company, while children, who are also the beneficiary of the loan amount, are not held accountable. 

Instead of putting the loan amount into business, these bank defaulters are diversifying funds, buying new cars, planning tours abroad, spending the money on big fat weddings and building palatial houses. We forget that the default loan amount is the hard-earned money of common man,” said Naresh Gaur. Acting on the directions of the state government, ADC (General) Dr Rishipal Singh has issued a list of 125 defaulters, from whom the banks have to recover a total of Rs 778.98 crore.

Dr Rishipal Singh said these orders have been issued under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act and the district administration has allowed banks to confiscate the properties of defaulters for the recovery of their pending dues.

List of bank defaulters

State Bank of Patiala has to recover Rs 184 cr from Saber Paper; Bank of India to recover Rs 32.11 crore from Modern Motor; Canara Bank to recover Rs 1.64 crore from Seiko Machine (India); Bank of Baroda to recover Rs 7.81 crore from Manish Traders; Canara Bank to recover Rs 5.47 crore from Surya Industries; Canara Bank to recover Rs 11.94 crore from Kartik International; SBI to recover Rs 20.83 crore from Neelkanth Concast Steels Pvt Ltd; ICICI Bank to recover Rs 1.24 crore from Sarish Mittal; Syndicate Bank to recover Rs 5.16 crore from Khalsa Imports; Bank of Baroda to recover Rs 1.62 crore from Kuber Global Resources Pvt Ltd; Bank of Baroda to recover Rs 4.72 crore from Nivia N Nivia; State Bank of Patiala to recover Rs 1.30 crore from MR Hosiery and Rs 1.06 crore from Tejinder Industries; PNB to recover Rs 6.12 crore from Suju Forge; State Bank of India to recover Rs 3.83 crore from Ranks Apparels; Rs 6.10 crore from Khanna Knitwears; Rs 43.47 crore from Jain Udhey Fabric Pvt Ltd; UCO Bank to recover Rs 1.85 crore from King Forge; SBI to recover Rs 5.20 crore from PL Forging Pvt Ltd; OBC to recover Rs 4.45 crore from Jolly Creations; SBI to recover Rs 24.91 crore from Jain Udhey International and Rs 18.82 crore from Jain Udhey Apparels; India Infoline Housing Finance Ltd to recover Rs 4.14 crore from Anshul Goyal; Allahabad Bank to recover Rs 5.81 crore from Divin Impex; State Bank of Patiala to recover Rs 9.93 crore from Shri Durga Rice Mill; Bank of Baroda to recover Rs 3.48 crore from Durga Impex; Phonex ARC Pvt Ltd to recover Rs 19.04 crore from Jindal Medicot; PNB to recover Rs 5.05 crore from Manav Tool; Allahabad Bank to recover Rs 17.35 crore from Sigma Cotton Pvt Ltd and Rs 15.46 crore from Khanna Exim; Bank of Baroda to recover Rs 3.20 crore from Nim Industrial Corp and Rs 19.43 crore from SewaKunj Alloys; Bank of India to recover Rs 39.44 crore from Shanti Sales; Punjab and Sind Bank to recover Rs 7.67 crore from Femina Knit Fab, Rs 17.87 crore from Femina Knit Fab, Vijay Miglani; Axis Bank to recover Rs 3.45 crore from Raghav Industries; Central Bank of India to recover Rs 1.08 crore from Pahwa Steel; Bank of Baroda to recover Rs 4.42 crore from Dhanee International; SBI to recover Rs 7.95 crore from Goldlife Engg; Allahabad Bank to recover Rs 1.41 crore from Sanjiv Sales; SBI to recover Rs 8.72 crore from Bhupinder Alloy Ltd; Federal Bank to recover Rs 2.82 crore from G Tech Engg; UCO Bank to recover Rs 1.85 crore from King Forge; State Bank of Patiala to recover Rs 2.04 crore from SK Sheera Supply; Dewan Housing to recover Rs 2.21 crore from Darpan Jain; Bank of Maharashtra to recover Rs 1.30 crore Suraj Industries; Tata Capital Housing Finance to recover Rs 1.87 crore from Vishal Bansal.