K ROHMINGLIANA Vs. IDBI BANK LTD
HIGH COURT OF GAUHATI (AT: AIZAWL)
IDBI BANK LTD
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Michael Zothankhuma, J. -
(1.) Heard Mr. B. Lalramenga, learned counsel for the petitioner. No one appears for the respondents.
The petitioner being aggrieved by the lowering of the value of his property to Rs. 40 lakhs from Rs. 136 lakhs, has prayed for setting aside the Valuation Report dated 05.09.2016, wherein his mortgaged property is valued at Rs. 40 lakhs and for a direction to be issued to the respondents to accept the value of the mortgaged property at Rs. 136 lakhs, as per the earlier Valuation Report dated 15.09.2008.
(2.) The petitioner's case in brief is that he is the proprietor of M/s Mizoram Retreads that had been granted a term loan from the IDBI Bank Limited for Rs. 60 lakhs. Thereafter, another Rs. 20 lakhs was also given to the petitioner. The petitioner mortgaged his landed property covered by LSC No. AZL-405/1991, as security for the loan amount.
(3.) The petitioner's counsel submits that at the time of availing of the loan, the valuation of his land as per Valuation Report dated 15.09.2008 was Rs. 1,36,00,000/-. As the petitioner was unable to repay his loan, the bank filed a case for recovery against the petitioner in the DRT, Guwahati, vide Original Application No. 186/2012.;
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