- (1.) Heard learned counsel for the applicant, learned counsel for the C.B.I. and perused the record.
(2.) It is contended by learned counsel for the applicant that the applicant who is running a business under the name and style of M/s Dee Pee Electricals was availing cash credit facility of Rs.40 lacs from Union Bank of India and as collateral security she mortgaged her property situated at Khasra no.620 Asha Park, Fateh Nagar Extension, Tilak Nagar, New Delhi in faovur of the Bank by way of deposit of title deed of the property. The business of the applicant could not be proved to be profitable and she sustained huge losses. It is with this reason that the applicant could not run the Cash Credit Limit properly and the Bank classified the loan account as NPA on 30.09.2009. The Bank, however, initiated proceedings against the applicant before the Debt Recovery Tribunal and the Tribunal ultimately assessed the liability of the applicant of Rs.34 lacs. The Bank has already taken possession upon the property of the applicant so mortgaged with the Bank invoking the provision of Section 13(2) of Securetization Act. Thus, the allegation that the applicant got sanctioned the aforesaid cash credit limit from the Bank by deposit of forged and fabricated title deed is ridiculous. It is equally misconceived that the applicant was in possession of two title deeds of her aforementioned property. In fact the applicant due to financial crises in the business sold her property in favour of Ajay Kumar Panesar and Umesh Vijan with a covenant of reconveyance. The applicant repurchased the property which is now in possession of the Bank as aforementioed. It is hardly a dispute of civil nature and the Bank who has already taken possession of the property so mortgaged by the applicant in its favour. The applicant who is a woman and confined in jail since 14.01.2013 without committing any offence, deserves to be enlarged on bail.
(3.) Sri Anurag Khanna, learned counsel for the C.B.I. opposed the bail application submitting that the applicant has obtained loan from the Bank against collateral security of her property by way of deposit of forged and fictitious title deed and, therefore, her bail application deserves to be rejected.;