Srinagar, Nov 11: The J&K Bank Ltd on Wednesday filed a recovery suit of Rs 8,19,42,579 against the Imam Hussain (AS) Foundation in the Court of Principal and District Judge Srinagar. 
 The suit was filed by the Bank’s Impaired Assets Recovery Branch through its senior executive manager cluster head Kashmir Central Zone, Viqar-ul-Mulk Nazki.
 Besides Imam Hussain Foundation, the suit has been filed against Moulvi iftikhar Hussain Ansari son of Moulvi Jawad Hussain Ansari of Qamarwari, Muhammad Yousuf Hussaini son of Muhammad Safder of Habba Kadal, Mirza Nasir Ali son of Mirza Muhammad Abdullah of Qamarwari. 
 The other defendants include Nazir Ahmad Dar son of Ghulam Hassan of Shalimar, Haji Muhammad Ismail son of Ghulam Jaffer of Shaheed Gunj, Syed Shabir Ahmad Rizvi son of Syed Nasir Ali Rizvi of Mir Behri and Shabir Mustaffa son of Ghulam Mustafa of Nishat.
 The suit states that the Foundation had obtained term loan facility of Rs 150 lakhs for construction of a 100-bed hospital at Bemina and purchase of machinery, furniture and other items.
 The loan was sanctioned on June 26, 1997 against hypothecation of machinery, equipments collaterally to be secured by registered mortgage of hospital/ college building with land underneath and appurtenant including the Foundation’s fixed assets.
 The Foundation also availed another term loan of Rs 104 lakhs for purchasing equipment and convert interest liability into term loan.
 After the Foundation failed to repay the loan, the Bank has fixed the valuation suit of Rs 8,19,42,579. “A preliminary decree for attachment and sale of the mortgaged property may also be passed in favour of the plaintiff and against the defendant by attaching and selling the property mortgaged to the plaintiff bank by defendants and in case the sale proceeds of such sale turn to be deficit the remaining amount of decree may be realized by attachment and sale of other movable and immovable properties of the defendants,” the suit prays.  
 The suit says the mortgaged property includes the Imam Hussain (ASO Hospital and Medical College, the sheds, quarters and the existing future, fixed assets to be erected along with land measuring 69 kanals and 12 marlas.

Lastupdate on : Wed, 11 Nov 2009 21:30:00 Makkah time
Lastupdate on : Wed, 11 Nov 2009 18:30:00 GMT
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