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Bank loan default: Malvinder Singh restrained from selling properties

A bench headed by presiding officer GVK Raju passed the interim direction on an application by Yes Bank seeking recovery of Rs 5.6 billion loan given to Oscar Investment Ltd

Press Trust of India  |  New Delhi 

Malvinder Mohan Singh and Shivinder Mohan Singh
Malvinder Mohan Singh and Shivinder Mohan Singh

The Debts Recovery Tribunal (DRT) has restrained former of and the of Fortis Healthcare, Malvinder Mohan Singh, from selling a posh property in Lutyen's and some other assets in a loan default case.

A bench headed by presiding GVK Raju passed the interim direction on an application by seeking recovery of Rs 5.6 billion loan given to Investment Ltd. for which Singh was a guarantor.

"In the facts and circumstances of the case, defendants, their men or agents are restrained from alienating or creating any sort of encumbrance in respect of the immovable property, i.e., 1, Rajesh Pilot Marg, until further orders," the court said, while also restraining him from selling some of his other assets including properties.

The had filed an application through its law officer, Navin Trivedi, claiming that the defaulters, "with an intention to defeat its rights, are trying to alienate the movable and and if they are permitted to do so, the bank would suffer irreparable loss."

The tribunal also directed Singh to file an affidavit disclosing his movable and immovable assets.

First Published: Sun, February 18 2018. 19:46 IST
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