Start process to recover money owed to ASCARD Bank: Gauhati High Court

Scanner on defaulters on loans of over Rs 10 lakh

STAFF REPORTER

GUWAHATI: The Gauhati High Court has issued a directive for commencing the process to recover money from borrowers who had defaulted on repayment of loans of more than Rs 10 lakh from the Assam State Cooperative and Rural Development (ASCARD) Bank.

A Bench of the court comprising Justice Achintya Malla Bujor Barua noted at a recent hearing of a Writ Petition filed by the employees' union of the bank that as per an earlier directive of the court, an inquiry and an audit exercise have been already carried out in respect of the affairs of the ASCARD Bank and the defaulters of the bank. The audit, carried out by personnel under the Director of Audit (Local Fund), Assam has led to the preparation of a list which contains the names of the defaulting borrowers of the ASCARD Bank from its different branches and also the total amount of dues owed to the bank.

The Bench consequently directed the Senior Government Advocate's office to conduct an exercise to find out the names and particulars of those defaulting borrowers who owe more than Rs10 lakh to the bank, and thereafter provide the relevant details to the Chief Executive Director of the ASCARD Bank, BK Agarwal. The Bench directed Agarwal to immediately start the process as per law for recovery of the defaulted amount from the defaulters concerned upon receipt of the defaulters' list from the Senior Government Advocate's office.

The court further directed the Chief Executive Director of the ASCARD Bank to submit an update of the loan-recovery exercise in the court on the next date of hearing of the matter, which is January 24, 2023.

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