Rs 10 crore loan default: Sushil Patani gets bail on Rs 10 Lakh surety; 3 shops on auction to realise dues

Indore: Debt Recovery Tribunal, Jabalpur, granted conditional bail to city industrialist Sushil Patani in Rs 10 crore bank loan default case. The tribunal ordered sealing of Patani’s three shops in Rajmohalla and asked him to clear dues in six months.

Patani was arrested on February 28 from his Jawahar Marg residence following DRT warrant. State Bank of Mysore’s city branch had moved DRT after he defaulted on Rs 10 crore loan. He was produced before DRT court in Jabalpur on March 1. The court refused to grant bail without property attachment and surety. Following court ruling, Patani’s counsel suggested attachment of Patani’s four shops in Rajmohalla to Recovery Officer NK Verma. The court accepted the offer.

Patani owns four shops on plot no 25 and 209 , G-1, G-2, G-3 andG-4, close to Jawahar Marg Main road. Patani assured to clear the dues by selling the shops. DRI ordered that the shops be sealed and auctioned to realize the pending dues. He was also asked to furnish surety of Rs 10 lakh.

The DRT court had issued warrant against three Patani brothers, including Sushil Patani, Sumit Patani and Sunil Patani. His brothers are still on the run. Sushil had been defying recovery notices of DRT since 2003.

Warrant against Sushil was the third issued by DRT Jabalpur against city industrialists in last couple of months. Two months back, industrialist Ramlochan Soni was arrested for loan default. On February 21, DRI team had raided industrialist Mahavir Badasaria’s residence in city. However, he was found missing.