Mumbai, Nov 1: Film-star Amitabh Bachchan on Monday submitted before a debt recovery tribunal that the Mansa bungalow here did not belong to him or his wife Jaya, the guarantors of a loan taken by Amitabh Bachchan Corporation Ltd (ABCL) from Canara Bank, and was an exclusive property of Ramola Bachchan, wife of his elder brother Ajitabh.This was stated in an affidavit sworn by Stanly Saldhana, the constituted attorney of Amitabh Bachchan, before the tribunal for Maharashtra and Goa in connection with the bank's move to attach the bunglow in suburban Juhu where the superstar stays with his family to recover the Rs 10 crore loan amount from the Bachchans.
The affidavit says ABCL was declared a sick company by Board for Industrial and Financial Reconstruction (BIFR) under Sick Industries Companies Act (Sica), 1985 on July 9 last.
"By virtue of section 22 of Sica, no legal proceedings against ABCL can be conducted without the permission of BIFR," the affidavit said.
The affidavit also referred to a Mumbai high court verdict in ICICI vs Dhanesh Ruparalia and others of July 26, 1999. In this case all proceedings against guranteers of loan transaction are liable to be stayed.
The affidavit also said an appeal by Canara Bank before the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) has not stayed the BIFR order declaring ABCL a sick company.
The case was adjourned till November 9 by Vijay Singh Deshmukh, the presiding officer of the debt recovery tribunal.
Canara Bank has moved the tribunal for the attachment of the bungalow in a renewed effort to recover its sticky loan from ABCL.
Canara Bank, in consortium with Allahabad Bank, had advanced Rs 14 crore to ABCL in 1996 as credit facilities of which its share was Rs 10 crore. However, ABCL failed to regularise its account with Canara Bank which, on February 25 last, filed a suit in Mumbai high court to recover the sum.
The high court, on March 17 last, appointed the court receiver in respect of hypothecated goods, book debts and immovable property (two flats belonging to ABCL located in Mumbai suburb Juhu) mortgaged in favour of Canara Bank.
On a notice of motion taken out by the bank, the high court also passed orders in April restraining ABCL guarantors Amitabh Bachchan and his wife Jaya from creating any third person rights in respect of their Juhu bungalow Prateeksha.
However, ABCL had pleaded that the bungalow had already been mortgaged to Sahara India for a loan of Rs 15 crore granted to Amitabh and Jaya.
The suit was transferred from the high court to the tribunal after it was set up in July last.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.