Case Law Details
A V Satheeshkumar Vs The Chief Manager/CEO, Catholic Syrian Bank Ltd. (Competition Commission of India)
The case of A V Satheeshkumar versus the Chief Manager/CEO of Catholic Syrian Bank Ltd. (CSB Bank) brought before the Competition Commission of India (CCI) involves allegations of contravention of provisions of the Competition Act, 2002. Mr. Satheeshkumar, referred to as the Informant, filed the complaint against CSB Bank officials, alleging fraudulent conduct leading to the initiation of recovery proceedings against his property.
The Informant, described as an uneducated individual, claimed to have faced financial difficulties in 2004. During this time, he was approached by Mr. George Mathew, who promised to secure loans from Bank of India and Union Bank of India. The Informant allegedly executed sale deeds of his property in favor of Mr. Mathew without receiving any consideration, under the understanding that the property would be reconveyed upon loan repayment. Mr. Mathew then obtained loans from the aforementioned banks and purportedly paid a portion to the Informant. However, the Informant claimed to have paid back the amount until 2019.
Subsequently, Mr. Mathew settled the loans with the previous banks and obtained a new loan from CSB Bank against the property, allegedly without the Informant’s knowledge. The Informant became aware of this when he received a possession notice in 2020. Despite being in possession of the property and paying taxes, the Informant faced legal actions from CSB Bank, prompting him to file lawsuits seeking relief.
The Informant accused CSB Bank officials of colluding with Mr. Mathew to unlawfully mortgage his property, leading to its involvement in recovery proceedings. Allegations were made regarding coercion by bank officials to sign agreements and withdraw litigation. Additionally, Mr. Mathew purportedly sold a portion of his own property, which was pledged under the same loan with CSB Bank.
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