Rs 125 cr recovery notice from J&K Bank to Sheikh Imran Srinagar’s Dy Mayor

The recently elected Srinagar’s Deputy Mayor, Sheikh Imran, is a major defaulter of Jammu and Kashmir Bank as he owes over Rs 125 crore to the bank. He has been issued a recovery notice and threatened of being declared as willful defaulter.
The Jammu and Kashmir Bank issued recovery notice (Ref: No. JKB/ ZOKC/ IAPM/ SRFS/ 2018-1929 dated 31-10-2018) to Chairman of Kehwah Group of Industries, Sheikh Imran son of Sheikh Mushtaq of Ishber Nishat after he failed to honour full and final settlement of 23 accounts of the group with the Bank.
“The Jammu and Kashmir Bank Ltd. vide its sanction No: R&S/IR-NPA-3778/2018-281 dated 18-07-2018 has agreed to accept a total amount of Rs. 78.00 crores from your group towards full and final settlement of your various accounts of your group…”, read the notice.
“The settlement was inclusive of Rs. 50.34 crores already received from you and appropriated towards adjustment of A/C No’s: 0067020100000996 and 0067265800030109 of M/S Kehwa Square Pvt. Ltd. The remaining OTS amount of Rs. 27.66 crores was to be deposited by you by 30th September 2018”, the notice read.
The notice further read: “However you have failed and neglected to pay the said remaining amount within the prescribed time period. As the time is always of essence of every settlement made by the Bank with a borrower/defaulter, including you, your failure to deposit/pay the remaining amount of the said settlement has annulled the said settlement with your group in so far its remaining part is concerned”.
The bank has asked Imran Sheikh to pay Rs 125.07 crore along with interest or face recovery and threatened him of being declared a willful defaulter.
“Accordingly the said OTS dated 18-07-2018 of the Bank with your group stands terminated in respect of the accounts shown in the annexure and your group is liable to pay the total amount outstanding in the accounts shown in the annexure thereto, aggregating to Rs.125,07,72,517.90 along with further interest thereon from 01-10-2018 and the said amount is hereby demanded from you to be paid forthwith, failing which the Bank shall be constrained to take appropriate steps for recovery of the same including initiating the process of declaring you, as a willful defaulter”, read the notice.
The M/S Kehwah group has 23 Non Performing Accounts (NPA). These include Account number 0252261030000003 (Term loan-1) in the name of Kehwa Wheels Pvt Ltd, Account number 0252261030000008 (Term loan-1) in the name of Kehwa Wheels Pvt Ltd, Account number 0252261030000005 (CTL) in the name of Kehwa Wheels Pvt Ltd, Account number 0252261030000009 (CTL) in the name of Kehwa Wheels Pvt Ltd, Account number 0252261030000006 (Term loan-II) in the name of Kehwa Wheels Pvt Ltd, Account number 0252261030000001 (Term loan-1) in the name of Kehwa Wheels Pvt Ltd, Account number 0086265240000103 (car loan) in the name of Sheikh Mushtaq Ahmad C/o Sun Silk Ltd, Account number 0384020100000444 (Cash credit) in the name of Silk Enterprises, Account number 0384260120000001 (WCTL) in the name of Silk Enterprises, Account number 0086020100000909 (Cash Credit) in the name of Kashmir Sunsilk India Pvt. Ltd. (Sangarmaal), Account number 0086260120000059 (WCTL) in the name of Kashmir Sunsilk India Pvt. Ltd, Account number 0086269000000001 (Term loan) in the name of Kashmir Sunsilk India Pvt. Ltd, Account number 0086269000000003 (Term loan) in the name of Kehwa Square (P) Ltd, Account number 0086020100001003 (Cash credit) in the name of Kashmir Threads & Colour Mills, Account number 0086260000000142 (CTL) in the name of Kashmir Threads & Colour Mills, Account number 0086265800000001 (Term Loan) in the name of Kashmir Threads & Colour Mills, Account number 0086010100002904 (TOD) in the name of Bangalore Silk House, Account number 0086010100002773 (TOD) in the name of Bangalore Silk House, Account number 0086265500000116 (Housing loan) in the name of Sheikh Imran S/o Mushtaq Ahmad Sheikh, Account number 0086269000000002 (Term Loan) in the name of Kehwa Food and Retail Prop. Sheikh Mushtaq Ahmad, Account number 0217010100002573 (TOD) in the name of Aadil Showkat, Account number 0115010100001200 (TOD) in the name of Hotel Grand Mahal and Account number 0249010100000800 (TOD) in the name of Haji Abdul Aziz Lone.