A Dhaka court has appointed the OC of Dhaka's Uttara Paschim police station as receiver for a six story building mortgaged on Sunday against a loan of Tk 29 crore borrower by Modern Modern Plastics and Accessories from United Commercial Bank's Noyabazar branch.
Despite several rescheduling of the loan over the past several decades the company owner didn't settle the loan while the rich owners were enjoying life against company wealth and house rent.
The company Managing Director Md. Nasir Uddin and chairman Al-Amin Ara Khanam Chowdhury always evade every attempt to reciober the loan mortgaged on 5.38 decimal of the land.
The bank filed a case in the money lending court in August 2018 to recover this loan. The borrower repeatedly requests for time and it was not finally settled.
So the court decided to appoint a receiver to facilitate debt consolidation from the income of the mortgaged property and bring all the rent money into the custody of the court.
The court order states that although the Money Lending Court Act provides for the settlement of the case within 120 days, it has not been possible to settle it yet due to excessive case backlog.
Despite collecting a huge amount of rent from the mortgaged property, he is not depositing a single taka with the bank to repay the loan. In this situation, it is appropriate to appoint a receiver for the mortgaged property.
