Dear Experts,
I am a prey to an act by the bank. The only difference is I am a Partner of a firm and not a borrower. The other Parter has mortgaged the firms property by standing guarantor for his other new concern by taking a Term Loan and signing the legal documents as Proprietor.
The Bank with a Partner of a Firm sanctioned a Term Loan to his new concern by mortgaging the Firm's Property, while he standing guarantor and signing as Proprietor of the same Firm ( name ) in 2006. This was done without the knowledge of the other Partner. The firm's account is with the same bank since 2001. The new concern became a NPA in less than 2 yrs and DRT proceeding was initiated by the Bank and within 3 months an Order was passed based on the O.A and the order was ex-parte - a very rare case in any DRT court.. I, the other Partner got to know about it and filed an objection to reopen the file and to stall the order from enforcement. Recovery Certificate is not issued yet. The proceedings are still pending. But as per the order sheets, the bank has sent only two max... reminder by R.P.A.D to the address of the new concern that was stated " Returned Not Claimed " and the Bank has not given any public notice in any daily paper while gone ahead to get the O.A order - ex-parte. The Bank was well aware of the residential address of the Guarantor, but took no strain to contact him directly.
I have RTI docs from the Bank confirming the account and name of the partnership as per our Partnership Deed logged with the bank and the Guarantor being a Partner of the same, while the Bank has colluded in giving a Term Loan of just Rs. 92.00 lakhs for the firms property worth over 4 Cr. This has also been done to keep the sanction within the Branch limit.
The Bank has also in their argument in the City Civil Court, expressed the Partnership Deed and the claimant's share in the Partnership Firm that is serving us in the particular branch, that has sanctioned the Term Loan by mortgaging the firm's Property that is time and again shown in our audited Balance Sheets and Income Tax return logged with the same branch of the Bank. All documents carry our PAN card no. - which has the fourth alphabet as " F " - confirming it as a firm.
Other than dates ... I am not getting any justice. The Bank has not even filed their objections for last 2 years.
Is it a case to be taken to DART?
Please comment and advice me going forward. Thanks for your precious time spared for me.
Regards
Chandran Baloo
9980914335
Bangalore
aridraexports@gmail.com
