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Mahesh   30 July 2018

Loan recovery by bank

I had availed a loan of 29 L approx from a co-operative bank against a commercial property purchase of Rs. 39 L approx for a period of 7 years, loan disbursed in the month of Dec 2012. Post the intital 1 year of regular payments, I was unable to pay on time and then the loan turned into NPA. Of late, I have been able to pay them quite some amount and the oustanding amount payable with interest is 2.6L Only. Even in the scenario, the bank keeps sending attachment notice, recovery notice to me and the 2 guarantors. Last year they had even filed a legal complaint. When they had gone for legal complaint the total balance payable was less than 10 lacs.

Even after the payments, hasnt the npa become regular. My loan duration of 7 years stands upto Dec 2019. Why is so much of pressure by the bank. Is this a right process?



Learning

 11 Replies

R.Ramachandran (Advocate)     30 July 2018

Did you go to the bank concerned and talk?  If not, why not?

Mahesh   30 July 2018

Undoubtedly Yes. Several Times. Have been in communicaiton with the Bank for all the times. For Every notice sent, we have tried to communicate and request, but really fail to understand their procedure and demands. 

Notice received as on 19.07.2018, Sec. 156 of the MCS Act 1960 read with the rule 107 of the MCS Rules 1961 

Amount Rs. 2,59,828.64 with further interest @14%  p.a. + Surcharge

Legal Notice received as on 03.01.2018  Sec. 101, amount then pending was RS. 10,11,187.00.

 

 

Mahesh   30 July 2018

Undoubtedly Yes. Several Times. Have been in communicaiton with the Bank for all the times. For Every notice sent, we have tried to communicate and request, but really fail to understand their procedure and demands. 

Notice received as on 19.07.2018, Sec. 156 of the MCS Act 1960 read with the rule 107 of the MCS Rules 1961 

Amount Rs. 2,59,828.64 with further interest @14%  p.a. + Surcharge

Legal Notice received as on 03.01.2018  Sec. 101, amount then pending was RS. 10,11,187.00.

 

 

Mahesh   30 July 2018

Undoubtedly Yes. Several Times. Have been in communicaiton with the Bank for all the times. For Every notice sent, we have tried to communicate and request, but really fail to understand their procedure and demands. 

Notice received as on 19.07.2018, Sec. 156 of the MCS Act 1960 read with the rule 107 of the MCS Rules 1961 

Amount Rs. 2,59,828.64 with further interest @14%  p.a. + Surcharge

Legal Notice received as on 03.01.2018  Sec. 101, amount then pending was RS. 10,11,187.00.

 

 

Mahesh   30 July 2018

Undoubtedly Yes. Several Times. Have been in communicaiton with the Bank for all the times. For Every notice sent, we have tried to communicate and request, but really fail to understand their procedure and demands. 

Notice received as on 19.07.2018, Sec. 156 of the MCS Act 1960 read with the rule 107 of the MCS Rules 1961 

Amount Rs. 2,59,828.64 with further interest @14%  p.a. + Surcharge

Legal Notice received as on 03.01.2018  Sec. 101, amount then pending was RS. 10,11,187.00.

 

 

Mahesh   30 July 2018

Undoubtedly Yes. Several Times. Have been in communicaiton with the Bank for all the times. For Every notice sent, we have tried to communicate and request, but really fail to understand their procedure and demands. 

Notice received as on 19.07.2018, Sec. 156 of the MCS Act 1960 read with the rule 107 of the MCS Rules 1961 

Amount Rs. 2,59,828.64 with further interest @14%  p.a. + Surcharge

Legal Notice received as on 03.01.2018  Sec. 101, amount then pending was RS. 10,11,187.00.

 

 

R.Ramachandran (Advocate)     30 July 2018

Have you given any submission/representation in this regard in writing to the Bank?

Dharshan (Advocate)     30 July 2018

Yes sir, i have talked to the bank saying i am not able to pay, the loan, i have audio proff which i have talked to bank manager,  as well as registered post sent to bank stating i am not able to pay, also mail sent to bank,

Bank manager saying there is injuction issued so cant take the property for auction.

they have already bouched 4 cheque. 

R.Ramachandran (Advocate)     30 July 2018

Then engage a suitable lawyer to deal with the matters.

Kumar Doab (FIN)     01 August 2018

@ Prasad Galli,

You have same query in many threads;

 

Due to injunction order lender cannot sell, till IT is in force.

Either find buyer and sell at market price (best option) with permission of court

Also ask around and you may find financiers that come forward in case of such properties and settle terms before you agree or sign on any document.

 

Or pray to court to allow to sell…and dispose off the liabilities..

 

Kumar Doab (FIN)     01 August 2018

Discuss in person with a very able senior LOCAL counsel of unshakable repute and integrity specializing in Family/civil  matters  ( best recourse) and well versed with latest citations, LOCAL applicable rules/laws/ … and having successful track record…. and worth his/her salt…..and show the documents/evidence for a considered opinion..

At each location three are some counsels that specialize in such matters and they are well known.

Check for such counsels at LOCAL civil courts, HC……

You can also approach seasoned PIP and help groups at your location or their representatives/volunteers at your location…

If eligible try for Free Legal Aid..


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