Following is summary of sanctioned limits, payment after NPA / sarfaesi act and claim lodged by bank at DRT.
|
Particulars of accounts |
Sanctioned limits on 1.12.05 |
Outstanding on 1.04.07 - NPA date |
Paid by 15.09.08 |
Bank's claim |
Uncharged interest upto 26.08.09 |
|
Cash Credit |
5,00,000 |
5,02,000 |
5,02,000 |
0 |
2,83,352 |
|
Mach. Term Loan |
12,70,000 |
10,51,000 |
10,51,000 |
0 |
2,04,890 |
|
Mach. Term Loan |
20,00,000 |
5,72,000 |
5,72,000 |
0 |
1,06,856 |
|
Packing Credit |
40,00,000 |
40,29,000 |
10,18,000 |
30,19,498.31 |
16,45,248 |
|
Foreign Bill disc. |
50,00,000 |
9,08,000 |
9,08,000 |
0 |
5,95,011 |
|
|
|
|
|
|
|
|
Personal Home Loan |
11,25,000 |
9,30,000 |
2,26,000 |
7,04,000 |
|
The claimed amount of Rs. 30.19 Lakhs is received as claim from ECGC and parked in suspense account at Branch. There are no more EMG security with bank of any property. The flat under Personal Home Loan belonging to Directors is mortgaged to Home Loan Loan a/c and is contnious security to above Business Loans. In addtion bank has Personal guarantee of directors.
AOD was not signed by borrowing Pvt Ltd company in view of illegal NPA classification inspite of no overdues, misapprprpation and siphoning of funds, etc. Banking Ombudsman has observed deficierncies towards failure under lenders Liabilities towards illegal NPA classification, refusal to upgrade a/cs and not attemting rehabilitation measures for the SSI-EOU unit.
OA is filed for recovery from Borrower and guarantors: The query now is:
1. Can the bank recover commercial insurance claim received from one guarantor (ECGC) from another guarantor (personal guarantee / continuing guarantee of Directors) to pay back recovery to ECGC.
2. Credit sanction terms state that besides EMG of one flat (subsequently sold under Sarfaesi act) and contnuing guarantee and Personal guarantee, the bank shall also obtain ECGC guarantee. Towards the ECGC guarantee the bank charged the business accounts the monthly premium. Therfore,how could the company not be the direct beneficiery of the insurance claim.
3. The proceeds of sale of mortgaged property was adjusted towards Mach Term Loans and 25% our share of Packing credit outstandings. (ECGC had paid 75% of outstandings of Rs. 40.29 Lakhs). bank did not share the recovery with ECGC before OA filing. Later bank did remit 6 Lakhs to ECGC when we fought with ECGC for all the wrong doings by bank officilas and ECGC officilas for having paid the claim inspite of knowing about illegal NPA and no dues position. Due to this sharing of recovery, can there be any further case of recovery from other guarantors??
Please guide. Thanks in advance.
