A Huge Thanks to all the Advocates (Experts) Who Answered My Previous Queries. Sorry for Creating Multiple threads since i am new to this forum.
I Just Wanted to Share My Problem Deeply. I feel hopeless and helpless about this problem.
My Name is Vasanth. I'm currently Pursuing MBA Final Year. Me and My Father have been struggling to solve this matter for more than 10 years.
In 2009, My Father was in need to get Educational Loan of 9 lakh, for my sister to pursue MBBS. Previously, My Father also had Home Loan in the bank by mortgaging the house in 2005. Bank employee told no surety for educational loan below 7.5 lakhs and for 9 lakhs you need a surety. So they Merged the both home loan and educational loan by using the house as collateral and offered the educational loan for 9 lakhs In 2009. She Died in 2015 while working as a Government Doctor due to Septic Shock. After a Year My Mom (Guarantor) Died Due to Kidney Failure. Both the Borrower and Guarantor Died. In 2016, My Father cleared all dues in home loan and asked the bank to return the property document but they said you need settle all the dues of your daughter's educational loan. In 2016, They issued a Sarfaesi 13 (2) notice and we replied it with a legal notice with help of our local advocate and in reply they said we didnt sent any notice like that.
After 2 Years, they asked my father to sign a form which they told as extension form - D11 or something like that but it starts with "D". I don't know the exact name and purpose of the form. Our Advocate Told us not to sign any forms because the 12 year limitation period is going to end that's why they are asking the sign. So we denied to sign the form. In 2020, We filed a case in the high court. In 2021, Our advocate asked the bank to consider the OTS Proposals before the Honourable judge and bank said we already filed the case in DRT and also we would agree the OTS if they approach us. So, the Honourable Judge Disposed the Case as it was already registered with DRT.
One of my fathers friend worked at a bank told that the bank purposefully waited for the interest to go up. Because In 2016, the total amount due is Rs.16,50,000 with interest and with that amount bank cannot enter the Debt Recovery Tribunal. DRT Only Allows Cases above Rs.20 Lakhs. So, they waited for the interest to shoot up. On 2021, the Total amount went to Rs.23,55,000 and then they filed the case in DRT. And We are Totally Shocked thats why bank didn't sent notice or look after us for those 3 years.
From 2020 to 2024, Our Advocate made 5-10 Proposals starting from Rs.3 lakh , 3.5 lakh , 4 lakhs, 4.5 Lakhs, 5 lakh and 7 lakh. they never replied to our offers. On March 2024, I came to know that The case has been decided against me by DRT. The DRT Final Order came in APRIL 2024 which demands an principle amount of Rs.23 lakhs with simple interest (6 %) from the date of filling of T.A till the date of realization. After the Final Order, Bank Sent Sarfaesi 13 (2) Notice Demading 34 Lakhs (they put 10.6 % compound interest for the principle amount).
I asked my advocate the reason for losing the case in DRT. My Advocate Told me that the O.A was transferred from DRT 1 to DRT 2 without any notifications. Thats Why I cant follow up the hearing. My Advocate told me either appeal it in DRT or we have to pay the book balance amount Rs.12 Lakh in the ETL account.
So, I Personally approached the Branch Manager and Zonal Manager and they directed me to pay an OTS Upfront amount to offer OTS. They created a New Savings Account in the same bank and told me to pay an initial amount and we transfer the amount to ETL account. As per the Advocate, Zonal Manager guidance, I have paid Rs.12,00,000 as an initial amount on the new savings account. They told us we will discuss this matter before the scrutinizing committee . At first he told that the settlement offer was accepted before scrutinizing committee.
After 2-3 Days, Zonal Manager Replied "We cannot again enter into the suggestion of book adjustment and decision of the scrutinizing committee was revised with increased payment of settlement."
So Again, We Started to Send OTS for 16 lakhs, 18 lakhs. No Replies from bank side. So, Again Approached Zonal Manager, He made the OTS Calculations and said You need to Pay 23 Lakhs and We Accepted it. After a few days the Zonal Manager affixed the Sarfaesi Notice 13 (4) on my house without informing us. I tried to reach the My Advocate But he didn't attend my calls till now. I paid him his fees promptly whenever he asked. I also have paid him nearly 5 lakhs as his advocate fees whenever he asked me without any fail. Now there is no response or replies from my advocate. Again After 2 - 3 Days, i approached Zonal Manager and he said we cant offer OTS at this time. He Simply Said Pay Rs.26 lakhs within 5 Days or else dont come to our office hereafter for seeking OTS. We wont offer OTS for you.
As Sarfaesi 13 (4) Notice was Posted on my house, I had only 30 days left. So I have no other options. I approached a new advocate and he told your lawyer misguided you by sending ots for 3 lakh. You Need to Pay atleast 9 lakh principle + 9 lakh interest in order to go for OTS. And, our new advocate filed a securitization appeal and asked OTS for 26 lakhs and the bank accepted it and offered OTS a Sanction Letter for 26 lakh. I Checked the Case Status through DRT online website with SA Number. The Case Status was Disposed.
Also, Downloaded the order copy which says " Counsel for the applicant submits that since the matter is likely to be
settled, SA is not pressed. The OTS is sanctioned.
In view of the above SA stands disposed of as not pressed."
As I already paid Rs.12 Lakhs and arranged money from different sources and paid the Remaining 14 lakhs next month. But they took only 13 lakhs from the sb account and kept 1 lakh in the sb account itself.
I Wrote a Loan Closing letter by stating "I already paid 12 lakhs and now i'm paying the remaining 14 lakhs and transfer the 14 lakhs from SB account to Loan Account and close the educational loan." . And I Given this letter by hand not via registered post. I approached the Branch Manager to issue the NOC. The Branch Manager assured that NOC will be issued within 15 Days.
But Branch Manager asked me to change some lines in the loan closing letter. BM told me to Write " I already paid 12 lakhs and now i'm paying the remaining 13 lakhs and Kindy Consider My OTS for 1 Lakh."
I asked the Branch Manager why you kept the one lakh in the account itself. For that BM Replied, We will Use it for Other purposes like withdrawing cases from DRT and paying Lawyer Fees. So, I've changed those lines and again submitted the letter. After 20 Days, I Again went to the bank to get NOC and now the Branch Manager asking me to pay another Rs.50,000. I don't know whether I will get NOC or not even if I pay another Rs.50,000. I am approaching the Branch Manager Daily. BM just says come after 2 or 3 days. Repeat the same Dialogues whenever I meet them.
Some Local Lawyers Advised me to send the Rs. 1 Lakh directly to the Loan Account itself. But Bank didn't provide me the Internet login details and also they not provided the ATM Card Too. Even If I send a Letter via Registered Post to transfer the amount. Will BM replace the registered post letter with old letter which i given in hand? By the Way, Disrespecting the BM was not my intention. But I'm having the Inner Doubts.
All of a Sudden, Two Days Ago, DRT issued a Recovery Certificate Notice, and the Recovery officer demanding me to deposit the entire amount within 15 days or necessary actions would be taken. Recovery Officer asked us to appear in the DRT next week.
Finally, I have Only 20 days left for the OTS 3 Month Time Period. I am in need of saving my one and only house where my beloved mother and sister lived. Also, I've Spent Every Single Penny from our pocket. Borrowed Money. Nothing is left behind.
Questions that Keep on running me in my mind:
1.What happened to my One Time Settlement Which i have paid?
2.Why they took only 25 lakh and kept the one lakh in SB account itself?
3.How can i pay some extra Rs.50,000 without any acknowledgement?
4.Is Bank doesn't withdraw the case from DRT?
5.Is Bank decided to Cancel the OTS?
6.If they Wanted to Cancel the OTS as they already won in DRT then why they offered me this Higher OTS?
7.Why Recovery Officer issued this notice when bank offered the OTS?
8.What whould i say if i appear before Recovery officer in DRT?
P.S - I'm Writing this Entire Story not for my purpose alone but also for all peoples who are suffering with this type of issues to rectify the mistakes which I've made during the process.
A Special Thanks to All Who Read This Entire Topic with Patience...
