Bank shows reluctance in returning the security document and closing loan account
Querist :
Anonymous
(Querist) 06 November 2011
This query is : Resolved
We where defaultors in one of the nationalised bank, We had applied for loan and produced a security document as guarantee.To be honest we had sold the land which was
produced as security to other prospective buyer. Bank warned us of passing SARFASI act and claiming the land which was produced as security. We negotiated with Bank for one time settlement(OTS). Bank stated our case is a forgery and under RBI norms , we don't fall under OTS.
We requested Bank to consider our situation agree for OTS, Bank accepted and asked to pay the dues in given time frame.
We respected that deadline and paid the due in the given time frame. Inspite of
paying the dues Bank is reluctant in releasing us the security document and closing our loan accounts. Bank states the current land owner has converted the agriculture land as
commercial plots, so now they state, they cannot give any concession and we have to pay full loand amount with interest as of day.
we are caught in middle, in one side bank pressure and other side the buyer who brought the land to clear his problem.
We feel its a kind of harassement, Bank is show towards us and trying to unnecessary drag the problem, inspite of we paying the loan amount as state in OTS.
Given the complication of ours being a forgery case, we don't want to unnecessary go for Law suit and further delay the matter.
we want to finish this amicably at the earliest.
In our case what would be the right approach to take.
We came to know about a Legal body called alternative dispute resolution.
http://icadr.ap.nic.in
Can we fight our case with help of this institution. we are from Tamil nadu, how
do we approach them , seem this facility is available in bangalore,hyderabd and delhi.
Guest
(Expert) 06 November 2011
Yes, the organisation is working under the Ministry of Law. You can approach the alternative disputes panel of Hyderabad for redressal of your problem. You can adopt the procedure listed at the following link:
http://icadr.ap.nic.in/services/services2.html
prabhakar singh
(Expert) 06 November 2011
Rightly advised by Dhingra ji.
But the question is has there been OTS terms incorporated in writing???
If yes do you have been any copy there of?
What is the forgery done by you has not been told by you.??
Querist :
Anonymous
(Querist) 06 November 2011
Respect Sir,
Thanks for the patient hearing and direction provided. Pls advise if any icadr
operation is happening in tamil nadu, chennai. as the current office seem to be in bangalore,hyderabad and delhi
In our case we have been given a written OTS by the bank , which they now state as stands cancelled, as loan was given for agriculture purpose and now it turn outs to be housing plot promoted by the buyer.
We took the loan from the bank 5years ago, We have to accept we cheated the bank by selling the property 3 yearas, who's security had been placed as bank gaurantee for the loan.
Knowing all the complication we have put ourself, we had accepted our fault and approached bank for One time settlement OTS with them. After getting all the money started in OTS , now seem the bank is greedy ,exploiting our situation of caught in the middle between the bank and buyer and trying to extract as much money as possible.
Rajeev Kumar
(Expert) 06 November 2011
I agree with the above experts.
Querist :
Anonymous
(Querist) 07 November 2011
Respect Sir,
Thanks for the patient hearing and direction provided. Pls advise if any icadr
operation is happening in tamil nadu, chennai. as the current office seem to be in bangalore,hyderabad and delhi
In our case we have been given a written OTS by the bank , which they now state as stands cancelled, as loan was given for agriculture purpose and now it turn outs to be housing plot promoted by the buyer.
We took the loan from the bank 5years ago, We have to accept we cheated the bank by selling the property 3 yearas, who's security had been placed as bank gaurantee for the loan.
Knowing all the complication we have put ourself, we had accepted our fault and approached bank for One time settlement OTS with them. After getting all the money started in OTS , now seem the bank is greedy ,exploiting our situation of caught in the middle between the bank and buyer and trying to extract as much money as possible.
