Ajay
19 January 2011 at 20:48
HDFC bank has made our account NPA in october2009,they issued us 13(2) on 29th december and 13(4) notice on 26th september with paper publication also.Bank has taken instalment of home loan in october,november,december,february,march and taken full interest of cash credit loan on 31st octber and than taken full interest on 27th january 2010,so according to me my account does not get NPA.and that too after issue of 13(2),they have accepted Istalment as well as interest.can we file case against bank under pre- mediatated electronic crime under cyber law
Anonymous
02 December 2010 at 11:35
dear sir,
i have one unit in which 5 bank and finacial institution tis there
i have laready settle and paid off 4 bank and finacial institutions
onle one bank panding and bank has also send me the notice under the sarfaci act.
this is kotak who taken my account through icici
they have onle 9% of total loan
what should i do.
i have made all the payment as gurator of the unit.
thnaks
Anonymous
16 November 2010 at 11:51
We are an SSI EOU. In april'07 the bank classified our accounts as NPA inspite of no overdues position and also never gave any letter as to when and why our accounts were NPA. In July'07 they served 13(2) sarfaesi notice. Sept'07 they served 13(4).On alleged NPA date the total exposure of the bank was about 80 Lakhs.
The main issue was a default of payment of Rs.17 Lakhs by our overseas clint in Dec'06. We had ECGC cover on the buyer under our buyerwise policy and in addition bank had taken ECGC cover on entire Pre and post shipment credit facilities. We had filed clim with ECGC in Dec'06 through the bank and also applied for due date extention as permitted by RBI. In april'07 the defaulting bills were not overdue and ECGC claim was in process at ECGC.
April to Sept'07 we all the time pleaded the bank to wait till ECGC claim is settled
or lternately recover 15% from all our sale proceeds till ECGC claim is settled and allow normal account operations. The bank refused any account operations and flow of working capital was blocked.
In Oct'07 we gave them personal equity shares valued at 10 lakhs with instructions to sell and adjust towards overdues and in Nov'07 we deposited another rs 10 kahs cheque andf again requested normal account operations and withdrawal of action under sarfaesi act.
In Nov'07 the overdues of bank was about 6 lakhs. The shares were never sent for Demat ntentionally to show no recoveries till April'08. In Dec'07 bank filed claim with ECGC under their whole turnover policy proclaiming us defaulters on whom Sarfaesi action is taken and got claim of Rs. 36 Lkahs within 10 days.
In May'08 ECGC paid Rs. 16 lakhs of our claim under buyerwise policy. In June'08 the bank took possession of our residential property and sold it in Sept'08 for Rs.24.50 Lakhs. This way the bank received Rs 82 lakhs in total.
During all this time, the bank refused to discuss debt restructure/ nursing, refused upgrading account to standard so that we could move accounts to another bank, etc etc.
Current account position is: therese is outstanding ledger balance of rs. 30 Lakhs in Packing credit account and the bank has receievd this amount from ECGC but kept in suspenec account which it wants to recover from us and pay to ECGC. They still have our seld occupied residential property as "running security" against which home loan was taken. They filed recovery suit at DRT for this amount +_ uncharged interest of 40 Lakhs. Intersest is charged even after claim amounts are received from ECGC + compounded+ penal interest...
Amounts paid in Oct'07, Nov'07, Feb'08 and Sept'08 after NPA were adjusted towards principal and interest was never adjusted since they could maintain the accounts as NPA and continue to terrorise under sarfaesi act.
As per RBI IRAC norms,
If the debits arising out of devolvement of letters of credit or invoked guarantees are parked in a separate account, the balance outstanding in that account also should be treated as a part of the borrower’s principal operating account for the purpose of application of prudential norms on income recognition, asset classification and provisioning.
This way our accounts should never have been NPA and should not be NPA even today.
After detailed investigation of over 1 year, Banking Ombudsman closed our file in Nov'09 on grounds that the subject needs detailed and elaborate investiogation but however observed that "the bank has reitrated that it has the right to classify the account as NPA as per its internal guidlines and take sarfaesi action". Inspite of agreeing towards all illegal actions of the bank, all other RBI depts refused to intervene on grounds that the bank has filed OA at DRT. OA was filed in Oct'09 even when the matter was being investigated by Banking Ombudsman and he was on the verge of writing an orde against the bank. We have copies of minutes of meeting at various hearings at BO and he has observed deficiency in service on atleast 10 grounds and under lenders liability.
Our manufacturing unit is closed in absence of working capital. To restart, we cannot obtain loan from other bankers since we are NPA, our last 3 years balance sheet shows accumulated losses of 90 lakhs and we have no security to offer.
Towards quick justice, can we file case for criminal action and penalties under Sarfaesi act at CGM court. Please advice.
YOGESHWAR.
02 June 2010 at 10:09
We want to find out complete details about a company registered in Maharahstra such as 1) its present directors 2) current balance sheet.
Please inform us about the relevant websites /procedure.
Anonymous
30 October 2009 at 09:42
After taking possession Borrwer filed appeal before DRT and also tresspass over the property ,Can we seek HC intervention for re-delivery of property and police protection till the dispose of appeal pending before DRT?
Shyam Gupta
15 September 2009 at 19:30
Can a Private Bank ,which has purchased a DEBT/NPA under the Sale of NPA Guidelines, issue a Notice under the Securitisation Act u/s 13 (2). Especially when its application for substition is pending with DRT and yet to be decided. More So when the Issue of Sale of NPA to other Banks is under consideration with The Supreme court and yet to be decided.riven
P.S.Subbaraman
23 July 2009 at 17:51
A Banker initiates action under SARFESI and a purchaser takes the property in auction and a symboic possession alone is handed over . My query is whether the purchaser can seek possession without the banker's help ? Does the Act permit the same? Any case laws on the above subject ?
satish singh
19 June 2009 at 10:47
I want to Know the detailed procedure to be followed by pvt. ltd. co. to convert the name?
What are the additional procedure to be followed by Co. if it is member of MCX and NCDEX.
Satish
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SARFAESI Act,2002
Is there any particular format for moving application to the collector/D.M. under sec.14 of the SARFAESI act,2002.