Pmry - bank loan
GOPINAATH
(Querist) 19 September 2011
This query is : Resolved
Sir,
1. In 1999 i have availed term loan from CENTRAL BANK OF INDIA for 75,000/- under self employment scheme for PRE-PRESS UNIT. Repayed it on 2002.
2. In 2003 - PMRY loan for 1,75,000 was sanctioned by the same bank for establishing OFFSET PRINTING machinery. My fathers propery (a vaccant site 2400 sq.ft) valued by FIV for 200/ per sft. was attached and my father (VRS staff from State Bank of India) was guarantor.
The loan period was 7years 2003 - 2010
a. The loan slipped to NPA by 2004. for 1,56,000/-
b. The Bank did not seize my offset machinery.
c. The bank did not sue me.
d. The bank auctioned my fathers property (guarantor) to a throw away price. (1,55,000) at 2005 itself. Bank sent me sale notice. Sold it below my NPA.
c. Buyer was solo - no competion. he gotit easily.
d. My father in this grief died.
After 7 years bank issues me notice that there is a arrears of 14000/- and special OTS offer for 7000. What should I do now. The sold property's then value was 250/- per Sft. Present value is 2000/- per Sft.
Is bank wrong - in Issuing me PMRY loan after giving me Self Employment loan - Pledging a vaccant site - Asking gurantor for issuing PMRY loan. (have they followed all RBI guidelines)
Is there any chance to get my fathers propery back. I am ready to repay the NPA amount also.
Biswanath Roy
(Expert) 19 September 2011
Your case comes under the purview of Article 226 of the Constitution of India. Hence your redressal is in the State High Court.
Advocate. Arunagiri
(Expert) 19 September 2011
Whether the bank had issued any notice before auctioning the property?
ajay sethi
(Expert) 19 September 2011
repeated query
prabhakar singh
(Expert) 20 September 2011
It is a lost cause, not enforceable for any side remedy through court of law.
GOPINAATH
(Querist) 20 September 2011
@Mr Arunagiri,
Yes. The bank published notice in News paper.
The EC reflects 6 changes in Property Title.
