Bank loan pmry
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.
ajay sethi
(Expert) 19 September 2011
the bnak must have issued legal notice to your father and given him time to make payment .
when bank auctioned your father property in 2005 your father should have challenged the valuation report on basis of which auction was done . the reserve price fixed etc . it is 6 years since auction was done .
the court wont intervene now to set aside sale of auctioned property .
Raj Kumar Makkad
(Expert) 19 September 2011
Where were you during last more than 7 years? Why are you raising this query on today?
Once you applied PMRY and bank accepted it then what is the relevance of your old loan with present one?
You lost valuable years and lost everything. Gya waka dubara nhi aata. Bhool jao.
Bank cannot claim Rs. 14000/- at this time as barred by limitation.
prabhakar singh
(Expert) 20 September 2011
yeah! it is a lost cause, not enforceable for any side remedy through court of law.
i agree with experts.
GOPINAATH
(Querist) 20 September 2011
@ Mr. Rajoo,
@Whether recovery suit was filed against you?
Sir,
No recovery suit was filed against me.
@Mr Rajkumar,
After 6 odd years only bank issues me notice to repay. (not a legal) Just from bank Reg. post.
