Debt recovery by state coop bank.
hardy
(Querist) 14 March 2012
This query is : Resolved
Let me know if you know of any instances (case law) where AP State Coop Bank allowed one time settlement - OTS - of its SME (not farmer but small & medium enterprise) account, recently. If not, guide me to the right lawyer who can guide, or database which can give me precedents.
ajay sethi
(Expert) 14 March 2012
in order to reduce NPA all banks encourage OTS .
find out the lawyer appearing on behalf of AP state cooperative bank in cooperative courts in your state .
Kiran Kumar
(Expert) 14 March 2012
there is no need for any judgment on this aspect.
every court, every tribunal presses for settlement.
even RBI guidelines are there in this respect.
find out some good lawyer and present your case effectively.
Raj Kumar Makkad
(Expert) 14 March 2012
Can you tel me in which area of AP, you require such lawyer?
malipeddi jaggarao
(Expert) 17 March 2012
For OTS, you should not a willful defaulter. If default is on genuine grounds, initially you approach the Bank and represent them that in spite of your intention to repay, you are unable to do so for the total amount with interest and you are ready for OTS. Have a mutual discussion and submit application on plain paper to the Bank your offer against the total dues. The Bank if agrees prima facie, will ask you deposit about 20% upfront in a "no lien account" and process your request.
For this, I do find any need of an advocate.
