Settlement of loan
MD JAMAL MUSTAFA
(Querist) 30 April 2013
This query is : Resolved
DEAR SIR
One has got the cc loan amounting 278000/- under KVCI scheme in 2006. After that during five years A/C is running very smoothly with the cooperation of BANK. Suddenly wife and father werwe sufferingchronic disease. Business has been affected badly during this period A/C has been also also declared NPA but no notice has been issued for NPA As soon as A has got the information about NPA CONTACT TO THE BRANCH MANAGER THEN REGIONAL MANAGER FOR THE SETTLEMENT. After that settlement talk between the RM AND BM have been conducted by the telephonic communication and give order to pay Rs. 225000/-before 31st MARCH 2013. at onceA went to the BANK and deposited RS.25000/- with an apoplication.To mention in this application thatgrant me permission and accept this amount and rest amount 200000/- will be deposited before 31st MARCH 2013. A has deposited Rs 25000/- and branch managergive initial signature on that application During this period Father has died on 27th FEBRUARY and wife is serious and under treatment. Before 31st MARCH 2013 went to the BANK to deposit Rs two lacs but branch manager denied and say to me u will have deposited 420000/-0 whichj hv mentioned after NPA OF A/C. IN WHICH CIRCUMSTANCES what to do what can be the legal remnedies for him. ONE can go for writ? How to settlethis loan through the legal process? How can go in the DRT for the settlement of loan ? Kindly help and guide THANKS
ajay sethi
(Expert) 01 May 2013
you must have made an aapplication under OTS (one time settlement ) . bank has accepted your offer verbally and directed you to deposit Rs two lakhs twenty five thousand before 31st march 2013 . bank has not gibven any letter accepting your offer .
since no written communication from bank it is not binding upon bank to accept rs 2,25,000
you have not mentioned what are the securites lying with bank.
if bank has security then it would be reluctant to accept lower amount than rs 4,20,000 .
wait for bank to issue notice or take legal proceedings then contact a lawyer .
filing writ is no solution
MD JAMAL MUSTAFA
(Querist) 01 May 2013
thanks
parental house is the security lying with bank i had granted the loan under KVCI scheme in this scheme someone was saying that there is no provision of morgage under this scheme is correct? why writ is no solution in this case? iwant settlement shortly what will be the speedy process
ajay sethi
(Expert) 01 May 2013
writ is no solution as you cant force bank to accept lowetr amount ie Rs 2,25,000 than sum of Rs 4,20,000 which bank is claiming .
you want settlement pay bank in full . if you want settlement under OTS then bank has to accept your offer .
if bank has original title deeds of your house then its interests are safeguarded .value of house must be more than Rs 4,20,000 bank wont accept lower amount
Vijyant Nigam (09807349001)
(Expert) 02 May 2013
u said, "A has deposited Rs 25000/- and branch manager give initial signature on that application"
whats in that application, did u mentioned in the same that ur settlement has been done on 225000 and against the same u r depositing 25000 and balance u 'll pay further.
if the language was as above then u can claim that ur offer was accepted. if not, then also u have other legal remedies... but writ remedy will be pre mature.
keep on writing to the bank about ur conversation and let the bank deny the same.
