Loan recovery
Rana ajai singh
(Querist) 15 March 2014
This query is : Resolved
bank send loan recovery after given 50% amount of loan, loan of priminister rozgar yojana.. bank manager use his bank for make fake case.
loan section 25.lakhs, manager complete his work . but given 10.lakhs only for work. then transferred ,second manager do all fake work against this work. i apy one year installments . but 15.lakhs not given by second manager.
ajay sethi
(Expert) 15 March 2014
if you have defaulted in payment of balance amount of loan bank will be justified in taking recovery proceedings for loan . bank cannot take coercive measures for recovery purposes . if false case has been filed contest case on merits
Rajendra K Goyal
(Expert) 16 March 2014
Whether you approached the Bank for disbursement of balance of 50% of sanctioned loan?
Whether the loan disbursed to you was properly used for the purpose it was given?
Whether the Bank official was asked to verify the end use of the loan amount and the relative bills were submitted to the Bank?
PMRY being a Government sponsored scheme the Bank have to observe guidelines of the scheme.
If you have not observed the financial discipline regarding the terms of the sanction Bank has right to recall the loan.
You have not given the reasons of recovery steps of the Bank.
Biswanath Roy
(Expert) 16 March 2014
I ENDORSE THE VIEWS OF LEARNED MR. AJAY SETHI.
Guest
(Expert) 16 March 2014
Satisfy the bank if not a fake loan case.
Rana ajai singh
(Querist) 16 March 2014
bank section 25 lakes loan but given 10 lakhs . we start work from ten lakes after one year we not given bank interest then they given us notice , or after 3 months they lodge fir or lodge a case in tribunal Lucknow. this loan is pmry loan . we given all details to bank head office but not given relief or vigilance also not taken action against person who cheat with borrower,
Biswanath Roy
(Expert) 16 March 2014
Bank might have entered into a loan agreement with the borrower wherein a particular clause is set out describing how the disbursement of the sanctioned loan will be made and the moratorium for repayment related to. IF ACCORDING TO SAID LOAN AGREEMENT YOU FOUND AND DETECTED the Bank did not act following their own commitment you can file a Suit for Specific Performance of Contract subject to if there is no Arbitration clause for relief and redress.
Guest
(Expert) 16 March 2014
Mr. Rana,
Do you feel that by piecemeal information you would be able to get a suitable advice? What you have stated now, you could also have stated in your original query.
Also, if you have failed to pay even the interest installments, do you feel that the banks are charity organizations and continue to work solely for the defaulters?
As a matter of commonsense, why the bank should keep the whole amount of loan, a public money, at risk and make the concerned bank employees at risk of losing their jobs by getting charge sheets for favouring defaulters. Nobody would like to lose his job by paying additional Rs.15 Lakhs when you already proved to be a defaulter. The irony is, you want favour from vigilance also inspite of your default.
Rajendra K Goyal
(Expert) 16 March 2014
Generally in PMRY or Government sponsored schemes Bank proceed to lodge FIR only and only if loan amount has been misused, utilized in activity other than it was sanctioned, or the primary asset has been disposed off without informing Bank. You have not informed any default in above respect has happened or not. For normal loss in activity Bank does lodge FIR.
If interest or installment is not payed for 3 months loan becomes irregular and Bank is justified in starting recovery proceedings.
For what purpose the loan was sanctioned? What was for Fixed asset and working capital component. It seems first installment of Rs.10lacs was for purchasing and installing fixed assets(machinery etc.). Since Bank was not satisfied with the utilization of this portion further disbursement was not done. Since the assets were not purchased as per scheme, Bank preferred to lodge FIR and is justified in its action.
you have not mentioned the full facts, above is guess on probability. If you give full facts, useful advise can be provided.
T. Kalaiselvan, Advocate
(Expert) 16 March 2014
The author may answer the questions raised by the experts above for getting proper reply to his query.
Sudhir Kumar, Advocate
(Expert) 16 March 2014
You are advised to give all relevant facts.
Further it may be better to take help of some English knowing person for writing posts so that experts could understand and not expected to imagine.
mr. snehal
(Expert) 21 March 2014
Sir first of all pls give all information regarding your query. You on your own dont decide what is relevant and what is not, for that purpose we r here. Further pls take help of english ofator and translator to post accurate facts.
mr. snehal
(Expert) 21 March 2014
Sir first of all pls give all information regarding your query. You on your own dont decide what is relevant and what is not, for that purpose we r here. Further pls take help of english ofator and translator to post accurate facts.
Sudhir Kumar, Advocate
(Expert) 15 April 2014
connected thread
http://www.lawyersclubindia.com/experts/FARMERS-OR-FARMING-SCHEMES-ISSUES--369286.asp
Sudhir Kumar, Advocate
(Expert) 15 April 2014
connected thread
http://www.lawyersclubindia.com/experts/farming-or-agricultural-issues-from-bank-or-government-369291.asp
Sudhir Kumar, Advocate
(Expert) 15 April 2014
also connected
http://www.lawyersclubindia.com/forum/details.asp?mod_id=72176&offset=1#.U0yWvaI1g49
Sudhir Kumar, Advocate
(Expert) 15 April 2014
also connected
http://www.lawyersclubindia.com/forum/details.asp?mod_id=72176&offset=1
