Npa norms
Vishal
(Querist) 19 February 2012
This query is : Resolved
Respected Sir, We took 2nos. of term loan from the bank in the year 1995 and 1996 due to some unavoidable circumstances accounts went to NPA. Bank has never charged any interest since then. Now we have closed the full principle amount borrowed from the bank. The bank statement shows no dues and a balance of Zero Zero account closed. But branch says that as per the NPA norms we collected the principle but you have to pay the interest from 1999. But refuses to give any statement of interest accounts. Please enlight us that is it as per the NPA, First bank will collect the principle and then the interest as per my knowledge goes and my charted accountant says that bank should debit the interest as and when payment made to the bank and then balance will go to principle and bank is supposed to create a separate account of interest to be paid..
ajay sethi
(Expert) 19 February 2012
when you seelted with the bank you should have mentioned it is in full and final settlement of outstanding dues .
bank is bound to give you complete statement of account .
if bank statement forwarded to you shows no dues and balance amount as zero then you have nothing to fear.
why has the bank not intiated any proceedings for recovery of outstanding dues ? when did you make payment of principal amount ?
have you signed any document acknowleding your liability to bank ?
Rajeev Kumar
(Expert) 19 February 2012
Yes Ajay is right and i agree with him
Vishal
(Querist) 19 February 2012
Respected Sir.
Thanks a lot for ur reply... Please gimme 5 min time ill check the file and get back to u sir....
Vishal
(Querist) 19 February 2012
Respected Sir,
As ur letter asks that we closed both the term loan accounts on 3-11-2011 stating that we are enclosing a cheque of 271.07 dated 3-11-2011 bearing serial no. 023085 in HDFC bank, against total outstanding shown in the statement as full and final settlement of the above loan accounts which please receive and acknowledge the same. Bank acknowledged deposited the cheque and after the credit they have closed both the accounts stating closing balance zero zero. As per my knowledge goes i have not signed any paper anywhere and given any letter about agreeing to pay interest within last 5 years.. Bank is asking for the interest not through statement of account but through the letters and threatning us to sell our property on sarfaesi act...
Regards,
Vishal
