One time settlement with bank
Achhru Kumar Singla
(Querist) 18 July 2014
This query is : Resolved
Dear Sir,
A partnership firm of 3 partners (me, now expired partner and third partner) account was declared NPA by Bank and outstanding was 20 lacs. The business of the partnership was shut down due to dispute with the third partner. The bank auctioned the property of the son of the third partner who was guarantor in the account for Rs. 10 lacs in July 2011 and the sales proceeds of the property kept in sundry account because confirmation of sale was stayed by the DRT. Even we move to DRT for stay against our properties mortgaged in the Bank and deposited 10 lacs in Sundry Account in June 2011 as per the directions of the DRT.
As per the directions of DRT on 18/03/2013, me and son of the expired partner signed the MOU with Bank for settlement of the account 2/3rd of the total agreed amount of Rs. 30 lacs. A minute of meetings are drafted and signed by the Bank and us for our share and Bank agreed to settle the account individually and the only condition of the OTS was to deposit Rs. 10 lacs before 26/03/2014 which we have fulfilled and deposited accordingly nothing was mentioned about the share of the third partner as already Rs. 10 lacs was lying in sundry account with Bank. Now the Bank said that the OTS is rescinded as the third partner has not agreed to deposit his share. On the basis of the Bank's refusal, DRT dismissed our SA and also confirm the sale of the property of the son of the third partner i.e. dismissed the SA of the son of the third partner. Now the bank has filled the case of recovery of Rs. 40 lacs. kindly advise on the matter copy of the minutes of meetings is attached
Dr J C Vashista
(Expert) 19 July 2014
@ Achhru Kumar Singla,
How many queries do you have?
Contact, consult and engage a local lawyer, this is a charitable platform for needy persons.
Sudhir Kumar, Advocate
(Expert) 19 July 2014
repeated queries
http://www.lawyersclubindia.com/experts/Bank-officers-misrepresentation-and-inhumane-activity-485016.asp#.U8nF-kBvdG0
Sudhir Kumar, Advocate
(Expert) 19 July 2014
repeated
http://www.lawyersclubindia.com/experts/Bank-interest-on-loan-485011.asp#.U8nF_kBvdG0
ajay sethi
(Expert) 19 July 2014
if repeated query no reply
K.K.Ganguly
(Expert) 19 July 2014
I remember having gone through this query earlier.
T. Kalaiselvan, Advocate
(Expert) 19 July 2014
This is the third query by the same author. Are these things posted here are real or imaginary concept in the academic interest? If it is real, consult a local lawyer who is conversant with the banking laws and proceed as per his advise.
Sudhir Kumar, Advocate
(Expert) 20 July 2014
when forum is free one must have multiple queries
MUFT KE CHANDAN
GHIS MERE NANDAN
LAMBA TILAK LAGA BABA
PAISA KOEE MANGE TO AGEY AGEY JA BABA
prabhakar singh
(Expert) 20 July 2014
THIS FORUM INTENDS TO DENY REPLY TO THOSE WHO ARE DOING BUSINESS. HENCE THEY SHOULD NOT POSE EVEN FIRST,REPEAT IS A VERY DISTANCED THING FOR US.
