Payment of ots dues
pandarinath
(Querist) 03 April 2015
This query is : Resolved
Respected sir,
MY ACCOUNT is declared as NPA,subsequetly i
have applied for OTS on 14-3-2014 and fix the total for 105 lakh.approval granted for
125 lakh.iam not aeecpting the approvel and requesting the bank settle the amout for 105 lakh.for that iam paying 18,50,000 as an advance and requesting for the release of the secured ag prorety.subsequently i have paid 28 lakh up to 18-3-2015.i received OTS agreement on 18-3-2015 with past date 13-2-2015. and fixing the total OTS WAS 110LAKH.i accepted that agreement and requesting for resonable time for re paymet of remaining 60 lakh.rejecting my request
and forced me to repay the due within no time.bank herrasing me ,i repetedly requesting the bank for six time for the disposal of prorerty for repaying the due 60
lakh.sending SMS TO MY CELL PHONE i am giving notice under safarsi and auctioned the secured prorer ties.please suggest valuble remidies for grantig six months time for re payment of OTS due.what is rule position for granting time re payment of OTS due.OTS agreement is attached with this letter
thanking you sir
MANOJ HARIT
(Expert) 03 April 2015
Approach a lawyer. File SA b4 DRT. Get a stay order on Sale/Possession Notice. U'll get sufficient time to make the repayment.
After handing over the case to a lawyer, concentrate on revival of u r business activity.
Remember, only sound earning is the final solution.
pandarinath
(Querist) 03 April 2015
thank you for your reply. i will fallow your seggestion
MANOJ HARIT
(Expert) 03 April 2015
If u r from Maharashtra u may contact Adv. Manish Bohade on 9371505560.
He is competent & economical.
pandarinath
(Querist) 03 April 2015
i am from andhra pradesh
Rajendra K Goyal
(Expert) 04 April 2015
The terms of the settlement proposal need to be referred. If in your offer you have requested for 6 month time for effecting final payment, Bank can not refuse. In case you failed to abide by the terms of offer, Bank may cancel the same specifically when you have deposited sufficient amount.
RAJU O.F.,
(Expert) 06 April 2015
Terms under OTS are under the discretion of the Bank. If you are aggrieved, you may prefer Appeal under Sec. 17 of the SARFAESI Act before DRT.
T. Kalaiselvan, Advocate
(Expert) 08 April 2015
Better take the help of an advocate, sit and talk with the manager, if manager is not cooperating, escalate the matter with the higher officials for restructuring and other reliefs, as a last resort, you may initiate legal actions as advised by experts.
