Querry regarding recovery action initiated by our banker u/s 13/2 and 13/4 of sarfesi act
K R Ranjan
(Querist) 24 September 2016
This query is : Resolved
Dear Sir/Madam
We as an SSI unit ( pvt ltd company) engaged in manufacturing of sheet metal components has borrowed term loan for purchase of toolings and working capital loans from Bank of Baroda in 2010 .
During 2011 an action (mass action)taken by local authorities of polution controll board , our unit was closed .
All though very next week board people visited our fascility and certified all the compliances , but it took all most six months time to get formal restart order.
Mean while our loan account has huge overdues .
We requested for restructuring of ac , against which we were asked to repay the overdues .
But again after repaying the same we were denied for restructuring.
we even requested to get a TEV study from third party as nominated by bank on our cost , but all in vein.
Finally bank initiated their various action in 2012 and it is still going on.
Now i need your valuable opinion on :---
1.Can we sue bank for not supporting us in the time of need arises by the factors ruled by the situation beyond controll of promoters.
2.Can we move to court for fixing personal responsibility of bank officials due to whoom huge amount including our equity and bank loan amount got in losses.
3.As per RBI guideline in a borrower must be given a second chance to repay his obligations .--- Up to what extent this can be applied forcefully for a banker .
Raj Kumar Makkad
(Expert) 25 September 2016
This is your commercial query so better to engage a specified lawyer for the satisfaction of not only your queries but to move ahead as desired.
Rajendra K Goyal
(Expert) 25 September 2016
1. bank is supposed to rely on agreement you have signed while taking loan, You can not claim any support as a matter of right or as granted. Bank can not go beyond its norms to accommodate any borrower.
2. Was the Bank responsible for your loss? You can go to court if any term of agreement was not observed by the Bank. You can sue any officer personally if he got / demanded personal favor. Steps taken in official capacity within norms does not attract any legal action from borrower and such step may not succeed, if taken.
3. Not aware of any such guidelines, if exist please go through full circular. NPA norms and recovery procedure is also approval of RBI / Government, which Bank has to follow.
Rajendra K Goyal
(Expert) 25 September 2016
You can sue Bank if they have not observed the terms of agreement, in turn you should be with clean hands.
Why you should initiate action against Bank for the fault of government department which locked premises.
Rajendra K Goyal
(Expert) 26 September 2016
The author has not replied the reasons why he wanted to sue Banker for the fault of govt. department.
Are the Bankers soft target in their views as they can not take action in revenge / counter the initiation.
Raj Kumar Makkad
(Expert) 27 September 2016
Bankers have now full power which sometimes is regarded even arbitrary power under DRT.
Prakash Ramchandani
(Expert) 28 September 2016
your query is good and jenuine because every advocate do not no the rules of sarefessi, RDDBI act,Rent , etc,
You are liable to pay the debt under those provisions,
your assest will be autioned, deifinately, but you can on expert who can guide you to safe guard your self and your property by some legal proceddings.... etc... you can call on me through the lawyers club principals....
Rajendra K Goyal
(Expert) 29 September 2016
Sir Bankers have powers for recovery of its loan and dispose off the mortgaged assets, but lag behind when case filed against them in personal name for work done in official capacity, department may not support in such proceedings / case.
Raj Kumar Makkad
(Expert) 29 September 2016
I endorse the advice of expert Rajender K.. Goyal.
Prakash Ramchandani
(Expert) 29 September 2016
raj and rajendra ji, i am expert consultant in NPA Sarfessi ACt,etc
I work for defense and also for petitioners,and it is right of borrower to suit the proceedings and then can get befits of ...... etc etc...every thing i can t put here if any body like to call on me through lawyers club then i there to consult at fees.
Any how you both are and may be right , as a petitioners side but i have written in favor of defendant
thks
oblidged
Raj Kumar Makkad
(Expert) 29 September 2016
Prakash ji! It is pleasant to know about your background. I want to make clear that we here only provide the working knowledge on the subject. Every case is different and distinct and even the opinion is also different.
You should go ahead as per your expertise.
Rajendra K Goyal
(Expert) 29 September 2016
Please to know the background from expert : Prakash Ramchandani.
For more minute advice full case file need to be referred.
