my uncle got loan from a leading bank in 1988 mortaging his house . like he got some 9 lacs ,and at frequent intervals he repayed 4 lacs . in 2002 for remaninng amount they put interest and gave one time settlement letter for 15 lacs and they themself took money from his business account rs 11 lacs. after tat there is no money to do business and so he cannot pay the remaining. now they asking to pay 63 lacs on 2012 since he did not pay OTS amount fully( they did not consider that 11 lacs which he paid). on request they telling to pay 43 lacs immediately in 2 months . book balance was only 4lacs till 2003 in the One time settlement. kindly tell wat can be done.
If One time settlement amount not paid fully on the period what is the procedure , they should return full amount and go for auction or is there a law that amount should not be taken to consideration like subtracting it from the loan amount?
