Dear Sirs
I was an employee of a large trading pvt ltd company. During one financial crisis period I had given my property as co-lateral for getting a Bank loan for the company. The company secured 4 times the security deposited. In other words the security with the bank is just upto 25% of the advance.
In the meanwhile The MD of the company started a new pvt ltd company and posted me there as a director with 5% shareholding. The value of this company is about 35% of the advance of the first company. In this comapany there is a loan but the company value is more than loan and hence no problem from the bank.
Now both the companys are NPA and the bank has started recovery process. They have taken possesion and also served notice for vacating the property and auction date is also fixed. They have not taken possesion of my property alone and have told me that they would initiate action on my property by a weeks time.
The borrowers are well off and can settle the bank if strict recovery process is initiated against the borrowers. I understand that the borrowers have invested and started new companies with the money. They are not bothered about the auction of their properties. They are arranging to buy the properties back in some other name. They are also negotiating with the bank to have a treaty sale so that they do not vacate the house and avoid the aucion process. Only I am left out.
Please advise me to whom I have to complain and also the action to be taken so that action is taken against the borrowers and the banks money recovered and my property released. Can the bank seize the companies/assets of the benamis of the borrower and recover their dues?
