Complaint was with Banking Ombudsman in Nov'08 concerning wrong NPA classification of our SSI unit's term loan and working capital accounts, hasty sarfaesi action within 3 months of NPA, non upgraddation accounts to standard after payment of all overdues after sarfaesi, refusal to consider debt restructure/nursing etc etc.
After over one year of written and oral submissions, BO declined to pass and award/order on grounds that the core issue is wrong NPA classification and this needs elaborate and detailed investigation. In the same letter he states that the "The bank has reitrated that it has all the rights to classify accounts as NPA as per its internal guidlines and take recovery action under sarfaesi act". Appeal against this order was also rejected on same grounds.
Bank has given false and contradictary overdue amounts to BO towards NPA classification. Bank never gave us any letter as why and when our accounts were classified as NPA. Before serving 13(2) notice bank never gave any letter intending to recall the entire advances.
Before NPA, various payments received from our oversewas buyers was not credited to any of our accounts and the bank is unable to explain till date where the amopunts have disappeared. This led to default of one EMI of Rs. 8000 for over 90 days. The total sanctioned limit in all accounts was Rs. 1.44 crores.
After sarfaesi we kept on paying overdues to the bank but bank refused to upgrade the accounts to standard.
Bank sold residential property under sarfaesi act inspite of continously clearinmg all overdues.
Out of Rs80 lakhs total exposure on NPA date - 07.04.07, we paid - by 15.09.08, Rs 50 Lakhs and rs. 30 Lakhs has been received from ECGC claim under banks preshipment whole turnover policy. This amount is not credited to our account but lying in suspence account at bank.
Bank has filed OA at DRT for recovery of this 30 lakhs + uncharged interset after NPA. Bank is still holding security of our self occupied residential property of high value. OA was filed in August'09 whle the matter was pending at BO.
Now, can we file a crimnal case against bank officials?
Can we file case at CMM court for penalties under Sarfaesi ac??
How can we compell Banking Ombudsman to review his decision.
Please guide.
