Dear Sir,
i availed an educational loan from State Bank of Travancore in 2004. Due to financial crisis i was not able to make any major repayments to the loan. In 2012 the total amount outstanding was 185000/- and the bank called me for an adalath. In that the bank given me offer of settlement of loan by148000/-. I agreed this and according to the settlement agreement 75000/- paid there itself and remaing in three installments. The whole 148000/- was paid by me thus.
Now RARC is demanding me a payment of 155000/- saying that State Bank of India has sold my loan to them as unpaid.
I have the statement of the loan and the countwrfoils of the payment reciepts and also the agreement of adalath with me.
RARC is saying that if you have paid the loan provide them NDC from the bank which was not given by them and now also they are not giving me.
Kindly give ur advise at the earliest.
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If you had a No Due Certificate from the bank, the issue would have been closed much easily. However, that is not to say that you need to pay additional amount of INR 155000. If you say that bank gave you an offer for settlement of the loan for INR 148000 and you paid the same in four tranches; such offer along with proof of payment should be sufficient to show that nothing is due and payable now.
If you paid amount in 2012 and your query is in July, 2022, presumably neither bank issued any communication nor you wrote to the bank in the intervening period. If so, irrespective of whether there was a settlement on agreed terms, you will get additional point of limitation to defend your liability.
