Sir, I seek your suggestion in the following:
I was executing project as a sub-contractor to the private company where I invested all the loan money(term loan and cash credit) I took from bank. Private company, terminated my work giving various reasons and claimed damages and the civil litigation on-going. I have filed counter claim under various heads and payment for non-following contract terms&conditions, etc…. I did not claim damages.
Before approaching court we opted for arbitration(not part of contract). But company went ahead with Civil Litigation.
I incurred heavy financial loss and anguish, distress, annoyance, loss of reputation, injured feelings, mental agony, emotional distress, loss of projects and finally close-down firm permanently etc… and had to sell myself and my spouse capital assets at very low price to pay off the bank loan which turned into NPA 2 years back.
Even after loosing all my capital assets, loan could not be cleared in complete and Bank decided to auction the only the residential property where my family resides.
Bank issued Paper Notice “possession notice” u/s 13(4) of sarfasi act by which many real-estate agents and other financial firms continuously started coming to the residence created nusense which caused my family reputation in the society and work place. It’s not the fault of Bank afterall they were trying to recover money that they lent to my project.
If private company had opted for arbitration and come to terms and cleared my dues or settlement with mutual understanding, I would have paid of complete loan and saving all of my property (which was emotionally connected as it’s inherited from parents) and public neusense could have been avoided.
In this situation, Is Civil Defamatory suite or any other recovery suite against private company be appropriate to recover damages apart from the on-going claim-counterclaim case. Any other consequences? I appreciate experts suggestion. Thanks.
