DRT Case

ASSISTANT MANAGER

Sir,
My father inlaw having a DRT case with SBI for non payment of Loan amount.Total 12.5 Lakh(Two loan 7.5 Lakh and 5 Lakh) apart from interest.

Some 4 months back we got 2 letter(2 Loan) stating one time settlement offer by bank till March 31st 2019.

We paid 7.5 Lakh and closed one loan in January and other loan 5 lakh we could not arrange by March 31st.

Bank has not disclosed to court we have paid 7.5 lakh to them.

From our lawyer we have submitted affidavit that we paid 7.5Lakh and ready to pay 5 Lakh if we get 6 months time.

Can case be Settled/Closed in these case by 5 lakh payment. As my father inlaw helth is not good and we are not able to follow.

Please suggest procedure for settlement with bank as per Court procedure.
 
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Lawyer

The case can be closed with mutual agreement i.e., one-time-settlement as per agreed terms and conditions.

Consult your lawyer contesting your case.

 
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They have sent you letter for one time settlement? It can also be a proof that they approached you first and u acted upon it
 
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Retired employee.

One time settlement is not an open offer that prevails all the time.  When the opportunity was given it should have been used.  IT all depends on the properties available as security, and if the security is more than adequate, the banker is not interested to accept your offer of pittance when the security is abundant.  You can only make attempts to convince the banker and you may succeed if the present value of a property is adequate or less.  When the value of a security is more, as the banker is an institution, and has to refund such deposits made by the public, sentiments may not play a role. Now, even bankers are facing accountability if they compromise for lesser amounts if the net worth of borrower is on the high side.  Consider why Banks and Government are not considering for accepting entire principal amount at one go, though the amount is substantial and banks have secured benefit earlier from him through interest for decades.

 

 
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