One time settelment


ONE OF CLIENTS CASE IS GOING ON PUNES COOPERATIVE  COURT .MY CLIENT IS RESPONDANT AGAINST CO OPERATIVE BANK . NOW MY CLIENT WANTS "ONE TIME SETTELMENT". HE ALSO SENT        5 PERCENT OF AMOUNT OF NPA AMOUNT WITH SIMPLE APPLICATION  FOR: ONE TIME  SETTELMENT",WITH PRAYING THAT GIVE HIM  ONE  TIME SETTELMENT(OTS) AMOUNT ,ON 15 FEB 2013 . TILL DATE BANK DIDNT GAVE HIM  OTS AMOUNT . NOW BANK IS SAYING THAT YOU DIDNT GIVE ONE TIME SETTELMENT PROPOSAL IN PROPER FORMAT .STATE GOVERNMENT CIRCULAR SAYS THAT  LAST DATE OF  OTS APPLICATION IS 28 FEB 2013  AND BANK SHOULD TAKE DECESION IN ONE MONTH FROM DATE OF APPLICATION RECEIVED TO  THEM.

NOW  CAN I PUT APPLICATION  IN COURT IN CURRENT MATTER THAT WE ARE READY TO PAY OTS AMOUNT ACCORDING TO GUIDELINES OF RESERVE BANK OF INDIA.

 
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Advocate

yes you can present your application in the court. it is good for the bank to go for OTS so that recovery could be faster and long court cases need not be required to fight.

 

you may also call on the below number for legal assistance.

 

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai

 
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thanks for ur reply . one more thing  ,  bank accepted ots scheme of other peoples and in our case  if bank says that ots application in not in proper format  and  ots application date is over now , is there is any voilation of banking act , by bank and  what action should take against bank.

thanks

 
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