Rajeev Varshney
24 May 2014 at 18:42
Sir,
We are putting our problems as follows before Hon'ble sir for better solution
1. => That Chandrakanta Banarsi Dass Public Society has applied for loan from SBI (SME) Branch Aligarh for establishment of primary education institution which is to be opened in the name of Rapid International Academy and project was submitted to the bank for worth Rs. 13 Crore.
2. =>That concerned bank has sanctioned on 20-02-2010 on Rs. 2.80 crore and assured to pay the balance after some time. We have invested a huge money worth Rs. 7 Crore in the construction of building and other equipments and the Institution had started in the year 2011-12 and continued upto 2012-13 but due to financial crises institution could not continue for further period as bank did not support us and had totally refused to pay the balance amount as per project.
3. =>That we have deposited about worth Rs. 1.70 Crore to the bank. The accounts of bank are not maintained regularly in the course of business. The bank has failed to comply its assurance as given prior.
4. =>That our account recorded as NPA on 30-09-2013 at the amount of 2.57 crore and notice under section 13 (2) of Sarfaesi act was issued. We have replied the same in time, but no relief was given by the bank. Then we have filed S.A. in the year 03-03-2014 before D.R.T. Lucknow. The bank has also filed O.A. against us before D.R.T. Lucknow. No reply was even filed by the bank in S.A. though many dates have been fixed by the Tribunal for filing objection.
5. =>That an O.T.S. proposal was given to the bank through D.R.T. Lucknow to settle the case in worth Rs. 2.25 Crore but the bank did not accept the same.
6. =>That are all properties are mortgaged in favor of bankhaving present market value worth Rs. 15 Crore, as per bank value arrives about 11 Crore, now bank is threatening to us that we would not compromise in this case as more costly properties are mortgaged in bank’s favour.
There are following grounds of default on behalf of bank:
(a) -->That bank did not mention all the properties in notice 13(2) and afterwards bank has issued Notice U.S. 13(4) disclosing all the mortgage properties though in section 13(2) all mortgage properties are not disclosed.
(b) -->That no notice under section 13(2) and 13(4) were sent and served upon guarantor’s address.
(c) -->That in our account some amount was falsely debited the bank.
(d) -->That bank is not accepting our O.T.S. proposal as given by us for settling the account for worth Rs. 2.25 Crore
(e) -->That Bank is proceeded further in recovering the arbitrary amount against us and a possession notice was posted upon the property on 18-01-2014.
Kindly provide better solution in our interest so we can relieve the facing problem as on today.
I will be highly obliged.
With Thanks
Rajeev Varshney
President
Chandrakanta Banarsi Dass Public Society
+918881525251,varshney.k.rajeev@gmail.com
Sanjeev Hota
23 May 2014 at 21:30
"A" agreed to buy a house from "B" at 70 lakhs and proposed an advance amount to "B". But "B" did not agree to the proposed amount as he wanted a bigger advance. So "A" gave an token advance of 10 lakh with an assurance to "B" that he will pay another 10 lakhs by next week. Two days after this "A" said he doesn't want the house and wants the advance back. But "B" in the meanwhile spent part of the advance already and was not in a position to return it immediately. " A " is threatening to file a case against "B" for not returning advance. Is it possible that he can do so when he has gone back on his words?
SANJEEV SRIVASTAVA
23 May 2014 at 14:58
Dear All
I want an opinion on the section 26 and section 09 of the Arbitration Act.
Breif is:
We are for respondent. During the proceedings of cross examination of respondent's first witness, Respondent moved an application U/s 26 of Arb. Act 1996 and request from the sole arbitrator for appointment of an independent expert to bring some facts of CRANE(machine) such as maker and capacity(Please note maker and capacity is in dispute between the parties since beginning) and this will enable the respondent to prove that the machinery supplied by petitioner is not as per the contract issued by respondent and therefore was idle at respondent yard and despite of request petitioner neither took back the crane nor refund the advance money and thereby claim of petitioner for rent is not valid. The reason behind the inspection was to bring on record about the manufacturer company, design & capacity of machine and to convince the arbitrator that the design, manufacturer and load lifting capacity is different from the contract issued to petitioner. We also mentioned that the dispute machine is having engine number, chasis number and inspection of the machine can ascertain about manufacturer, chasis number, engine number which can cross verify with manufacturer for the capacity of the machine, moreover this machine may also have some RTO number just like other vehicles. The Hon'ble arbitrator dismiss our application on the ground of
Delay,
Machines specification and particularly capacity can not be identified being the reason of old or wear and tear.
Because the machines look alike.
This inspection would not help the arbitrator to decide the dispute.
Now We want to challenge this order please suggest how..? Can we go under section 09 which says that "during arbitration proceedings a party can move to court for (c)..........................authorising any samples to be taken or any observation to be made, or experiment to be tried, which may be necessary or expedient for the purpose of obtaining full information or evidence;
Your suggestions will be valuable to us.
Thanks in advance.
Reetu Dwivedi
22 May 2014 at 15:38
Dear Sirs,
I am doing a contract which has a 0 value. We want to test our product in market through a supplier whose customers will be using our products.Now this supplier will charge us on the basis order form. And supplier is asking fro an advance payment of whole year,which is not decided yet. and they are not ready to accept advance payment for any lesser period. The risk for us is too high, that if they breach the contract all our money will be gone.
SAI
21 May 2014 at 19:38
Can anybody provide me solution to end the problem that i actually came across..............
There is a individual who invested all his assets in a Rice Mill of worth Rs.8 crores (approx.) in the year 2011.Then the business continued for 1.5 years continuously. Suddenly the business lacks working capital due to abscondance of cash by the person involved in construction, who was the friend of the individual in the 2013. There is no specific evidence to prove the fraud. Thus, the business discontinued. On the other hand, as there is no profits, the bank debts (neither the principle sum nor interest) of Rs.4 crores(approx.)could not cleared as there is no cash availability. As the business organisation is not paying any sum to bank. The bank considered the debt as NPA and is going to conduct auction on or before 06.06.2014.All the assets were struck in the bank as securities for the loan whereas the individual has Rs.4 crores of bank loan and Rs.2 crores of unsecured loan.
Banker valued the mill value for Rs.1.63 crores and other securities for Rs.60 lakhs only whereas the valuation report by the Approved valuer valued the mill for Rs.5.35 crores (approx.). There is a heavy pressure from the creditors as the auction amount does not cover their debts.
Please provide a probable and suitable solution for the above query.................
P.C. Joshi
20 May 2014 at 17:43
Dear Friends, first of all I want to confirm the existing FDI limit in retail. As per my knowledge the same is as under: 1. Single Brand retail: 100 FDI allowed(49% sutomatic route in excess of 49% with Central Govt. Multiple Brand Retail- No FDI is allowed even with Govt. approval. Now my query is: A Ltd deals in whole sale trade and has FRI of about 30%. It wants to operate in retail sector with multiple brands but can'nt do retail sale under FDI policy. However A ltd has a private company in the same gropu in which there is no FDI.But Directors and Indian shareholders are same in both the company. Can this Private company can do retail/online/e commece business with customers directly after buying the goods from A Ltd. as its wholesale/distributor.Please advise. Thansk
& Regards, P.C. Joshi
mohan sehgal
19 May 2014 at 21:06
Due to working place bootlenecks...I had to rent-in a working shed nearby my parent registered unit to comply with fullfillment of orders...Raw material for necesarry processing etc. are sent to the second registerd primeses and then returned back to the main parent-unit for further processing etc.s etc. and finally cleared after paying approprirate excise duty... whether the IInd unit file any Excise Return although It is keeping all appropriate Inward/Outward records
amar
19 May 2014 at 11:29
If one is starting private locker business where people can keep their valuables/important documents
Is there any need to take permission from RBI ???
Thanks in Advance
pctulsian
18 May 2014 at 11:46
WHAT IS THE POSITION OF BUYER OF A PROPERTY (NOT-MORTGAGED AS PART OF GUARANTEE) OF A GUARANTOR-
1.if he has not received any notice of recovery from the bank
2.if he has simply received notice of recovery from the bank
3.if he has received notice of recovery from the bank under SARFAESI ACT
4.if he has received notice of recovery from the bank under DRT ?
© 2026 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
Sec.138 of n.i.act.
Dear Experts,
A cheque is given by a person for discharge of legally enforceable debt bounced due to insufficient of funds in his account.issued a statutory notice though he did not respond to pay. under these circumstances can i file a complaint U/S 420 of IPC along with 138 of N.I Act.or not ? kindly advice in this regard.Thanq in advance.