Tathagata Chakrabarty
06 December 2009 at 21:33
Sir,
I am a borrower from SBI running (SSI)business for the last 20 & 10 yrs with the same Bank in two units (Proprietorship & Pvt Ltd)in the same trade.Both businesses started turning bad due to economic downturn as my basic Raw Materials are Petroleum Bye-Products & abnormal rise of prices saw my entire working capital wiped off.I wrote to Bank in Aug 07 before my Account was NPA for quick injection of funds for nursing the unit back to health.Although verbally assuring me,the bank fell into deep slumber once it found out that the advance was secured against my house property etc.I wrote a number of letters asking for financial support, but the bank did not respond & now they are threatening me with legal action if the Accounts are not regularized as they have turned NPAs.
My questions are:
1)Can I bring & sustain a complaint of damages against the Bank as in truth they have avoided any assistance in spite of my long track record.
2)As per Rbi guidelines banks have to complete restructuring within 60 days of receiving an application
3)Will i be able to hold back the might of Sarfeasi Act on the basis of complaint u/s 17(1),once the due process of 13(4) etc is over.
4)In the light of the above & the fact that the bank by its inaction has ruined my businesses do i stand a chance of negotiating for an OTS of 25% of the outstanding amount.
I will be obliged to receive any guidance/Assistance from the valued experts.
regards.
T.Chakrabarty
anshul sangal
06 December 2009 at 07:46
Sir can you tell me to be corporate lawyer which acts we should study?
Abhimanyu Saraf
05 December 2009 at 21:15
Dear Sir,
I want to inquire as to what proceedings could be undertaken by Public Banks in case the whole amount of loan is covered under CGTMSE (Credit Gurantee Trust for Medium and Small Enterprises). The borrower is in the photographic industry and since the industry is near closure globally. So the NPA is not voluntary but market driven.
Please Reply at the earliest..!!!
Abhimanyu
Piyush
05 December 2009 at 15:22
one of friend stolen my cheque book.but i didnt know who had make this when i come to know i had requted my bank to stopped payment with a series of chq.
after few days my friend deposited the chq with frude signature and fraud letter that i am taking 2,25000/- cash from his wife and giving chq as security.on due date as par his letter he depoited chq with his bank but my bank refused the payment as i stopped the payment of chq. now he suited agained me u/s 138 and 420 ipc what should i do....
this case is pass about one year but i have recievd warrent 2 days back
when i was got the notice from my friend advocate i replied that any sec they applied on me are not valid after that tey didnt reply me anything after 1 and a half year i was informed that the court has inssued warrent on me i have 5 days left to take bell
plz advice me....... i have copy of bank letter on which i mentioned about the lost chq and req for stpping the payment
Anonymous
05 December 2009 at 10:30
Dear All,
Can we make an application u/s 9 of Arbitration and Conciliation Act 1996 before the High Court, as the arbitration proceedings are already going on before the Arbitral Tribunal?
Sushil Bhatt
Arun Sharma
04 December 2009 at 17:56
Our client has made a Company in 2007. There are only two directors in the Company both are Indian but for last 5 years having taken the green card at Malashia and residing there. At the time of incorporation of the Company , they have disclosed their status as resident and not NRI.
After that, they have purchased the Agriculture Land in India and payment have come through NRI A/c in foreign currency and except this, there are no activity in the Company.
Now we have to do the Audit and prepare the ROC record of the Company, pls inform us that
1. whether there is any requirement to obtain the permission from the RBI to transfer and invest the amount into India.
2. Whether NRI can become the director of the Company without any permission or there is any requirement to obtain the permission to Incorporate the Company in india or not.
Waiting for the reply
Member (Account Deleted)
03 December 2009 at 13:45
a company has made a transaction u/s297 (lincse agreement) and has accepted money but not informed to RD. what is the procedure and format of the application to be made with ROC for compounding of offence. Vikram Dhanani
Member (Account Deleted)
03 December 2009 at 13:41
a company has made a transaction u/s297 (lincse agreement) and has accepted money but not informed to RD. what is the procedure and format of the application to be made with ROC for compounding of offence. Vikram Dhanani
Anonymous
02 December 2009 at 19:32
In an International Arbitration conducted in India under Arbitration and Conciliation Act, 1996 if an award is passed in favour of Indian Party, how the same can be enforced.
Learned experts are requested to enlighten the procedure.
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