Cgtmse-receovery proceedings
Querist :
Anonymous
(Querist) 06 August 2011
This query is : Resolved
I availed a loan of Rs. 9 Lakhs from NSIC under CGTMSE scheme. I have repaid around Rs. 2.5 Lakhs but, after that I could not do so as the unit became sick due to various reasons. The account became NPA and the NSIC took possession of Fixed Assets and other stocks. It was sold through Auction for about Rs. 1.2 Lakhs and that amount also got credited. Then there was an arbitration and the arbitration officer was none other than NSIC Manager. He passed an award to pay Rs. 14 Lakhs. Now they have filed an EP and in case of default they have asked for Arrest.
Is it correct as per law? Then, what is the guarantee? Is there any possibilities for an OTS?
M/s. Y-not legal services
(Expert) 07 August 2011
Yes they are proceeding as rep law only. If you are ready to repay the amount mean just try to amiable settlement. More over you are ready to one time settlement.
