Non-receipt of gratuity amount to employee
vasant kulkarni
(Querist) 27 September 2011
This query is : Resolved
ONE OF MY CLOSE RELATIVE RETIRED FROM SCHOOL AFTER SUPERANNUATION.HIS GRATUITY AMOUNT WAS SENT TO HIM BY A LOCAL CHEQUE.HE DEPOSITED THE SAME WITH HIS COOPERATIVE BANK.IT WAS CLEAERED NEXT DAY AND HIS A/C WAS CREDITED FOR THE GRATUITY AMOUNT (RS.8,00,000/-).
THEN WITHIN WEEKS TIME HE WENT FOR WITHDRAWL OF CASH FROM THE S/B A/C.HE COULD NOT GET THE CASH/MONEY, AS THE BANK WAS PLACED UNDER DIRECTIONS OF RESERVE BANK,AND SUBSEQUENTLY BANKING LICENCE WAS ALSO CANCELLED.HE GOT ONLY Rs. 1 LAKH,AS DEPOSIT INSURANCE.PRACTICALLY HE LOST HIS GRATUITY TO THE EXTENT OF Rs. 7 LAKHS.WHAT HE SHOULD DO TO GET BACK HIS HARD EARNED GRATUITY?
Sankaranarayanan
(Expert) 27 September 2011
what reason the bank closed. what reason the RBI debare the licence. Need more details.
Guest
(Expert) 27 September 2011
The case neither relates to non-receipt of gratuity amount, nor to service law, as the employee was duly paid his gratuity by his employer, which he deposited in his bank.
In fact the case relates to banking law and failure of bank to pay his deposit with the bank. Employer cannot be made responsible for non-payment of gratuity under the Payment of Gratuity Act.
So, you may better reply the question raised by sankar narayanan for proper resolution to your problem.
prabhakar singh
(Expert) 27 September 2011
The co operative Bank in which you deposited
the cheque might have stood insolvent and bankrupt and since in every bank a deposit up to limit of Rs.100,000/=is kept insured by the RBI,the same insured sum was paid,the rest sum you have lost,if you have not participated in the liquidation process by making a claim before receiver.
CHECK ABOUT Liquidation proceedings from the High Court,and lodge a claim before receiver who shall collect all assets of cooperative bank ,then make the list of secured creditors claim,and then of unsecured creditors like yours,your category will get after secured category is satisfied,in proportionate to assets and claim left.
Last in the que would be share holders.
YOU HAVE NOT DISCLOSED TIME WHEN IT HAPPENED???????
Sailesh Kumar Shah
(Expert) 27 September 2011
Perfectly answered by Shri Prabhakar Singh. I agree with it.
