Cash credit loans
arvind
(Querist) 28 September 2014
This query is : Resolved
Dear sir
I have take a cash credit loan from vijaya bank. I have take loan under ssi scheme. and mse scheme. it is a CGTMSE loan.
I have supplied goods to all shop.and i have got invoice and delivery Callahan.
Sir i am getting calls from banker to repay. the say that they will file police complaint and civil suits and DRT cases against my firm. and they say they will arrest me. What they can do sir police complaint or DRT or Civil Case.
Can i file case based on invoice and delivery Callahan.to claim they amount from my customer.
Rajendra K Goyal
(Expert) 28 September 2014
Bank can proceed to recover the loan amount from the borrower through SARFAESI, DRT, Civil court etc. If the borrower has not utilized the loan amount for the purpose it got the loan, Bank can lodge FIR.
However, the Bank is secured to a great extent (60 % to 85 % as the case may be) in CGTSME loans in case of default. If the Bank has not lodged its claim as per scheme the Bank would not be able to get the cover.
Even if the Bank receive the CGTSME claims, it does not loose its right to proceed against the borrower.
If the losses are due to conditions beyond your control and not willful default inform your Bank accordingly.
Rajendra K Goyal
(Expert) 28 September 2014
Repeated query:
http://www.lawyersclubindia.com/experts/Bank-loans-499366.asp#.VCjYKPmSxuA
http://www.lawyersclubindia.com/experts/Bank-loans-suggestions-499371.asp#.VCjYLvmSxuA
