Bank dues

Querist : Anonymous (Querist) 23 October 2011 This query is : Resolved
Bank has issued me a notice recalling entire loan amount of Rs.1.5 cr as they have declared it as N.P.A. due to non payment of monthly instalments for over 4 months, we do not have funds for any payment and tried to convince the bank to restructure the loan but bank refused and issued notice my house is given in collaterall for the loan.please help by suggesting how i can delay the bank for atleast 6 months as by then i can manage to get funds.

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Advocate. Arunagiri (Expert) 23 October 2011
You can approach the DRT for relief.

Raj Kumar Makkad (Expert) 23 October 2011
You can keep on writing bank time and again for extending the time and restructuring it in the light of your circumstances and moreover you have only one house to reside therein and further that you are arranging the funds. Bank also require some time to move ahead.

You demand entire statement of account and raise objection before DRT on certain heads and let the bank reply and take some time as per your plan.

Devajyoti Barman (Expert) 23 October 2011
Yes but before that you need to send to bank a notice stating your proposal for repayment after which the bank is bound to ponder over it but may be bound to act on it.
Once the bank thereafter gives attachment notice u/s 13(4) of SARFAECI Act .

Thereafter you can file an application u/s 17 of the Act in the DRT for necessary reliefs which would give you more than 6 months of time.

Querist : Anonymous (Querist) 23 October 2011
Dear Mr.Barman, are you sure DRT will give time? After notice of sarfesi act. Very good as it will solve my problem I have not. Slept for months under tensin, thank u once again

malipeddi jaggarao (Expert) 24 October 2011
If you are really capable to repay the entire debt within 6 months, the best way is go on raising objections to buy some time. Bank has given you only notice. In reply to the notice demand a statement of account for the entire period. Recalculate the interest charged every time. Generally there will be change in the rates of interests periodically. In such cases, Banks are obliged to send intimation of hike in rate of interest, normally they never send. On this pretext, you ask the Bank to reverse the excess interest charged, as the bank the rates of interest applied for every debit entry of interest. In the meanwhile try to make some part payments also. Also write back to the Bank saying that you are arranging the funds for repayment once your interest querries are settled. This way you can prolong the situation for 6 months.