Certificate from the bank towards recovery of the borrowers outstanding.

milan trivedi (Querist) 03 May 2012 This query is : Resolved
THIS IS THE CASE OF AN ACCOUNT WHICH WAS LABELED NPA BY THE BANK.
BANK HAS RECOVERED THE DUES BY AUCTIONING THE PROPERTY
CAN WE ASK THE BANK TO GIVE US A LETTER CONFIRMING RECEIPT OF SAID MONEY SO THE SAID AMOUNT CAN BE SHOWN IN THE BORROWERS CURRENT YEARS BALANCE SHEET AS PAID
THE AMOUNT RECOVERED BY THE BANK IS MORE THAN THE RESERVE PRICE.

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Guest (Expert) 03 May 2012
Definitely, you can seek clearance of loan liability from the bank. You can also claim extra money, if realised in excess of the loan liability through auction.

Nadeem Qureshi (Expert) 03 May 2012
Dear Querist
yes, you have right to asked them and you can demand remaining money after deduction of the dues amount.
feel free to call

Raj Kumar Makkad (Expert) 03 May 2012
This is your legal right and even you can duly demand the refund of excess amount with interest received y way of sale of your property.

milan trivedi (Querist) 05 May 2012
RESPECTED ALL

THANKS FOR THE ADVISE
IN CONTINUATION TO MY EARLIER QUESTION I WISH TO KNOW THAT AS PER THE BANK ACCOUNT AT THE TIME OF BECOMING NPA THE OUTSTANDING PAYABLE TO THE BANK WAS X AMOUNT .AFTER THE AUCTION BANK GOT AN AMOUNT OF Y WHICH IS LESSER THAN X BUT HIGHER THAN THE RESERVE PRICE SET BY THE BANK.
NOW THE BANK HAS SENT US A LETTER ASKING FOR THE OUTSTANDING (DIFFERENCE BETWEEN X-Y) WHEREAS THE FACT IS WE HAVE ALREADY INFORMED THE BANK AT THE TIME OF AUCTION THAT WE HAVE NOTHING ELSE TO PAY AND AMT RECD AFTER AUCTION MAY BE TREATED AS FULL SETTLEMENT AND WE SHALL ALSO NOT BE LIABLE FURTHER .
PLEASE ADVISE WHAT STAND WE SHOULD ADOPT.

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