ajay sethi's Expert Profile

Queries Replied : 31529

+ View Full Profile

What kinds of questions I can and can't answer?

My area of expertise

My experience in the area (years):

Organizations I belong to:

Publications or writing which has appeared :

Educational credentials:

Award & Honors:

Achhru Kumar Singla says : DRT matter - Bank OTS
Dear Sir, A partnership firm of 3 partners (me, now expired partner and third partner) account was declared NPA by Bank and outstanding was 20 lacs. The business of the partnership was shut down due to dispute with the third partner. The bank auctioned the property of the son of the third partner who was guarantor in the account for Rs. 10 lacs in July 2011 and the sales proceeds of the property kept in sundry account because confirmation of sale was stayed by the DRT. Even we move to DRT for stay against our properties mortgaged in the Bank and deposited 10 lacs in Sundry Account in June 2011 as per the directions of the DRT. As per the directions of DRT on 18/03/2013, me and son of the expired partner signed the MOU with Bank for settlement of the account 2/3rd of the total agreed amount of Rs. 30 lacs. A minute of meetings are drafted and signed by the Bank and us for our share and Bank agreed to settle the account individually and the only condition of the OTS was to deposit Rs. 10 lacs before 26/03/2014 which we have fulfilled and deposited accordingly nothing was mentioned about the share of the third partner as already Rs. 10 lacs was lying in sundry account with Bank. Now the Bank said that the OTS is rescinded as the third partner has not agreed to deposit his share. On the basis of the Bank's refusal, DRT dismissed our SA and also confirm the sale of the property of the son of the third partner i.e. dismissed the SA of the son of the third partner. Now the bank has filled the case of recovery of Rs. 40 lacs. kindly advise on the matter copy of the minutes of meetings is attached

Alok says : Cancelation of property registration
Hello Sir,I have sold my property at Navi Mumbai Koperkhairne to a buyer 7 months back and buyer has paid me only 20% paymentonly and till date he is not able to arrange remaining 80% payment.We have already registred the property with the buyer so that buyer can arrange the bank morgage. Now since buyer has delayed the payment and not able to pay the 80% amount.How can I cancel the property registration. Can I forfiet his payment he has made and ask him to sig the cancellation deed to cancel the registration. I want to cancel part payment registration and free hold my porperty from the buyer.Please let me know the feasible solution. Thanks, Alok

Vinay says : DRT Issue
Dear Sir, My name is vinay from chennai. I have a query with regard to DRT... In the year 2007 my father had taken a personal loan from ABN Amro Bank for Rs.3,00,000/- We have paid nearly 6 monthe due (per month Rs.10150/-). But after that we were unable to pay the interest as my dads business got affected very badly due to the economic recession. Later on ABN Amro was taken over by Royal Bank of Scotland and now by Kotak Mahindra Bank. Now one a lawyer on behalf of Phoenix ARC Pvt Ltd has come forward claiming they are sister concern of KOtak Mahindra and that they are going to initiate DRT procedures against my dad. Is there any such chances.. If so what am i to do.

Member (Account Deleted) says : Employment and registration
Dear sir, My friend started working in a Engineering and Management college in UP as Assistant Professor since 15 Aug 2013 (interview held in July 2013). No appointment letter was given. He was a law graduate also and applied for registration to Bar Council of UP in December 2013 but received registration no. only in May 2014.He took long leave from Institute on 15 May 2014. His salary for the month of April-May 2014 is still pending and Director after several reminders is not ready to give neither salary nor experience letter but gives more time ( now saying salary will be given in September but all employees cleared their due except my friend).What should he do? He want's to practice in local court but not registered with Bar Association so far. Should he resign or wait to get his amount before registration with Bar Association? Plz help

Member (Account Deleted) says : Employment and registration
Dear sir, My friend started working in a Engineering and Management college in UP as Assistant Professor since 15 Aug 2013 (interview held in July 2013). No appointment letter was given. He was a law graduate also and applied for registration to Bar Council of UP in December 2013 but received registration no. only in May 2014.He took long leave from Institute on 15 May 2014. His salary for the month of April-May 2014 is still pending and Director after several reminders is not ready to give neither salary nor experience letter but gives more time ( now saying salary will be given in September but all employees cleared their due except my friend).What should he do? He want's to practice in local court but not registered with Bar Association so far. Should he resign or wait to get his amount before registration with Bar Association? Plz help

Click here to see all answered queries

Comment Please

Other LCI Experts

Rajendra K Goyal
Queries Replied : 53581

Raj Kumar Makkad
Queries Replied : 44370

Devajyoti Barman
Queries Replied : 34799