Under cgstme sceme
NIRMAL K D
(Querist) 15 January 2014
This query is : Resolved
can bank claim from borrower again after claiming under cgstme from the govt
NIRMAL K D
(Querist) 15 January 2014
BORROWER HAS TAKEN LOAN UNDER CGST SCHEME AND FAILED TO PAY BACK BECAUSE OF UNREST . NOW BANK HAS CLAIMED MONEY FROM CENTRALGOVT DEPT WHO GAVE GUARANTEE. NOW IF GOV HAS PAID APPROX 70% TO THEM CAN BANG STILL CLAIM THE FULL AMOUNT FROM THE BORROWER
Devajyoti Barman
(Expert) 15 January 2014
If the loan amount is repaid then creditor can not certainly anymore from either the borrower or the guarantor.
So check whether the loan is repaid or not.
NIRMAL K D
(Querist) 15 January 2014
IT IS PAID ONLY 70 % AND THEY WANT TO CLAIM FULL 100%
Guest
(Expert) 15 January 2014
Please Come out once again giving full and clear facts
Rajendra K Goyal
(Expert) 16 January 2014
CGTSME is like an insurance company providing guarantee in SME loans with certain conditions. It does not compensate fully the loss to Bank in loan default case. Even after payment of guaranteed portion by CGTSME, if any recovery is made by the Bank, the recovery is to be shared with the CGTSME, by returning % it has received .
Borrower is the person who has taken loan and is under prime duty to pay it back. His liability is not effected how the Bank is to compensate the loss in case of his default. CGTSME is Government scheme to prevent the Bank from possible loss and to boost lending to SME sector. It does not provide blank license to borrower to default his liability.
Bank will claim, what it has given on loan, it has right. Even for default of single paisa, its money is involved even after being compensated by CGTSME to the extent of some %.
Advocate. Arunagiri
(Expert) 16 January 2014
The bank has every right to claim, the rest of the amount from the individual.
If the scheme is to cover the loss to the bank, on what grounds the CGTSME had given only 70% to the bank.
Is there any settlement arrived between the CBTSME and bank?
NIRMAL K D
(Querist) 16 January 2014
BANK HAS ALREADY GOT APPROX 60% OF THE AMOUNT AND NOW THEY HAVE GONE TO LOK ADALAT FOR SETTLEMENT FOR THE ENTIRE AMOUNT.NOW WHAT SHOULD BORROWER DO
1.WHETHER HE SHOULD GO TO LOK ADALAT FOR
SETTLEMENT.
2.BANK WILL ASK FOR FULL AMOUNT WHETHER BORROWER SHOULD SHOW LATEST BANK STATEMENT WHERE IN IT SHOWS THAT APPROX 60% IS CREDITED.AND ONLY 40% IS REMAINING AND WHETHER HE CAN ASK LOK ADALAT TO SETTLE IN THAT AMOUNT.
3. IN CASE OF NON SETTLEMRNT CASE WHICH HAS BEEN MADE IN COURT BY BANK WILL CONTINUE OR IN CASE OF SETTLEMENT THE CASE IN COURT WILL BE CLOSED.
4. IS THERE IS ANY POSSIBILITIES OF RELIEF TO BORROWER AS HE IS NEARLY BANKRUPT.BECAUSE OF NON PAYMENTS OF HIS DEBTORS FOR WHICH BORROWER HAS GONE TO COURT ALSO.
Advocate. Arunagiri
(Expert) 16 January 2014
My suggestion is leave it to the court, let the court appoint OL and take care of the rest.
This is my suggestion to the company, under this circumstances.
ajay sethi
(Expert) 16 January 2014
you have stated that borrower is nearly bank rupt . if borrower company is unable to pay bank dues it should go to BIFR .
Rajendra K Goyal
(Expert) 16 January 2014
1. Should go.
2. No use of showing Bank statement, Bank has to return 60% to CGTSME whatever recovered from the borrower. The claim was not paid by you. Lok Adalat with the consent of Bank can settle at lower amount. Depends upon the circumstances.
3. Case will continue in the court in case of non settlement. If settlement is arrived and agreed amount paid, case would be withdrawn.
4. Prey the Lok Adalat about situation and request the Bank to agree for a lower amount by offering what can be paid maximum. If Bank agree the matter would be decided accordingly.
Devajyoti Barman
(Expert) 16 January 2014
Unless the full amount is paid, the creditor can go ahead to enforce all means to recover full debt.
K.K.Ganguly
(Expert) 16 January 2014
1. Yes. The creditor Bank has to very well claim the outstanding amount from the borrower & after realising the same shall have to return the amount which the Bank has received towards the CGTSME scheme,
2. In case of such loan no mortgage is taken due to the said guarantee given by the Govt.
3. To claim the guarenteed percent (70%) of the loan amount , the Bank has to produce the document showing that they have endeavourded to realise the loaned amount for which some times they just file the suit with an application to pay the court fee later on but never pay the same to avoid incurring legal expenses.
