Hi
I had a OD account with my bank for 20 lacs rupees. and when the things change my business was down and bank had asked me to liquidate the loan amount. I was partly paying some amount of money to my bank account.
Then i have paid around 9 lacs to my account when the bank people started calling me every day. also i was trying to pay the balance amount soon and was mailing bank manager that i ll pay the balance amount for sure.
Suddenly i have got a notice where it mentioned like 13(2) Sarfaesi Act and there mentioned our collateral property that worth more than 2 crores will be left for auction if i did not pay the balance in 60 days. Now i have paid 7 Lacs. Still the bank people call me every day and threatening me like they will issue 13(4) notice and will left the auctions in paper. after that if at all i try to pay balance 3 lacs i need to pay around 50,000 more to sarfaesi agents. I have no idea what should i do now. it will take me more 2 months to pay the balance 3 lacs...and thats 20% of total loan including 10% is interests...Please help me with this i need to know whether the bank people is really making me scare drag to pay the balance or they can really take an action as they mentioned.
