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Mukesh Kumar (MANAGER)     24 January 2011

Bank auction notice

MY MOTHER IN LAW PROVIDE GUARANTEE IN SHAPE OF HER LAND TO CANARA BANK AGAINST WHICH BANK PROVDE FLC/CC/PLC TO PARTNERSHIP FIRM(IN HER KNOWN). THE ABOVE LIMIT UTILISATION WAS MADE IMPROPER BY THE BORROWER TO REPAY HIS PAST DUES TO THE SAME BANKER AND OTHER FINANCIAL INSTITUTIONS. AFTER SOME TIME, THE BORROWER EXTEND THE CREDIT LIMIT BY RE-VALUATION OF PROPERTY AND WITHOUT GETTING CONSENT OF MY MOTHER IN LAW, THE BANK EXTEND THE SAME. NOW THE BORROWER DON'T PAY FOR THE SAME SINCE 2004 AND THE BANK PUT A CLAIM AGAINST DUES IN DRT AND GOING FOR AUCTION THE PROPERTY. CAN BANK DO SO?



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 4 Replies

Vikas Kumar (Lawyer)     24 January 2011

yes, bank may take action against the guaranteer if  the borrower is unable to pay the same. if the credit limit was extended without your mother in law's consent then your mother in law may be liable to the extent to which she agreed initially

Ajay (proprietor)     24 January 2011

plz engage immediate good advocate,DRt will permit for auction as bank law favour in their side,law is made one sided without considering the dificulty of borrower.

kapil raj sharma (MSME.RTI BANK RECVOREY Adviser)     08 February 2011

yes bank can take action aginst guranter, in u r matter u should give a represantation to bank n challange the banks claim by advocate in d r t.

Yogesh (ADV)     17 June 2011

if the muthoot finance auction my gold what doe i do ?

It shows that principal amount Rs.1,07,000 (Rupees one lac seven thousand only) against Collateral Security of Gold Ornaments and interest Rs.57,816 for 17 months 10 days.

 

The original rate of interest is 2% per month as agreed upon and the actual interest for 17 months 10 days should be Rs.37,086 (Rs.1,07,000*2%=2,140 per month *17 months and 10 days).

 

Now I am very surprised to see that the amount of interest calculated by Muthoot Finance Ltd.i.e.Rs.57,816.

 

The difference amount of interest is Rs.20,730 (57,816-37,086) that is almost double of the actual and put the burdon of the interest on the head of the customer though the customer is having the intention to pay the loan with actual interest and also you have even not followed the nature of justice by putting an un-appropriate burdon of interest on the customer.

 

I am ready to pay the interest amount as agreed @ 2 % per month and which is justifiable to the me. I am very happy if you put the appropriate burdon to the me without imposing the excess heavy burdon of interest ,which is twice of the interest amount as I already given to you my Gold ornaments and also this rate of interest @ 2 % in higher side as the collateral security of Gold ornaments proved.

 

I am afraid that you can manipulated the amount as well misused my collateral security of Gold Ornaments because you do some surprise activities with out knowledge of the customer.

 

 

 

I personally visited to your Branch at Chembur and requested kindly accept may cheques and honored the same in to your bank account on due date. but as confirmation received from Muthoot officials the companies policy is that the Muthoot finance does not accept the cheques. i.e. Negotiable Instrument and only payment in cash accepted. That means the company is trying to do all transaction in cash and try to avoid freedom of the customer and try to hide legal cheques transaction of customers.

 

Further I request to you that I will send to you the cheques towards interest portion @ 2% per month as agreed upon, provided all the unnecessary interest burdon release upon my heads as I already stated genuine reason of my illegal termination and financial position.

 

I will courier the cheques as and when I will get some borrowed money from relatives and parents, kindly honored the cheques against interest portion @ 2 % per month as agreed upon.

 

I am waiting for your positive confirmation in this matter as I am facing genuine finance problem and my intention towards payment of loan with interest is very clear and I want my Original Gold Ornaments, already I handed over to you as Collateral Security.


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