Our company is a pvt ltd with two directors, with me and one my friend as a another director. We have availed a cc loan from Pnb bank for 80lakhs with two documents as a collateral, one is my document ( 85 lakhs as per surveryor) and another one belongs to my father ( 55lakhs as per surveryor). In between my father and brother joined together and sent a lawyer notice to bank stating that he is withdrawing the guarantee. based on this the bank freezed our company account at -43 lakhs. debit Subsequently after many letters the bank has sanctioned two loans separately one with 43 lakhs ( secured only by fathers property) and another 90 lakhs with my property alone with the condition on the sanction letter that no credits will not allowed on the first 43 lakhs other than our company cheque and the documents will not be released without the consent of the company. The interest will be served by the company till dec 2012. On dec end my father sent a letter to the bank stating that he will settle the 43 lakhs outstanding and wants the documents, based on this bank sent a letter to me to close that loan. We are insisting on the sanction letter conditions that documents will not be released without our payment.. subsequently my father deposited 43 lakhs cash in my account and got the documents discharged without our presence .
We would like to know what the bank has done correct inspite of the sanction letter, also want to know whether the bank can return the document without the borrower presence
Can i proceed legally against the bank for accepting huge cash in my account without our consent and also for returning the documents without our knowledge and presence.
Please advice on this