sanjaj patil (prop) 22 July 2013

One time settelement

my client obtained loan from a co operative bank .bank file case in 2003 in co operative court. case is still pending . meanwhile we send letter to that co operative bank and told that we are willing to close this matter with in the rbi ots guidlines.bank did not reply so we send 5 percent of npa amount before ots closing date of this year( which is given by state government) . now ots closing date is over and bank is not ready for rbi guidlines. but they have done ots for other peoples ( means they accepted ots policy).

now what to do ?

can court direct for ots? or what step should be take .can we file criminal case.

please see supremecourt case M/S Sardar Associates & Ors. vs Punjab & Sind Bank & Ors. on 31 July, 2009

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3 Replies

Adv Rohit Dalmia 9324538481 (Lawyer) 22 July 2013

you need to write to the RBI for the same and ask them to intervene in it. Since bank is regulated by RBI guidelines. Thus, it is advisable to approach them first.

you cannot take OTS as a matter of right. it is the discretion of the lender whether to give this facility to the borrower or not.

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai

HIRAL THAKKAR (ADVOCATE ) 22 July 2013

Firstly bring this fact to the Hon'ble Co-operative Court and the RBI, and thereafter initiate necessary process.

Regards

sanjaj patil (prop) 26 July 2013

thanks for reply .

in the circular of RBI for co operative banks [ Ref.UBD No.BPD.1298/09.140.00(OTS)/2002-03 dated February 12, 2003] in section 4 written that ' The bank should follow the guidelines for compromise settlement of all NPAs covered, without discrimination among borrowers'. banks accepts ots proposal of others but in that cases also they didint follow rbi guidelines (regarding doubtful and substandard conditions). it is clear that from guidlines there is no interest after account is in doubtful conditions .bank has taken interest of 8 % after doubtful condition also .we submitted rbi guidlines in court.

matter is in court then how can we complaint to rbi omdusman