I wish to bring to you my plight in regarding OTS with the Bank. I have availed a loan in 2001 for Rs 9, 95,000 for my education. Due to unforeseen circumstances I had to go through a traumatic experience in me getting the degree certificate from the University. Due to an administrative error in totaling the amount of credits required to award me degree I was awarded a Diploma. This went through an appeal process and was successful and I was ascertained degree in Dec 2004. In March 2005 I returned back to India due to a raid conducted by the local enforcement department and after repeated pleas informing that I am student at the University, and even after the University and International Office confirming the same, I was served with an Un-appealable decision for administrative removal by the enforcement Department and was asked to leave before detention.
I had made payments even after coming back in 2005 with no job and limited means to fulfill my debt obligation. In 2007 I have made a written application to the bank for OTS after me remitting an amount of Rs 25000 towards the loan. I also sent reminders to the bank regarding the same. Due to poor financial situation and my father retiring in 2008 and my mother being a heart patient had to go through hospitalization expenses. I had approached a lawyer who informed me that he will take up the case with the bank and seek amicable settlement. He asked me to stop making payments.
In 2009 the bank served a notice under Surfasi Act and declared NPA with an amount of 11,90,000. The advocate informed me that he is looking after the case and asked me to provide Rs 25000 for filing the case in the magistrate court for non-recovery of the debt.
In Febuary 2011, the Bank suddenly approached to seize the property when we went to request for a settlement. The Bank informed that the property value is higher than the Loan amount and they can auction it to get the money. The advocate made me run to Chennai high court for getting the stay in DRT and made me spend Rs 75000 for all expenses in 1 day. The Honourable Judge in DRT informed me that as the case belongs to Hyderabad, he will provide judgment in Hyderabad only and I had to return back. The bank seized the property by force and made my family to vacate the house by force. My mother who was seriously ill was in ICU and she passed away in March 2011 because of the force used by the bank to possess the house. It is the only house we have and I am now survived by my wife and my father.
The bank has quoted a price of Rs 33,00,000 as reserved price. I had to change my advocate and had got a stay in DRT. Even after making a plea to the bank several times, the bank is not agreeing to an amicable settlement and is still demanding the same amount. I have requested for simple interest from the day it is declared NPA and notice being served.
Request for your advice and help.