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VIJAY (Self)     15 June 2010

Help Need to get money back

Respected Sir,

 

My father in 1994 took loan of Rs 15 Ls  from Government  Financial Institution (GIF) and bought one lorry.

He paid Rs 10.5 Ls till 2000 as due. After that he was not able to pay. The GIF took possession of our land and

brought to action.

The auction was going from 2001 till today. The total outstanding amount my father has to pay is Rs 1.35 Cr.

In which the interest  is 1.20 Cr and the principal is 15 Ls only

He returned the lorry to the GIF  on 2009 January.

On Feb, 2010 my father approached the GIF for One Time Settlement  (OTS) for Rs 14 Ls,  and the bank told him that

Pay 25% of the proposed amount before end of Feb, then we will consider your OTS”.

My father believed the words and paid 3,75,000 as an advance to the GIF.

After 3 months, the bank told him that , we cannot process your OTS request and hence we cannot return the advanced amount also.

He does not have any property and he is a defaulter.

 

Please tell me that either he can get his money back or he can get his land.

 

Answers are very much appreciated

 

Yours Sincerely

Vijay



Learning

 11 Replies

SRIKANTH MYLAVARAPU (SENIOR OFFICER (LEGAL))     15 June 2010

please tel me indetail tour father paid 10.5 lac+3.75lac intoto ur father paid 14.25 lak

need detail information regarding EMI and period of agreement inforce.

when they sold ur property in auction?

any notice is given intimating the same?

legally the intrest amont can't be more than the principal amont

can u tell me indetail..

VIJAY (Self)     15 June 2010

Respected Sir,

 

First of all thanks for your valuable reply.

 

My father in 1996 (not 1994) bought  one lorry  by taking loan.

 He mortgaged our house and land to the Government  Financial Institution (GFI). He got Rs 15 Ls from the GFI and the agreement to repay the amount is 7 years.

 

Every 2 – 3 months he used to pay due amount as EMI to the GFI. He never fails till 2001.

 

In 2001 he suffers major loss in business and the GFI asked my father to pay the loan, else they will take our property and auction on it.

And the GFI urged him to hand over the lorry also.

But he has not enough money to bring the lorry back to our home town and he was not able to hand the lorry over to the GFI.

 

From 2002 onwards the GFI put our property to auction , but nobody  participate in the auction till 2010.

But every month from 2002 (after took our property as their possession) the GFI will

send letter to him , the amount he has to pay .

 

Now the bank says the total outstanding amount is 1.35 Cr.

 

But from 1996 to 2001 as EMI he paid 10 .5 Ls.

 

In 2009, he handed over the lorry and the GFI sold that lorry to Rs 2.35 Ls.

 

In 2010, my father asked the GFI  about the One Time Settlement(OTS) , for Rs 14 Ls  (he excluded the previous mount he paid) such that if the bank accepts the

OTS he will pay Rs 14Ls more.

 

The GFI asked him first pay 25% OF Rs 14 Ls  before End of Feb 2010 ,so that they will consider the OTS else they will take cancel the OTS.

 

He paid 3.75 Ls towards Advance.

 

Now the bank rejected the OTS and did not pay the amount also.

They bank did not inform us about the status of our property.

Now we don’t know whether the property is sold or not.

 

 

Regards

Vijay

SRIKANTH MYLAVARAPU (SENIOR OFFICER (LEGAL))     15 June 2010

as per your information almost the principal was paid only odc is balance

i didnt understood why ur father gone otc for 14 lac.

why he didnot make a request to cancel the  odc.

u plz take an encumbrance certificate of ur property then u ll know whether ur property was sold or not

immediatly u plz consult an lawyer along with the documnets available with u

as paer law intrest should not exceed the principal there are lot of judgments

if u wont file a case/wit aganist the bank u may loose alot better to take precautions

SRIKANTH MYLAVARAPU (SENIOR OFFICER (LEGAL))     15 June 2010

there is a lot of ambiance

as per my knowledge the bank ccrossed the limitation period

may be ur father executed debt acknowledgment

imediatly consult an lawyer else u ll be looser

kranthi (retainer advocate)     16 June 2010

First of u have to apporch advocate, and then isue legal notice as to matter & settlement . if there is reply then talk with bank, there is no reply you must file urgently a civil case for injunction to stop the auction .

VIJAY (Self)     16 June 2010

After we asked the bank for OTS  and we paid the OTS advance amount,

the Bank told us that “some other person asked the property for Rs 16 Ls, so we will reject your OTS proposal. “

 

After rejecting the proposal, the bank not re auctioned our property, and we don’t know whether the property is sold or not

SRIKANTH MYLAVARAPU (SENIOR OFFICER (LEGAL))     16 June 2010

VIJAY,

AT PRESENT WHO IS IN POSSESSION OF U POPERTY.

IF THE PROPERTY WAS SOLD DEFINATELY BANK AUTHORITIES WILL INFORM YOU AT WHAT PRICE T THE BIDDER PURCHASED THE PROPERTY.

I ADVICE Y CONSULT AN ADVOCATE ALONG THE THE DOCUMENTS AVAILABLE WITH YOU.AND TAKE AN REMEY FROM THE COURT

VIJAY (Self)     16 June 2010

Dear Sir,

 

At present we don’t know that the property is sold or not by the bank.

This is the Bank rules are as follows :

 

If one person win the bid for Rs 13Ls and  paid 10% as advance (Rs 1.3 Ls).

Now the bank will take some time to process it and if it is satisfied with the amoun it will give the property to the winner.

In the mean time if any other person  want to cancel the  same auction, he has to pay the Bank double tha amount (Rs 2.6Ls) of what the first person paid .

Now the bank should re auction it.

 

But the bank did not dislclose any information with us and we don’t know anything about our property

SRIKANTH MYLAVARAPU (SENIOR OFFICER (LEGAL))     16 June 2010

VIJAY UR I POSSESSION OF UR PROPERTY RIGHT

I DAIS U MANY TIME PLZ RUSH TO COURT.

VIJAY (Self)     16 June 2010

Dear Sir,

Thanks four your valuable information.

I will take legal auction against the Bank

Regards

Vijay

SRIKANTH MYLAVARAPU (SENIOR OFFICER (LEGAL))     17 June 2010

vijay

all the best so soon u ll get justice from the hon'bie court

with regards

srikanth


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