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