my client applied for OTS (rbi circular) to bank . last date for application was 28 feb 2014 . he submitted application on 14 feb 2014 and asked bank to give doubtful amount and date on which account became doubtful but and he is ready to pay amount in 11 installments which is stated in RBI CIRCULAR.But bank said pay 5,25,000 till 31 march 2014 from their letter dated 10 march 2014. the amount rs 525000/- is also not regarding to RBI's NPA norms . amount comed according to our CA is 4.55.000/-. matter is in co operative court . court saying that one time settelment is not dispute before court and you apporach to bank . now bank saying that 31 march is over and your ots scheme is cancelled . i have no other remedy instead of court .
can i put application before this court that bank has not followed rbi guidline . if court rejects this application can i get justice in upper court like high court.
RBI OTS has statutory flavour and hence the proposal (if it is in tune with the policy) should be considered. RBI OTS is non discretionary and non discriminatory. Hence it cannot be rejected. RBIOTS has statutory flavour and hence binding on banks.SardarPrem SinghVs. Bank Of Baroda & Ors. : III (2004) BC 455 (DB All.);Sardar AssociatesVs. Punjab & Sindh Bank: 2009 (8) SCC 257;Central Bank Of India Vs. Ravindra 2002 (2) CTC 354 (SC).You may pursue the court/tribunal for necessary orders.