adv. rajeev ( rajoo ) (practicing advocate) 10 February 2012
Dear Learned Members,
As per the bank's calculation my client has reapid the loan amount and also bank has issued no due certificate to him, but not yet retruned the property documents. Now bank is demanding that due to mistake of the bank manager it is wrongly calculated so still my client has to pay the debts.
Once no due certificate is issued loanee is not liable to pay any dues. Please let me know any citations. Thanks in advance.
khalid masood (partner.) 11 February 2012
Mr.Rajeev you dont have to refer citations for this case. Because once the no due certificate is issued it marks the clearance of debt and bank has to hand over the property documents to the borrower. Probably the property documents may be missing from the branch and the authorities are giving lame excuses and buying time to search.
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