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Seenivasan (Property Owner)     17 May 2012

Unpaid loan recovery term, how long valid after maturity ?

Dear Sir,


I have a very strange problem with agriculture bank loan.


My father bought a land in 2002, and we applied for EC for the property for 10 years and upto 1992 there was not loans or disputes in the property and we registered.

And later the property came to me from father as inheritence.

I would like to start a business now, and when i applied for loan, they asked me to get EC for 30 years. When i applied for 30 years, about 19 years ago the seller got a Cattle loan from Agriculture co-operative for growing goats. It seems that the loan is dissolved or dont know the present condition, the land owner dont have any repayment or due papers towards the loan. Due to this the present bank not approving our loan even though the land value is good and in good location.

Right now the co-oprative is dissolved and the papers are with animan husbandry department of Tamil nadu. We have requested them from 6 months to give loan clearences and remove from our EC. But they are failed to do it so fart. We finally filed an RTI and they are not sending aknowlegement as well, to avoid the responsibility.

The loan term was 5 years ,and it has become 19 years and no one knows where the loan papers are. How to resolve this from court. The lawyer in our town says if we go to court it might take long time, he is asking us to talk with officials. But officials dont get involved in this becuase the papers are lost.


Is there any legal direction or supreme court judgement about dissolved loan or unrecovered loan or lost documents should be cleared to the land owner.


Plesae give me your valuable opinion how to resolve the issue.


I dont prefer to file petiition for inaction of RTI, people say it takes long time. Incase if we file against the officials for non-action of RTI, how much time it will take.


We are in a bad situation, we have invested around 40 lakhs already towards business and now loan not approved. It is affecting our life.


Please help me. Thank you.


Regards,

Seenivasan.



Learning

 4 Replies

S Jadhav 98336 98330 (Jadhav & Associates)     17 May 2012

You can approach another bank to provide you the loan for business.

I suppose the property is a collateral and another bank may agree to provide you a loan on it with an EC for 10 years.


S Jadhav

S Jadhav 98336 98330 (Jadhav & Associates)     17 May 2012

The bank should have registered the loan document when the earlier seller had taken the loan on property. If they have not registered then the EC would not mention this entry. Is it a registered document. Then even though you obtained an EC for 10 years you would have known about this.

Also the laon amount will be very small as compared to its value today. so you can get a loan of a little lesser amount but there should be no other issue.

S Jadhav

Vikash yadav (not applicable)     22 May 2012

entry regarding loan stand in revenue record reflacted untill u file no dues from concerned bank.

Secnondly this type of entry can be removed by court order, it will take some time.

Thirdly u can approach another bank which require only 13 years record. 

fourthly convince the concerned laywer to give his opinion of title deed and other papers.

Vikash yadav (not applicable)     22 May 2012

entry regarding loan stand in revenue record reflacted untill u file no dues from concerned bank.

Secnondly this type of entry can be removed by court order, it will take some time.

Thirdly u can approach another bank which require only 13 years record. 

fourthly convince the concerned laywer to give his opinion of title deed and other papers.


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