Legal Question in Banking Law in India

Housing loan applicants my wife (53 yrs)son co-applicant -27 yrs.

Loan obtained in june 22. Amt. Rs.35,36,000/-

Due to my son losing his job, and some financial problems we had sent mail to the bank also visited the bank, in Jan 2023, but they did not entertain the mail neither us and told us to see that the account does not fall in NPA.

The tata recovery agents have been making our life miserable. We had sent mail to this effect to customer care of the bank, also spoke to the collection manager about the harassment for which he said this is not harassment its a normal process of the bank followups. But it is still going on and my wife had lodged a police complaint against 2 of the recovery agent and manager, but when the police asked my wife to come to the the police station and said they will call the agents, she said its ok now, (since she got scared) and requested the officer to hold the complaint and if they brother again than to take it further.

The manager and the recovery agent- were pestering her and saying that the agent will not leave the premises till the time.. She pays.. And he was to stay there full day for the matter he said. Also they were threatening her to surrender the flat thus she had lodged a formal police complaint.

Further to it. For discussion purpose.

EMI Amount is Rs.41,338/- and insurance Amount of Rs.2608/- for 5 yrs.

Current ROI 13.25% (Floating ROI) loan was started at 11% ROI.

NPA AMOUNT WOULD BE = 41338*3 = Rs.1,24,014/-

BUT assuming the NPA amt as Rs.11,24,014/- the march 2023 amount was.. Rs.91,051/- Thus it was not in NPA.

They issued us a letter of NPA. AND

Though the loan was not in NPA. they had issued a notice of

13(1) , No notice received of 13(2)

Thereafter the following notices were issued.

NOTICE ISSUED-on 15.3.23…for amt Rs.35,85,902/- of 13(4)

NOTICE ISSUED-on 11.5.23-for amt Rs.36,58,714/ of 13(4)

BAL - as of 6.7.23 - Rs.1,32,853/-

as on 6.7.23- we had paid -Rs.41,338/- = so balance = Rs.93,058/-

BAL -as of 5.9.23- Rs.1,37,296/-

as on -6.9.23 paid Rs.41,338/- so balance = Rs.97,452/-(with penal interest)

Notice of Pre sarfesi-dtd 22.11.23- balance as on 17.11.23-Rs.35,76,631/-- sec 13(4).

BAL as on -5.12.23- was Rs. 143914/-

As on 6.12.23-paid - Rs.41,338/- - so balance = Rs.1,02,576/-

They deposited the security cheque with full loan amount without any intimation and issued a notice of cheque dishonour.

Chq dated 28.12.23- Amount Rs.36,58,714/- Reason being = “Drawer Signature Differ”

But we were effecting the payments as per our capacity of payments.

And the balances as on the dates listed below were -

BAL as on -5.1.24- Rs.1,01,020/-

BAL as on -5.2.24-Rs.73,519/-

NOTICE dtd 6.2.24 received stating the balance as==Rs.51,721/-

BAL as on -5.4.24- Rs.58,280/-

As on today (june 2024- only penal overdue payments) rest everything is cleared.

But we received a Court summons to attend the hearing on 8.4.2024 at ahmedabad metropolitan court- we stay at Mira-bhayander-thane- wherein an advocate represented us. The Adv said the bank paper has not yet come to the court and case not yet filed something like that. And that the next hearing is on 10.7.2024. But he himself had not gone. He said his friend had attended on his behalf.

Is there any chance of they sending the police with arrest warrant if the summons are not attended this time.

What is the probability of the summons.. That it will be not in our favour.

What if they deposit another chq.. Can we stop the payments of the other security cheques issued to the bank?

Seek advise as to what next to be done.

Regards,

Godfrey Fernandes

1 Answer from Attorneys

Related Questions & Answers

More Banking Law questions and answers in India

Looking for something else?