Legal Question in Banking Law in India

Re: Trust not a bank

Dear Sir,

I acknowledge with thanks receipt of your query. I have perused your query and the limited information provided by you.

First and foremost I would like to suggest you that kindly avoid using any name of an Official as this may arise a cause of action for defamation.

The accounts are declared NPA based on RBI Guidelines and no official can do so on his whims and fancies. It is not surprising that corruption is rampant and discretion is misused, but any legal action can be undertaken only on the basis of facts supported with evidence.

Now coming to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 only Banks, Financial Institutions, SC, RC and alike can take any action against the defaulters. As per the limited information it appears that your trust cannot initiate any legal action as per the SRFAESE Act, 2002. Further, for any other legal action to be undertaken by any trustee on behalf of the trust, he needs to be duly authorized by the trust.

In order to provide any conclusive opinion and to suggest the suitable legal action to be undertaken, kindly provide the detail information as to following:

1. Details as to the written of account,

2. Objective, rules, regulations of the Trust,

3. Details as to why to wish to step into the shoes of the applicant bank.

4. Project and its details, which failed because of non cooperation of the Bank.

5. Details as to various communications with the Banks etc.

Should you require any information/ clarification, please feel free to contact us.

Thanking you,

Yours truly,

Kumar Manish,

Advocate

Re: Trust not a bank

I have read your querry which appears to be very complicated as well as serious but at the same time I am competent to deal with such matters and therefore further communication between us is required for which, pls contact at the below mentioned contact address of ours. Please contact us very immidiately as further information is reuired for better assistance and to decide correct line of action.

On the first instance it appears that, you have a good case and this matter can be taken up to the High Court Level.Oour contact details are:

Mob: 09824033212

09824386738

Mail: [email protected]

Re: Trust not a bank

It ball depends on the nature of activities the institution is carrying on. We need to go thru the memorandum of the Trust to analyse the problem on hand.

Re: Trust not a bank

Your matter is a complex one & needs proper care and attention - more input in terms of facts supported by documents is also necessary - A writ or a civil suit or an appeal can be filed depending upon the facts & circumstances of your case - delay would be prejudicial to your interest - please contact a lawyer in your area to assist you immediately.