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Court ordered for one time settlement with bank no reply from bank
15-Jul-2023 (In Banking / Finance Law)
I have a taken a home loan from bank and my account made NPA and issued a physical possesion notice then after we taken a stay order by the high corut and orders given to consider the OTS and setteled the matter but the bank did responding about it and not replying the application of OTS so the cases are running in DRT & HIGH COURT so how to convence the bank to consider the OTS and how to close the issue with the bank
The bank is under no obligation to accept an OTS scheme and the same cannot be forced upon the bank even by a court order. It is for the bank and the bank officials to determine whether or not to accept the OTS scheme so I would recommend that you hire a good negotiator on your behalf and figure out the reason the bank is not ready to accept the OTS scheme. In almost 99% cases the bank rejects the scheme as it feels that the amount of the OTS is too low to recover the amount of the property and the same can fetch a higher value during auctions. However, sometimes there are ego issues with the bank employees and if that be the case then a proper negotiation with the bank employees in good faith, might encourage the bank to accept your settlement. However, legally there is nothing to force the bank to accept the OTS.
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Adv. Aditya Gupta
Delhi | 100+ Answers
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OTS offered by you is likely to be less than the dues claimed by the Bank. Since you have obtained stay from the Court, the tides are in your favour. Maintain and show your bonafide to the Court on every occasion by bringing it to the notice of the Court that the Bank is not interested in any settlement. Further your case can be strengthened if you are able to prove that the interest calculation is wrong in some way or the other, and similar methods were adopted by the Bank officials earlier with ulterior motive.
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