repayment of bank loan under RBI administrator last 3 yrs
12-Sep-2023 (In Banking / Finance Law)
had a c/c limit of 20 lacs. due to banking relations they allowed me to use upto 50 lacs against my F/D lien to c/c of 19 lacs and stock in trade. bank suddenly closed down in the 2nd month of 2013. and went under RBI administrator and all power to any banking transaction were taken away. by 31/10/13 we repaid bank rs 33 lacs incl int and due to bank was only 23.50 lacs. we proposed to them to deduct our F/D from outstanding and we are ready to pay the balance of 4 lacs odd to them.. They refused saying that they have no powers to release or adjust our F/D and to repay the balance outstanding. Now they have brought our account under NPA and with interest and penal interest it has ballooned to 39 lacs. how do we fight for justice.
Dear sir, there is no question of Bank saying that they have no powers to liquidate FDR's. Once Administrator is appointed all powers are wasted with him. However, you could have pursued matter with Administrator for liquidation of FDRs'. Now since account is NPA there will be legal action for recovery. You can take this as defense once there is action for recovery.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Banking / Finance lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."