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i Foreclosing the loan but they not adjusting FD in that loan


05-Aug-2023 (In Corporate Law)
I took an education loan of 21.5 Lac for 10 yrs from Avanse in 2017 for my niece higher education overseas. me , my brother , my wife any my niece were named as responsible party in this. Avanse asked us to create an Fixed deposit of 7.5 Lac approx with DHFL as well as registry of home and submit as security against the loan with Avanse. we did as per them. and now as i want to close my loan, they advise me that you can foreclose the loan as they will liquidate the fixed deposit of 8.5 lac and please pay the rest of the amount of 11 lac. i paid them 11 lac but they are not closing the loan as they are unable to liquidate the fixed deposit due to DHFL current "lack of cash" issue. Avanse is cheating me with DHFL by put my money in risky fixed deposit with DHFL also not closing my loan, so i am at loss from both side. Avanse was a DHFL group company at the time of issuing fixed deposit and now DHFL has sold Avanse to Pincus. what can i do in this situation, Please advise.
Answers (1)

Answer #1
972 votes
I have perused your query and would advise you to issue a legal notice to DHFL seeking liquidation of your FD amount of 8.5 lacs within 15 days failing which a law suit for mandatory injunction be filed against them. For further consultancy and legal services you may contact us.
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