Recovery of loan amount from MSME industry under CGTMSE Scheme
11-Apr-2023 (In Recovery Law)
I had taken 1 Cash Credit loan of 50 lac and a term loan of 10 lac total 60 lac under CGTMSE Scheme. Neither bank nor CGTMSE have informed us about terms and conditions of CGTMSE Guarantee. Now that the acct has gone defaulted, we are facing reality of Guarantee conditions of CGTMSE. I need following clarifictions:n1. Thay say, for loans above 50 lac guarantee amount is only 50 % -- I have checked website, nothing as such is mentioned on website. Further if givingl less cover then fees should also be lessn2. The act says Credit Gurantee Fees should be paid on time by MLI (Banks) - Borrower name is not mentioned. But bank has passed the charges to us and we have paid. So the Guarantee cover should also be passed to us
Approach court for the redress of ur grievance .Have u received any notice ,if not then still u have the right to approach either high court or even a consumer court .Briefly describe the case to ur lawyer .
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