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Showing posts with label DEBT RECOVERY TRIBUNAL. Show all posts
Showing posts with label DEBT RECOVERY TRIBUNAL. Show all posts
Indian Banks facing legal hurdles while recovering bad loans and I would like to add one more reason to the list..
There could be numerous hurdles to recovery of bad debts that are faced by Indian banks but there is one more reason that need attention of bankers, financial institutions and public. Borrowers may show fake assets to banks for securing loans to run their businesses. Recently, a huge discrepancy in bank loan advanced to Pritpal Singh Arora s/o Bhagat Singh Arora 79A The Mall Amritsar have come to my limelight. Mr Arora secured loan in 2008 against a property in Bala Chak, Amritsar from Bank of Baroda which is not in his possession. The loan amount financed by bank was way higher than the collector rate of the property. How a loan amount higher than collector rate of land was secured is, still a mystery. Even further the possession of land was shown to bank on a different property by Mr Arora which is situated in different village and that vacant property belongs to Punjab Government. Land physical location verification and land evaluation was performed by bank on that Government owned property. Why bank failed to identify the actual physical location of land, the actual collector rate of the land, the real possession of the land is highly questionable! But this is just part of the story. The blunder mistakes or fraud of bank and frauds of borrower are just the beginning. The borrower failed to pay his loan payments promptly and Bank of Baroda, Partap Nagar, Amritsar issued public notice in first week of June 2014 for eAuction on July 10th 2014. When one of the bidder approached the bank regarding details about the property, the bank chief manager, Sarabjit Singh provided them the required documents and also sent bank officer Mr Sharma and Recovery agent Mr Mangal Singh Sandhu with the bidder for site inspection. Again the wrong property was shown by the bank officials to the potential bidder. I mean the government property situated in village Varpal, Amritsar. The potential bidder firm, PIMC agent Gagan asked bank chief manager for the clarification for the discrepancy. Chief manager refused to give any clarification. The MD of PIMC, Sahibjit Singh Sandhu, has asked for the clarification from the DGM, H S Sidhu of Bank of Baroda in Jallandar. The last date for bid is July 8th 2014. So far Sahibjit Singh Sandhu have not received any clarification. Question is how come a reputable bank such as Bank of Baroda can make such a big mistake of auctioning a government property. Even though bank made a blunder mistake in their initial loan approval procedure by evaluating a wrong property but question arises who authorized the bank to auction the wrong property. Isn't it bank misusing the power bestowed to them by SARFAESI ACT For detailed documentary evidence contact atsweetcanada@gmail.co m
Indian Banks facing legal hurdles while recovering bad loans and I would like to add one more reason to the list..
Borrowers may show fake assets to banks for securing loans to run their businesses.
Recently, a huge discrepancy in bank loan advanced to Pritpal Singh Arora s/o Bhagat Singh Arora 79A The Mall Amritsar have come to my limelight.
Mr Arora secured loan in 2008 against a property in Bala Chak, Amritsar from Bank of Baroda which is not in his possession. The loan amount financed by bank was way higher than the collector rate of the property.
How a loan amount higher than collector rate of land was secured is, still a mystery.
Even further the possession of land was shown to bank on a different property by Mr Arora which is situated in different village and that vacant property belongs to Punjab Government. Land physical location verification and land evaluation was performed by bank on that Government owned property.
Why bank failed to identify the actual physical location of land, the actual collector rate of the land, the real possession of the land is highly questionable!
But this is just part of the story. The blunder mistakes or fraud of bank and frauds of borrower are just the beginning.
The borrower failed to pay his loan payments promptly and Bank of Baroda, Partap Nagar, Amritsar issued public notice in first week of June 2014 for eAuction on July 10th 2014.
When one of the bidder approached the bank regarding details about the property, the bank chief manager, Sarabjit Singh provided them the required documents and also sent bank officer Mr Sharma and Recovery agent Mr Mangal Singh Sandhu with the bidder for site inspection.
Again the wrong property was shown by the bank officials to the potential bidder. I mean the government property situated in village Varpal, Amritsar.
The potential bidder firm, PIMC agent Gagan asked bank chief manager for the clarification for the discrepancy.
Chief manager refused to give any clarification. The MD of PIMC, Sahibjit Singh Sandhu, has asked for the clarification from the DGM, H S Sidhu of Bank of Baroda in Jallandar.
The last date for bid is July 8th 2014. So far Sahibjit Singh Sandhu have not received any clarification.
Question is how come a reputable bank such as Bank of Baroda can make such a big mistake of auctioning a government property.
Even though bank made a blunder mistake in their initial loan approval procedure by evaluating a wrong property but question arises who authorized the bank to auction the wrong property.
Isn't it bank misusing the power bestowed to them by SARFAESI ACT
For detailed documentary evidence contact atsweetcanada@gmail.co
m