Our team has worked and settled the following cases as per rules and guidelines given by the Reserve Bank Of India:
(1) Oriental Bank of Commerce Vs. Sunder lal Jain
The case was initially presented in DRT from where it went to the High Court and then to Supreme Court. In 2008 under the direction of the Supreme Court the case was sent back to DRT for further recovery proceedings. Our team simultaneously kept the channel open with the banking authorities and held regular discussions regarding OTS of the case as per RBI guidelines . Finally in 2010 we amicably settled the case for Rs.16 lakhs against the bank demand of Rs. 28 lakhs.
(2) Bank of Baroda Vs Vinay Enterprises
The bank had sent a notice for auctioning the property of the borrower. We took the case to DRT and got a stay on the notice. We pursued the matter with the bank for one time settlement of the matter and finally help settle it for Rs.11 lakhs against the demand of Rs.19.5 lakhs.
(3) State Bank of India Vs M/s Rahul Overseas
M/s Rahul Overseas had an account with State bank of India (SBI) which for various reasons became NPA in September, 2010. The amount of NPA was Rs. 35 Lakhs (approx.). In 2012, as per the SBI OTS MSME policy they settled the a/c for Rs. 41.5 Lakhs. They paid 25% of the amount by July 31st, 2012 with the rest of the amount to be paid within six months. Due to unfavorable circumstances they were unable to pay the balance amount.
M/s Rahul Overseas approached us with the matter in early 2013. With our guidance and persuasion the balance has been paid by August 31st, 2013 to the satisfaction of the bank. Attached is a copy of the bank settlement letter.