Legal Question in Banking Law in India

I took a loan of Rs. 5 lakhs on march 2004.
I purchase a truck (Eicher Canter 10.95) from that loan after adding Rs. 1.85 margin (for self employment)
The supplier/dealer passed me wrong truck and it have lots of technical problem.
I filed case in consumer court and civil court against manufacturer and supplier and I didn�t plied the vehicle on road, and due to this I don�t have any income from such truck.
I repaid about Rs. 2.50 lakhs from my own to bank.
In 2007, they put my account into NPA.
The total outstanding amount is Rs. 4.32,000/- against me.
I�m offering them one time settlement (OTS) on Rs. 3 lakhs, but they don�t agree on it.
They have some liquidable securities of about Rs. 2 lakhs with them.
They have few blanked signed checks of me of the account in same bank.
Now bank filed a case of check bouncing against me of Rs. 2 lakhs.
I got more then three letters from them mentioning about the OTS as per the guidelines provided by RBI to them for Non-Performing Assets in MSE category.
But when I went to them they just ignored that.
I�m helpless.
If any thing can I do. Please help.

Asked on 5/02/10, 4:33 am

Pravin Vaidya Independent

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0 attorneys agreed

If you have viable OTS proposal you may approach the Higher authorityof Bank and present your case for consideration

Answered on 5/02/10, 10:34 am

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