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QMy mother and father both owned a LLP firm, in which we had taken a CGTMSE Loan of Rs. 20 Lacs from PNB. The factory was not making much money and final nail in the coffin was Covid Period.
We shut down the operations in 2021, will losses upwards of 60-70 Lacs. We also had a housing loan from the same bank in the name of my Father, Mother and Wife which we have paid off, (my wife has paid it off, my father mother have no source of income) but the bank is not releasing the documents and have are saying they have attached the same. My questions are as follows:
1. The case is pending with the DRT, can the bank legally attach the flat which also has my wife as a co -owner. The bank does not have a recovery certificate.
2. The loan is in the name of an LLP firm, can the bank go after personal assets of the partners/directors?
3. The bank is saying they will declare the housing loan also as NPA(there is no payable balance in the housing loan) and spoil her CIBIL, how is it possible?
4. I have asked the bank to go for an OTS, and I am willing to pay 15 lacs as OTS, somehow I will muster the funds. But the bank is asking 23 Lacs as OTS for a 20 Lac loan.
5. Our home is the only asset that my father, mother and wife have.
I am thinking of sending them a legal notice through my lawyer asking them to release the documents, would that help.
Would be grateful if someone could shed some light on this.
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AHi,
Lawyer here.
To answer your queries, we need to assess whether the house was mortgaged under CGTMSE? Whether there was a cross-collateralisation clause in any of the docs signed. Whether there was any personal guarantees given by your parents/wife against CGTMSE loan? What kind of proceedings are going on before DRT? Is it SARFAESI or RDDB?
This will require an in-depth analysis. We’ve recently assisted a client in a similar case where RC for personal properties were issued while loan was in Partnership’s name, and the property was not mortgaged for a different loan, which cannot be the case.
Please get in touch for a detailed discussion and analysis.
Thanks.
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Q1. The Home is not Mortaged, the loan is under CGTMSE scheme.(no collateral)
2. DRT Case under RDDB
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