CGTMSE LOAN became NPA
1 year ago
In 2009 we borrowed around 18 Lacs(Senctioned 20 Lacs),in 2010 we borrowed 7.13 Lacs for 3 Embroidery machines only under CGTMSE scheme ,in 2013 we became NPA,UBI appealed to DRT,by 2013 we have paid 15 Lacs to loan.2017 UBI sent 13(2) but withdrawn by another letter.The DRT case EXPERTE ORDER.We appealed a MA case type to DRT in 2019,still in hearing.UBI merged with PNB,now they sent 13(2) 60 days notice and asking for OTS.But I have no money to pay even 10% of OTS PNB asking for.My mother is borrower,1 machine running among 3 machines.Factory place under COURT INJUCTION ORDER due to Tenent case against fraudulent Landlordism.We paid CGTMSE FEES ,Bank mentioned observation of State subsidy 15% beside Central Government Subsidy,but we got nothing.Now what to do to stop AUCTION of Machines?
An auction can be canceled. The right to cancel or postpone an auction event is reserved for the owner, giving reasonable notice to both sellers and buyers, but it is only under extremely rare circumstances that this would happen.
You have to take all your contentions and defenses before the DRT where your case is pending. There after you may go in appeal.
One thing is well established that if you take loan from a bank then you have to return/repay the loan as that is not your money but public's money.
Since you are not in a position to do so hence you need to talk to the bank and go for settlement else the bank will go for auction and you can't help it.
Repayment of loans and credit cards
Multiple unsecured loan defaults
Unfreeze
For bank loan
Bankruptcy and Debt
