cgtmse - loan from obc merged now with pnb
8 months ago
i had taken a cgtmse loan from obc merged now with pnb and my loan has become npa and they have claimed 75% of my cgtmse claim and what is the procedure and what cgtmse will do legally with me
A.Dear Client,
Once an entrepreneur becomes a defaulter of repayment of a loan under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) Scheme, Member Lending Institutions (MLIs), i.e, Banks are required to mark a particular case as NPA which is classified as NPA as per RBI guidelines in CGTMSE online portal. The NPA marking needs to be done by the MLIs within the next quarter from the NPA date, in the online portal. For lodging a claim by MLI/Bank against the Borrowr, the guarantee in respect of that credit facility should have been in force at the time of account turning NPA and after completion of the lock-in period of 18 months (from the guarantee start date or last disbursement date whichever is later). MLI/Bank can invoke the guarantee for the first installment of the claim (75%) only after initiation of legal action under relevant laws and legal forums such as SARFAESI Act, 20002(u/s 13 (4)), Revenue Recovery Authority (RRA), Civil Court, Debt Recovery Tribunal (DRT) or Lok Adalat. After satisfying itself about the procedural aspects met by the lender Bank, regarding the preferment claim for a guarantee, the Trust settle the claim in two installments i.e. 75% of the eligible amount (i.e. 90% of the amount in default) as the First installment and 25% of the eligible amount (i.e. 90% of the amount in default) as Second installment.
Once an entrepreneur becomes a defaulter of repayment of a loan under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) Scheme, Member Lending Institutions (MLIs), i.e, Banks are required to mark a particular case as NPA which is classified as NPA as per RBI guidelines in CGTMSE online portal. The NPA marking needs to be done by the MLIs within the next quarter from the NPA date, in the online portal. For lodging a claim by MLI/Bank against the Borrowr, the guarantee in respect of that credit facility should have been in force at the time of account turning NPA and after completion of the lock-in period of 18 months (from the guarantee start date or last disbursement date whichever is later). MLI/Bank can invoke the guarantee for the first installment of the claim (75%) only after initiation of legal action under relevant laws and legal forums such as SARFAESI Act, 20002(u/s 13 (4)), Revenue Recovery Authority (RRA), Civil Court, Debt Recovery Tribunal (DRT) or Lok Adalat. After satisfying itself about the procedural aspects met by the lender Bank, regarding the preferment claim for a guarantee, the Trust settle the claim in two installments i.e. 75% of the eligible amount (i.e. 90% of the amount in default) as the First installment and 25% of the eligible amount (i.e. 90% of the amount in default) as Second installment.
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