SARFAESI Act - Loan cleared - titles not handed over by the bank
1 month ago
I've cleared the amount mentioned in the recall notice with interest fully, but the bank kept that amount in sundry accounts for two months when questioned them they didn't reply, when i sought the through RTI then they deposited it in the loan account and applied interest for that two months and again shown outstanding in my loan account. (this the staff informed me orally)
I was an employee of the bank, but due to some issues with higher-ups I resigned from the bank they didn't accept it and removed me from service reason mentioning unauthorised absence, they continued the harassment after my removal also in the mentioned fashion, consumer court I tried but it went against me. but till today the bank never asked me in writing about the outstanding amount. Approached the ombudsman and he instructed the bank to hand over the documents to me but they didn't.
My question is, is there any provision under the SARFAESI Act the bank can withhold the documents in the said circumstances?
The SARFAESI Act is invoked to attach secured assets in compliance with the Debt Recovery Tribunal's (DRT) order. If you settle your dues per the recall notice, the bank cannot withhold clearance for two months without a valid reason. Such negligence constitutes a deficiency in service, warranting a complaint to the District Consumer Commission under the Consumer Protection Act, 2019, seeking compensation for harassment.
It's important to note that employment-related matters fall outside the Consumer Protection Act's scope. Termination or dismissal cases are handled by the Industrial Tribunal or relevant Labour Courts upon the delinquent employee's application or complaint. Regardless of termination grounds, the bank cannot withhold documents or Full and Final (F&F) dues owed to an ex-employee upon employment cessation, constituting unfair labor practice. In this scenario, approach the Regional Labour Commissioner (Central)/Assistant Labour Commissioner (Central) to file a complaint against the bank, seeking redress for alleged arbitrary and unfair labor practices.
Furthermore, initiate an application under Section 33C(2) of the Industrial Disputes (ID) Act before the Labour Court, claiming the recovery of all dues owed to the ex-employee upon termination.
The provision of the SARFAESI Act is applied for the attachment of secured assets in compliance with the order of the Debt Recovery Tribunal(DRT). When you clear your dues as per the recall notice, the Bank cannot withhold it for two months in the absence of any cogent reason. Such a dereliction of duty on the part of the Bank amounts to a deficiency in service and deserves a complaint before the Dist. Consumer Commission under the Consumer Protection Act, 2019 claiming compensation for harassment. Employment-related matters do not come under the purview of the Consumer Protection Act. Termination/dismissal from service is tried by the Industrial Tribunal or Labour Courts concerned upon the application/complaint of the delinquent employee. Regardless of the grounds of termination, the employer Bank can neither withhold your documents nor F & F dues payable to an ex-employee on the cessation of employment that amounts to unfair labour practice. So, in the given situation, reach out to the office of the Regional Labour Commissioner(Central)/ Asst. Labour Commissioner(Central) for filing a complaint against the Bank to redress your grievance over alleged arbitrary and unfair labour practice. Additionally, you need to file an application under Sec.33C(2) of the I D Act against the Company before the Labour Court claiming recovery of entire dues receivable to an ex-employee on termination.
Compassionate appointment
Education Loan OTS
Sbi account put on stop by cyber security
My bank account got freezed
Bank loan harassment
