I am running a pvt ltd concern with one of my friend as a another director. for which we are having an cash credit account with punjab national bank for 80 lakhs, My father has given a collateral guarantee for the loan thru his property worth 84 lakhs and another propery of mine worth 103 lakhs . My loan is based on the stock and receivables and then the collateral security. Due to the family dispute , my brother has instigated my father to send a lawyer notice to the bank stating that he is withdrawing the guarantee. On the basis of this letter the bank has freezed my account for both credit and debits without asking me for an explanation neither in writing or by person. I want to know what they done is correct. they are quoting claytons law. Is it applicable for pvt ltd and the other collateral is already 128% how can they freeze the account. Moreover i am AA rated customer by the bank itself without any cheque bounce or defaulter forthe last 10 years and my stock onthat day is 155lakhs . I want to take them to the court, before going there i want to verify what i am doing is correct. I need the expert opinion on this
20 July 2011
meet the branch manager, remove the property of father and ask him to endorse your own property as collectoral, bank will allow your DP instant, and after making a survay of property and valuation by survayer, he will make it official.
as your father has withdrawn guarantee, the credit limit is void instant on such withdrawl, bank is right as per them, but it will get easy to restore the account as you have another colletral in hand.
20 July 2011
now you have to put request to offload the fathers property from your credit account,
bank will make revaluation the eligiblity and allow you to operate.
survay prior to this incident will get inactive if such survay is conducted more than 6 months prior to incident.
as you have provided father's property as collectaral, and now that colletaral is withdrawn, so bank is right to stop the operation (not freezed), which can be restored on fresh mandate and review of colletaral a fresh.
21 July 2011
Sir, Initially itself for the same loan the two properties has been taken as a collateral one is in the name of my father worth 84 lakhs and another one is in the name of me alone individually worth alone 103 lakhs. For the loan I need only 100% collateral, whereas I have given 240 % collateral to get additional one percent interest less. In that case whether the bank has done correct ?
21 July 2011
bank has nothing to do in this act which is taken by your collectaral security holder, bank has acted as per his norms, he stopped your account but did not serviced recovery notice you ..means they are going to regularize it on either restoration of colletoral by father or withdrawn of such colletaral of father, as the such colletaral is made to your credit limit and on withdrawl of it, your account will get inactive auto.
bank just need 100-125% colletaral, so your own property is more than enough for the purpose.
04 August 2011
I have consulted another bank AGM of idbi and lakshmi vilas bank, sbi , all are on the message that I have been called and given an explanation and what they have done is injustice and they suggested to go high court to file a writ against the bank. I need some one to give more explanations on this Thank u