My cousin and his wife runs a SME company. They availed a loan from SBI on the company by mortgaging their high value flat. In addition, they provided additional collateral security such as NSE, LIC policy and a shop of approx 80 sq ft. But due to some reason, the property became NPA. Now, my cousin approached the bank for OTS which bank agreed and as
asked by bank, my cousin also paid a lump sum of Rs 2.0 Lakhs to bank. But bank did a fraud and even after agreeing for OTS, did not settle the matter. Instead, bank went to SARFESI. Now, my cousin and his wife are running for the case leaving all their work behind. Further, the bank’s lawyer while proceeding the case has also not accounted for amount of collateral security and when asked, the bank is not responding also.