The recovery of NPA account of Rupee Bank by confiscating mortgaged property and auctioning it has successfully recovered Rs. 67 lac informed Dr. Mukund Abhyankar, Chairman of Rupee Bank’s Administrative Board.
Abhyankar said this is the first time Bank has confiscated the mortgaged property and auctioned it off. This has created anxiety and severe concern amongst the defaulters. But this type of recovery is important for the innocent depositors of the Bank.
Explaining the recovery process Abhyankar cited the case of one Vijay Eknath Kadam one of the defaulters who had taken loan of Rs. 18.64 lakh for construction business of Gaurang Associates. Interest on the account had accumulated to more than Rs. 2crore. The defaulter had insisted that Bank should take Rs. 30 lac as One Time Settlement (OTS).
“ With the order of Collector Pune, through Tahsildar the defaulter’s shop in Dahanukar Colony was confiscated. Bank had advertised on 25th September 2015 and had called first auction of this property on 29th October 2015. There were deliberate efforts to make this auction a failure. Hence bank had called second auction on 17th December 2015 through public advertisement released on 14th November 2015”, he added.
The defaulter had tried to bring stay on this auction through DRT Pune. But DRT, Pune did not give a stay order on this auction. Finally, today the shop was auctioned off for Rs. 67 lac and 25% of the amount has already been deposited in the bank by the shop buyer. It means that 50% more amount than what was offered by defaulter has been received by the Bank, said Abhyankar.