ICICI Bank — DISOBEYED HIGH COURT ORDER

Address:

Jaipur, Rajasthan

1. A flat no. B-513, at Balaji Tower-III, JLN Marg which was under construction booked by us with Builder M/S Salaser balaji in the name of VCPL-(Varsha Creation Pvt. Ltd.) on dated: 14.11.05 and paid token money RS. 2,13,840.00

2. An agreement was executed in between builder & VCPL on dated: 20.09.2006 for the total cost of flat RS.19,61,108.00 payable in 16 months installment in equal amount devided by 6% each month-(Payment was payable in installments due to Flat was under construction) including Token Money Amount.

3. A facility agreement was made & executed in between ICICI bank & VCPL for the sanctioned loan amount of RS. 12, 56, 872.00 in the name of VCPL-Ist Party, Prema devi poddar, Sonia Poddar-(Directors), Sunil N. Poddar-( Manager), Anil Poddar-(Others). Loan amount was to be disbursed as and when demanded by the builder according the construction progress of the Flat.

4. RS. 7,04, 236.00 paid by us (VCPL) to the builder including token money on account of our side share before 1st Disbursement made by ICICI to the builder after receiving our share amount by the builder the builder issued N.O.C to the bank.

5. A First disbursement of RS. 3,52,373.00 was made by the bank to the builder on dated:[protected] and a Lombard Policy was also sent to us while the flat was under construction.

6. A revised sanction letter of dated:[protected] for RS. 13, 38, 744.00 was received by VCPL from ICICI bank along with a Lombard Policy in which the bank has been added a policy premium amount of RS. 81, 872.00 without concerned of Brower-(VCPL), Date of Policy was[protected].

7. An objection raised by Brower-(VCPL) the policy was cancelled by the bank on dated:[protected] but the insurance amount was deemed as a disbursement amount and an additional interest amount of RS. 657/- was charged.

8. A second Disbursement was made for RS.3,31,000.00 on dated:[protected] directly to the builder by the bank i.e. total disbursement was made by the bank of RS. 6,83,373.00 to the builder till the date.

9. During the Ist & IInd disbursement the regularly payment of interest was paid by the Brower-(VCPL) to the bank without any signal default.

10. Later on the Brower found that there is difference in the interest rate & amount of interest therefore an objection was raised through mails to the banker and came to know that the loan was sanctioned by the bank as a NIP-(Non income proof) base loan elsewhere all the income proof documents were provided by the Brower, in the case of NIP Brower there is higher rate of interest by 2% however as per facility agreement 10.25% +.5 (floating) was committed by the Brower.
11. Bank was also charging interest on the premium amount of the policy which was already revoked by the bank and further disbursements was also held by the bank.
12. Looking the disputes of interest rate, differences in interest amount & principal amount, matter of held of further disbursement by the bank the Brower stopped interest payment of the Banker and sue a case on dated:[protected] with the Honorable Consumer Form for settle the principal amount, interest rate & pending loan amount, the next hearing is on dated:[protected].
13. The Brower received a notice of dated:[protected] from ARCIL-ARMS, in which ARCIL state that the Brower’s loan account has been transferred with ARCIL by the main Lander – (ICICI) and Brower’s a/c is being treated as NPA.
14. ARCIL served a notice on dated:[protected] under section 13(2) of (SARFAESI, Act,2002), notice was received by the Brower on dated:[protected].A reply of the above notice was given on dated:[protected] by the Brower to the ARCIL and reply received by the Brower from ARCIL on dated:[protected] of dated:[protected] for amicable solution. Brower approached to ARCIL- for settlement but nothing appropriate solution was given by ARCIL.
15. Another notice was served by the ARCIL on dated:[protected] under section 13(4) for taking possession of the secured assets till[protected] elsewhere no title deed has been executed in between builder and Brower.