Bank Of India Complaints & Reviews

Mar 04, 2018

Updated by Satendra shivhare Pls, take action against cashier

Mar 04, 2018

Updated by Callinan It is a case where judiciary has helped public sector bank to exploit Services of a small SME beyond the existing law under the pretext to protect public funds.The Supreme court has done it at ease and without any fear.. The MSMED Act is especially enacted to ensure delayed payment with penal interest as a matter of right. The Act relies heavily on arbitration Act for speedy disposal of disputes of SMEs of delayed payments from big buyers. The Act is with a progressive, subsequent and with overriding effect to any inconsistencies existing in any other law. The arbitration Act does not allow Judicial intervention in execution of award passed in arbitral proceedings under MSMED ACT 2006. The Act makes it compulsory that the buyer who challenges the award deposits 75%of the due amount before its application for setting aside the award is entertained. However the Supreme court of India has passed a reportable order on 5.12.2017 in CA5150/17, by setting aside an award upheld by two appellate courts, the District court Pune and hIgh court Bombay by not only Judicial intervention in execution proceedings of the award but has reversed the Delivery of justice. The Supreme court of India says that MSMEDF council set up as per provision of MSMED Act 2006 has no jurisdiction to pass an award. The Supreme court of India has opined that our grievance of delayed payment with penalty from DRT/bank ought to have been agitated before DRT itself. The Supreme court of India has given the freedom to Bank to recover what executioner court has delivered to us in administration of justice. And the executioner court has ordered to repay the amount to Bank failing which I would be put in jail. It should be noted that because bank was not paying our legitimate charges therefore we had approached MSMEF council and invoked provisions of MSMEF Act 2006. And the amount was ascertained to be payable by bank to us therefore an award was passed in our favour. The same award was upheld by two appellate courts. And after the award attained finality in eyes of law that it was put for execution. There was no stay and therefore some amount was delivered to us. We were being paid small amount after about 110 months. We were spending from our own resources from borrowings, while there was no Income at all and we were running from court to court for Recovery of our bills from the bank. Soon after we got the money we repaid some of the pending bills, creditors and employees. There is nothing left from that amount. And now executioner court has asked us to return which is impossible. We have filed review petition on 20.12.2017, till date nothing has happened. And bank is repeatedly telling us that review petion do not succeed and there is no other appeal permissible against orders of the Supreme court. So bank has paid some deposit so that court can arrest and imprison us.
But see our tragedy, we have worked sincerely without complain and it is the bank who is exploiting our services by not paying our charges by extraneous consideration and abuse of process of law.. And we are being imprisoned for not being able to return what is ascertained as ours by due process of law.
The bank staff dares to say in the court that Minimum wages Act and the MSMED Act are not applicable to them.
It has become impossible to live because of lack of Income and crediatablity and reputation for providing services as per orders of a Judicial process for a public sector bank.We are in a situation where only Suicide is the only solution.
And the government of India says that it has facilitated flow of delayed payments with penal interest to avoid ickness and Closure of SMEs.