[Resolved]  Home Loan — icici home loan

Address:

Bangalore, Karnataka

9th June 2010
Bangalore
The Chairman and Managing Director,
ICICI Bank Ltd,
Bandra Kurla Complex,
Mumbai

Kind attention
Mrs.Chanda Kochhar

SUB: Loan no: LBBNG[protected] under Policy No: 4005A/0000040
LAN No: LBBNG[protected] of Shri.K.N.Shreesha

Respected Madam,

This is to bring to your kind attention regarding the Recovery notice issued to late Shri.Kadaba Narayana Shreesha, a past employee of ICICI Bank Ltd, who was sanctioned a home loan by ICICI Bank Ltd for the property he purchased in Mysore at the address, House no 569,Venkata Krishnaiya Road, College Road, K.R. Mohalla, Mysore, by Asset Reconstruction Company of India Limited.

An amount of Rs 14, 50,000/= was sanctioned to him on 22.08.2003 for a period of 290 months, the EMI starting from 1.10.2003 onwards. Mr.K.N.Shreesha had paid the instal ments fully until his demise suddenly due to a fatal road accident on 27.01.2008.

Subsequently, I the wife of the deceased and the co-obligant of the said loan submitted the claim papers to the Bangalore Branch of ICICI Lombard General Insurance Company vide claim number[protected] during February, 2008 with all connected documents as required by the Insurance company.

Further all other details pertaining to the Home loan, Insurance policy, claim together with all the required documents were furnished to ICICI Lombard pursuant to a letter dated 14.05.2009. Almost seven months after the above submissions, ICICI Lombard General Insurance limited Retail PA claims department vide their letter dated 4.12.2009 under the reference number RC/0002202/01 sought a few more details which were also furnished forthwith.

Pursuant to all the above submissions and representations made thereof, ICICI Bank closed the said loan and issued a communication to the Bangalore address of the dceased Shri.K.Y.Shreesha, 173/143, Subramanya Nagar, 1st main, Milk Colony,Bangalore-21 on 12.04.2010 that the entire loan including balance outstanding EMIs and interest thereof was paid out of the insurance proceeds. I have been waiting since then for the ICICI Bank to return all the documents pertaining to the said house in their possession to me.

We are astonished now to receive a notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act,2002 by a law-firm LAW Vibes with address at No:306, 46th cross, 10th main, RamaMandir road, 4th block(above Nilgiris), Rajajinagar, Bangalore-10, acting
on behalf of its client M/s Asset Reconstruction company India ltd (ARCIL) requiring the deceased to settle an amount of Rs 13,58,812.51 within 60 days from 17th May,2010 that is by 16th July,2010 failing which the law firm have threatened the deceased that they will initiate legal proceedings to recover the amount by whatever action they deem fit to do so including auctioning of the house.

This is to bring to your kind attention that the deceased was the sole bread winner of my family and when he died he left me, his wife who is a home maker and a male child of 3 and a half years with magre savings. We,the surviving dependents of the deceased are now being supported by my father, i.e., the father-in-law of the deceased who himself is 78 years of age and a pensioner.

Moreover, we are surprised as to how a settled Personal Accident claim on a home loan by an ICICI Group company, ICICI Lombard General Insurance can be ignored and yet the ICICI Home Finance company referred the recovery of the balance loan amount through Asset Reconstruction Company of India Ltd. It is pertinent here to draw your kind attention to the fact that lateMr.Kadaba Narayana Shreesha was a past employee of ICICI Bank Limited for a period of 5 years from 18.03.2001 to 20.03.2006 having worked as the Regional Head in the Collection department of the main Bangalore branch.

Therefore we submit to your good office that ICICI Bank kindly write to the Asset Reconstruction Company of India Ltd to withdraw their demand on the deceased, claimed vide the legal notice issued by LAW VIBES dated 17th May,2010.

We further request you to kindly use your good offices to treat the loan as closed, the loan indeed having been closed by ICICI Lombard on 12th April,2010, advise ARCIL to drop their demand and release the documents pertaining to the house to the legal heir of the deceased, i.e., me, Smt. B.S. SriVidya the wife of late Shri.K.Y.Shreesha.

I am sure that this action of yours will bring great relief to the survivors of the deceased and be very appropriate in bringing justice and equity to the survivors.

Thanking you for your kind understanding and invaluable help in my life as this is the only asset that my husband has left for me and my son.

Yours sincerely,




SRI VIDYA . B. S

173/143, 1st Main,
Subramany Nagar,
Bangalore- 560021.
Karnataka.