[Resolved]  Indusind Bank — loan dept: incompetent bank and staff

Address:

New Delhi, Delhi, 110015

From : kohli enterprises
No.25, behind gurudwara singh sabha, ramesh nagar,
New delhi – 110015 (India)

To whom it may concern
Indus ind bank
Jhandewalan branch
New delhi

We wish to bring to your kind notice the case as follows :
We have a running loan from l&t for 1 crore from june’2017.
On 5th october’2018, we were approached by mr. Rajeev ahuja and advised to move to bank instead of a nbfc and build a good business reputation as banks are always better options in comparison to nbfc.
Also, he proposed that we go for a top up as we are thinking of expanding business and since we have developed a new business module where we dont have any competition, mr. Ahuja suggested to approach indusind bank.
We handed over the cheque to present the case and get the approval on 10th october’2018
We were told to submit all relevant copies of documents and property papers complete set and informed that it will take appx. 10-15 days to complete the bt and approve the top-up
By then, the first inspection was done in and we were informed by mr. Mushfik that the case is good and everything is in order.
Later, we were informed in month of november first week that the property is booked by mcd for excess coverage.
Mr. Mushfik said that its on bank’s discretion that they can take a call on certain points and so, we were told that mr. Kaushik will visit our premises and re-inspect the office and home.
Mr. Kaushik visited our office by 10th november and we had a good and healthy discussion with him and we explained the business modules and our nature of business to him.
We were informed by mr mushfik that everything is in order and they have proposed the case to be completed within a week.
In the meanwhile, we also informed the bankers that we have started to expand the business and started to place new orders based on their assurance that our too-up will be released soon.

After a brief follow-up, we got a call on 25th november ‘2018 at 10pm in the night mentioning that mr. Kaushik has been transferred and mr. Akshat kapoor is taking care of this case in his place now.
He asked us briefly and asked about our nature of business and all other details and so we explained him thoroughly.
Later, we were told by mr. Mushfik that everything is well in order and just we need to add some financial details and the case will be processed asap.
We were still not informed of any updates later, and then after following up, we told the bankers that our container has reached india and we need to clear it and also, we have placed another order from china for the same and need funds showing our urgency on their assurance.

Then in first week of december, we got a call from mr. Mushfik informing that mr. Akshat needs to visit our office and premises to conduct another pd. We still said ok, and welcomed the same.

Mr. Akshat and mr. Mushfik visited our premises and discussed the case again for the third time and thereafter, assured that our case is going to be finalised soon as they demanded the updated new orders we have in hand and a few new prospected business opportunities.
We furnished everything the very next day and updated the financials and documents required the very next day.
Now, again after continuously following up and not getting a complete response from the bankers, we reached the bank personally to see what is the matter.
We met mr. Mushfik and mr. Akshat, and mr. Neeraj where they asked us that financially there’s no problem, and now that since the property is having some projection in elevated structure, the bank is apprehensive to take a cal as in case of demolition, the structure (Pillars and beams) of our building well be affected
To which, we clearly asked them to come and see personally that the pillars of our building are within our permissible limits and even if in case our extension is removed, the building doesn’t have any problem as the beams and pillars are within permissible limit of our plot area and the walls can be repaired easily.
After a brief discussion, mr. Neeraj and mr. Akshat kapoor said that they will ask their vendor to visit our premises and verify the authenticity of our view. We are all welcome for the same.

To our surprise, no one turned up for next two days, and we got a call mentioning that a meeting has been arranged for us to meet your vendor (Valuation officer’s office) in noida sector 63, protocol officers.
After a call and follow up, we went to your vendor’s office in sector 63, noida and met mr. Pawan to ascertain that in case of any possibility of removal of excess coverage by mcd in future, the structure of our building will not be affected.
Mr. Pawan informed us that he has made an evaluation of basis of projection in property and so agreed to the fact that in case of minute possibility of removal of projection, our property will not have any damaging affect as our pillars are in the limit of our plot area and the walls can be repaired in case of a bleak possibility of removal of projection. Also, he mentioned that whenever they see a projection in any property, they report the same to the bank and its the bank’s call whether to take call on it or not.

Now, after establishing the case and details with mr. Pawan, we confirmed the same with mr. Mushfik and mr. Akshat told us that they will receive an email from vendor concerning the same.

After 2 days, we were informed that since there is an excess coverage, the bank cannot process the case and so on the same grounds, mr. Akshat kapoor said he is unable to complete the case and refused to approve the same.
We have a major problem with the system and manner in which your reputed bankers handled the case and so much delays and non communication from the credits departments of the bank, we were informed of rejection on basis of property projection issue.

We need to know that if this was the case, it was already known to the bank, the bank must have closed the case in the month of october itself.
Why was mr. Kaushik who visited our premises and confirmed everything and then, later, mr. Akshat conducted the pd over phone for one hour in the night @ 10pm, and then later a visit by mr. Akshat at our premised conducted if the property in question had a big issue.
Then, on top of it, why did they ask us supporting documents and know our business plans if they did not intend to complete the case satisfactorily.
Why was it that we have been kept informed that within 2-3 days, it will be completed and time and again, we, trusting the bank, waited way long enough trusting the word of their employees and at the end of it, landing in soup of troubles since we committed our clients and non fulfilment of promise and also, in month of january’2019, we are also expecting a new container from china which is the next supply from china for our next order.
When we asked mr. Akshat about taking so much time and now leaving us in a bad situation as we trusted indus ind bank on the point of building a relation, mr. Akshat mentioned after a brief discussion on 26th december to us that “ we should not keep all our eggs in a single basket “ referring to that there are other options in the market and we could have used those options for funding our business plans.

This is to the most surprising and shocking behaviour from a bank as we have never seen in our 25 years of business that a client is being approached for his financials and after satisfaction of everything,
1. “ the client is made to visit a valuer and make points “
2. The valuation person is unapproachable thereafter
3. Mr. Akshat mentioning as a banker that he doesn’t want the vendor to be in any uncomfortable position by asking him to visit branch and confirm what he told us.

4. Why is it then if the vendor is not coming and we were told to go to the valuation vendor to meet in absence of any bank employees accompanying us / the valuation people are too busy to come and meet the bank even

5. Mr. Akshat mentioning : you should not have kept all eggs in one basket “
Does this mean that indusind bank is a hoax and we must not trust the reputation of the bank only on market views (Since its the bank employee’s words to be taken more seriously in contradiction to the market and bankers boastings in media and public)

6. The client is made to wait for almost 3 months just to mention a straight “no” which was the best thing to do in the beginning of the case
Leading to wastage of our valuable time
Depleting our reserves hoping to get funding and investing in expansion earlier than planned

Leaving us in an unprecedented position since we opened up exposing our most valuable and confidential information with your bank employees risking now in case our business plan gets out in someone else’s hands, whats the amount of loss we are going to incur keeping in view what “our concept has no competition in the market till now “.

7. The bankers can meet us in their office but the valuation people are too high to come and establish the facts discussed
Making us feel like fools and beggars as if we dont have any value and the client’s time is of no value and is totally free and bank is supreme and their vendor/valuation people are too valuable to the bank than their customers.
We request you to kindly reply us why is it so that the bankers have no one to answer
And its officials take everything so lightly
Also, we lay claim to the time and elementary loses we suffered due to bank’s employees lethargic approach and unnecessary procrastination
We will make sure if we don’t hear from bank in a proper manner, we will take the legal route to lay claim on the same.

Regards

For kohli enterprises

Gurpinder singh kohli
Chief executive