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June 16th, 2016, 10:40 AM
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Join Date: Mar 2012
Oriental Bank of Commerce One Time Settlement Scheme

Hello, I want to know the details of the One Time Settlement Scheme of Oriental Bank of Commerce.

Hello, here I am providing you the details of the One Time Settlement Scheme of Oriental Bank of Commerce as under:

SPECIAL ONE TIME SETTLEMENT SCHEME (OTS) FOR NPA ACCOUNTS IN MSME SECTOR

Coverage:
The approved policy will also cover eligible cases in which the Bank has initiated actions under SARFAESI Act, cases pending before Courts/ DRTs /Lok Adalat and decreed accounts subject to obtaining consent decree from the Court/ DRT/ Lok Adalat.

Validity of scheme:
30th November 2012

Reference Recoverable Amount

Reference Recoverable Amount will be equal to:
Principal outstanding as on date of NPA plus
Debits raised in the account on behalf of the borrower for devolvement of LC/BG etc. plus
Interest reversed at the time of NPA (To be reworked @ Base Rate simple) plus
Charges (Legal Charges, Charges paid to Enforcement Agent etc) less
Recoveries effected till date.

Decreed NPA Accounts:

Reference Recoverable Amount will be equal to:
Suit amount plus
Interest as per terms of decree or Simple interest @ Base Rate p.a. or contracted rate of interest thereon, whichever is lower, after giving due effect of recoveries, if any, from date of filing suit upto last completed quarter plus
Cost as per terms of decree and other miscellaneous charges incurred after the date of decree less
Recoveries effected till date.

Last edited by Neelurk; February 18th, 2020 at 10:04 AM.
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