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June 16th, 2016, 10:40 AM
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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. |