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Debt Resolution Agents (GBA)

The need for OTS arises due to the fact that whenever the recovery proceedings are initiated and legal notices are issued to recover dues from the defaulting borrowers, the defaulters in most of the cases obtain different kinds of stay orders from different Courts and the matter remains pending for a long time. During this period the lenders are not able to recover their interest/principal dues from such borrowers as the matter remains subjudice. In order to improve the recovery from all such cases and also from the chronic defaulters and in order to reduce the Non Performing assets (NPAs), the mechanism of OTS of dues was evolved.

There is an increase in tendency from banks to prefer one time settlement (OTS) as against enforcement of security interest or recovery through legal route. The trend is gaining momentum because of the tardy legal process involved.

AEPS Software
NPA Management of Banks

One-Time Settlement/Compromise Schemes

the SARFAESI Act 2002

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) empowers Banks / Financial Institutions to recover their non-performing assets without the intervention of the Court.

The provisions of this Act are applicable only for NPA loans with outstanding above Rs. 1.00 lac. NPA loan accounts where the amount is less than 20% of the principal and interest are not eligible to be dealt with under this Act.

Legal team for DM order

We have a large team of Advocates, located at different districts in PAN India, who help us in obtaining the DM/CMM Orders and in taking the Physical Possession in High Value Cases. We also have the Legal expert in our Head Office also in various High Courts who help us in giving the legal opinion in critical matters.

We can also hire them to file any writ petition against any DM who delays the orders u/s 14 of SARFAESI Act.

Supporting Agency

The company also provides specialized services to banks and other financial institutions to which the SARFAESI Act is applicable. These services could be one or a combination of services as required under the SARFAESI Act.

The company is providing these services to Punjab National Bank, which has empanelled our company as ‘Supporting Agency’.

Objectives of OTS

The Scheme aims at One Time Settlement with the MSME NPA borrowers, where the exposure of the Bank is not more than Rs.25 lacs per borrower, to ensure speedy settlement of the accounts without going into long drawn recovery process.

The settlement amount is payable in a lump sum. If a lump sum payment is not possible, at least 25% of the settlement amount must be paid upfront, with the remaining 75% due within 3 months from the date the Bank accepts the OTS proposal.

Valuation Services

We have an associate company by the name of FinFlip India who are registered with banks to conduct valuations for all kinds of assets, may be for SARFAESI purpose, for new loans proposals, Assets under IBC, restructuring etc. Please refer the website

website:www.finflipindia.in.

Security/watch & Ward Services

We have a separate security department to arrange and provide the security watch and ward services. We have 30 Security Agencies on our Panel with PAN India presence who deploy the security guards at the properties seized under SARFAESI Act in PAN India level.

Functionality: hosts multimedia information, guides, or stories that inform visitors, position the brand as a

News paper publication

We have a separate Publication department to PROVIDE services of publication of Demand notice, Possession Notice, Sale Notice, DRT and other notices on banks’ behalf.

The services are being offered at a reasonable rate on PAN India level.

Inquery

Get In Touch

Get in touch

Sales Enquiries

info@finflip.in

+120 433 2909

Support

support@finflip.in

+120 433 2909