Credit App

Topics: Asset, Finance Pages: 5 (980 words) Published: January 9, 2013

Proforma of undertaking to be obtained at the time of settlement of protested bill/suit filed/decreed accounts (including accounts in which action taken under SRFAESI Act) from the borrower(s)/guarantor(s)

This undertaking is made here at __________ on this _____day of ______by the following:

1. Shri_____________________S/o________________________aged______ years R/o_______________________________________________________________

2. Shri_____________________S/o________________________aged______ years R/o_______________________________________________________________

3. Shri_____________________S/o________________________aged______ years R/o_______________________________________________________________

Whereas we, the above named confirm that Cent Bank Homer Finance Limited had sanctioned _____________ loan of Rs.____________ on ____________ to us bearing interest @_____________in accordance with the agreement with them and other documents executed by us. This loan was granted against the security by way of equitable mortgage of our property situated at___________________________________________ and personal guarantee of __________________________S/o _____________________R/o___________________________________. We accordingly availed the said loan. However, due to reasons_________________________________ our ______________loan account with Cent Bank Home Finance Limited B/o______________ became irregular.

Whereas the amount in subject account of ________________________________________________________________________ outstanding as on_____________is Rs._____________________. The amount as outstanding liability/debt is acknowledged and confirmed by us.

Whereas pursuant to the legal/demand notices dated_____________and ______________served on us by the Cent Bank Home Finance Limited, the company has informed us about its intention to institute civil suit/action under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of their outstanding amount. However, I/we and our guarantor(s) do not want any suit to be filed against us.

Now, therefore, I/we Shri/Smt____________________________, Shri/Smt ________________________, Shri/Smt_____________________________ and guarantor(s)Shri/Smt_________________________, Shri/Smt______________________ hereby agree to settle on verifying the security documents executed, signed and delivered by us and statement of account and undertake as follows:-

1. We undertake to pay Rs._______________________with/without the incidence of future interest towards the final payment and clearance of our outstanding liability. 2. The said will be paid by us, and if required, through the personal sources in _______________installments of Rs.____________p.m. w.e.f________________ by the second week of every month. 3. In case of default on our/guarantor(s) part for non payment of one/two consecutive installments, we shall be liable to pay the whole amount of Rs._____________or such amount as outstanding on the date of default alongwith complete interest liability, due on full amount of Rs.________________w.e.f ______________and litigation expenses incurred/to be incurred by the bank to recover the amount.


4. In case of any such default for non payment of one/two installments as aforesaid, all the concessions allowed under the settlement shall stand withdrawn by the Company automatically and the Company shall be entitled to recover the entire dues outstanding in the account with up-to-date interest and expenses/charges, etc. In addition to it, the proceedings under the Securitisation Act initiated by the Company shall automatically stand continued without any further notice, and the Company shall be fully authorized and entitled to take over the physical possession of the mortgaged properties for which we shall not raise any objection thereto and...
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