One-time relief for those in default

Does the program cover defaulting debtors in the personal loan, car loan and education loan segments?

No. Certain categories of defaulting loans are not covered by this Special Single Settlement Program (OTS). It includes personal loans, home loans, education loans, net overdrafts and car/vehicle loans. Even loans made on bank deposits, LIC, KVIP policies, mutual funds, stocks, etc. are also not eligible.

Is it possible for a loan defaulter who repays the loan settled by “compromise” to benefit from the advantages of this special OTS regime?

No. Non-performing loans settled through a “compromise” whose repayment has already started in accordance with the agreed terms are not eligible. However, if a defaulter has failed to meet the terms of the settlement through a “compromise”, they can go the OTS route.

It should be noted that in cases being processed through the “compromise” route and where the amount of the offer is higher than the amount of the OTS will not be eligible. Even failing units undergoing rehabilitation/restructuring do not fall within the scope of the program either. However, units whose rehabilitation/restructuring failed are eligible. There are also cases decided by the court in favor of the bank, which are not eligible for the OTS scheme.

Previous Civil rights lawyer Ben Crump speaks in Kansas City
Next The Court of Appeal confirms the first of 2 convictions for the murder of a townsman | News, Sports, Jobs