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Sun Valley Towers Private Limited / Complaint against penalty for premature closure and non supply of required information / advices

1 India

Re: ICICI Bank Limited

The Branch Manager
ICICI Bank Limited
03rd Floor, K-24
Pearl Plaza

For Personal Attention of Mr. Sanjiv Gupta

Subject: Enhancement of Loan from Rs.1.5Cr. to 3.29 Cr. Against future rentals account Sun Valley Towers (P) Limited.

In the above context, we have to submit that we were sanctioned a loan of 1.5 Cr. On 10.06.2006.

Subsequently the rentals on the property were revised upward and accordingly ICICI Bank approached us to increase the loan amount from 1.50 Cr. To 3.50 Cr to which we agreed.

After appraisal of the proposal, ICICI Bank sanctioned to us a loan of Rs. 3.29 Cr. After completion of the Bank’s formalities and execution of the documents we were given a cheque of Rs. 165,04,921.00 dated 30.11.2006 towards the balance amount and were assured that another cheque of Rs. 20 Lacs will be issued within three days.

Instead of Rs. 20 Lacs, we have been handed over a cheque of Rs. 12,50,731.00 Dated 11.04.2007 that too after a lapse of almost four mouths. We were informed that the balance amount Rs.7,49,269 has been adjusted towards premature penalty on the existing loan amount and other expenses.

Our submission is that since we have not taken a fresh loan nor have we requested for premature closure – what we request was just for enhancement of the loan amount on the basis of increase in our rental this debit on account of premature penalty is unwarranted, hence this entry may kindly be reversed with value date effect and the details of other debit be made available to us at your earliest.

We also request you to provide us the following :-
a. Debit/ Credit advices in respect of each debit and Credit made in the account from the beginning.
b. Month wise statement of account from inception (Incidentally we have not received any statement of account from the beginning.)
c. A certificate of outstanding of our captioned account as on 31.03.2007.
d. Repayment schedule of loan that is no of installments and amount of EMI (Principal +Interest Component)
e. The rate of interest applicable on the account.

Thanking You
Yours truly,

For Sun Valley Towers Private Limited

(Authorised Signatory)

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