Lead Actor: A Pvt Ltd MSME enterprise. As I can't disclose the name - Let's call it SOS.
Supporting Actors : Here is the list :
1. Careless & indifferent PSU Bank.
2. A duuuulopment & Phreeee Markets Messiah (u know him).
3. A ruined economy
Let's call him Mr. Patel.
SOS banked with State Bank of Patiala since 2006. In 2008 it availed of a loan of 14 Crores for modernization.
Days of boom. Everyone was confident & has aspirations as the PM was inspirational. Everything was rising. Business. Economy. Land prices. Incomes.
The repayment was scheduled over 7 years. To be repaid by 2015.
In 2014 - India elected a duuuulopment & Phreeee Markets Messiah.
Mr. Patel was basking in his business growth.
By March 2016, the economy had faltered and his business was down by 20-25 %.
Being an honest entrepreneur, he wrote to the PSU Bank i.e. State Bank of Patiala
In Feb 2017, SBP issued notice u/s 13(2) of the Sarfaesi Act. Mr. Patel pleaded with SBP that take back the notice and allow him to sale the office property.
To live up to their reputation of being a lethargic PSU Bank -
Finally, a/c was migrated to Stressed Asset Management Branch, Nariman Point.
But to his misfortune, the real estate market had tanked. His ads on Magic Bricks, 99 Acres etc & numerous calls to brokers - in vain
That's when Mr. Patel came to me.
We got his account audited and interest verified from a Chartered Accountant. What we found was astonishing -
We made a representation to the bank. The bank is yet to reply. Meanwhile, the bank has taken symbolic possession of the assets
Now if we don't care about Mr. Patel, if we don't insist on mechanisms to redress such grievances in time, if we make sweeping statements & brand "doers" like Mr. Patel as "defaulters"....
A course correction is needed.
But who'll do it ??
We are busy doing Hindu-Muslim. Mandir - Masjid.
The duuuulopment Messiah is doing Shamshan - Kabristan.