Therefore, Bank is advised to do the followings for securing interest of the bank:
- Bank may file Cr. Case under the NI Act following due process;
- Bank may issue notice/ legal notice of 15(fifteen) days period against the borrower, mortgagor and gurrantor/ his legal representatives claiming its outstanding liabilities and in case of failure Bank can adjust MTDR and take other necessary legal actions as per Law for recovering its outstanding liabilities;
- Bank should not to file fraud case against the borrower and mortgagor as 1.37 decimal land portion of mortgaged property was mortgaged illegally to the bank, but rest portion i.e. 2.56 decimal lands documents are still not contested by others for which a Artha Rin Mamla may be filed, if auction under section 12 of the Ain 2003 for mortgaged lands is failed; Even Bank can include 1.37 decimal lands in Artha Rin Mamla stating that it was mortgaged in good faith and after conducting proper searching and verifications prior to the mortgaged for which Bank may be treated as a beneficiary and equitable owner by the Court following the rules of benefit of doubt; It is further added that fraud case is a criminal case which is not to recover money but to keep pressure upon the client/ defaulter/ mortgagor/ guarantor etc, for which Bank officers/ executives may also face unnecessary harassments and as such better to avoid filing fraud–case unless specific allegations are there against them proved by Internal Audit and Inspection of Bank;
- If auction u/s-12 of Artha Rin Adalat Ain as mentioned above for the mortgaged lands failed for no participation of bidder or other Lawful grounds, Bank can adjust its liabilities with the MTDR considering it as a continuing guarantee as no sanction advice number was stated in the letter of the MTDR holder/owner dated 06.03.2013 to the extent it is lawful and subsequently to file Artha Rin Mamla for rest amount, if any. A continuing guarantee shall be applicable up to the amount it is guaranteed (either fixed or uncertain amount of taka) upon the successors/ nominee or all who may have a right over the property of the deceased unless they took any initiative to adjust against the liabilities; In this case Minor’s/Nominees right over the MTDR is conditional subject to the payment of guaranteed amount in favour of Bank as stated against the investment of the client; Although the MTDR holder died but liability and profit against the MTDR shall be continued simultaneously, if the MTDR is auto renewable and liened as part of a continuing guarantee.
- At last, Bank can file Fraud case, if necessary, finding no other options to recovery of its outstanding liabilities if all the above options are failed.