POLICY

 

Modification in Sale Guidelines.
The guidelines of sale of mortgaged assets U/s 29 were reviewed by Board in its meeting held on 8.6.2011 and following modifications have been approved by Board:-

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Existing

Revised

  1. Amount of Earnest money-
Loan Amount/value E.M. required
(Rs. in lakh)
(Rupees)
Upto Rs. 2 lakh
10,000/-
Above Rs. 2 to 5 lakh
25,000/-
Rs. 5 to 10 lakh
50,000/-
Rs. 10 to 50 lakh
1,00,000/-
Rs. 50 to 100lakh
2,50,000/
Above Rs.100 lakh
lakh 5,00,000/-

The Earnest Money may continue to be taken as existing.
However, in a few cases it has been observed that due to
sale of part assets/machines the loan amount in respect of
assets/ land /building available for sale remains quite less
and does not commensurate with that of total loan of the
project. In such cases the earnest money may be taken according to value of assets to be sold.

2. Negotiation with prospective buyer-

Existing

Revised

Disb.Amt.

Committee name

Committee Constitution

Disb. Amt.

Committee name

Committee Constitution

a) Cases upto Disb. amt. Rs. 50.00 lakh

 

b) In all other cases including Jt. Finance cases

Regional Negotiation committee (RNC).

 

HO
Negotiation Committee.

RM/Sr. most Tech./Fin. Officer, Law Officer, I/c Rec. RM / I/c Zone of HO may preside.
AGM/ all I/c Zone, CM(F) and CM (P&M)
AGM/ GM/ MD may preside.

No Change

 

 

No Change

No Change

 

 

No Change

No Change

 

 

All I/c Zones, I/c RMA, I/c P&M, I/c Legal. MD shall preside.

3. Delegation of power to approve sale U/s 29-
    (Circular No. 49 dated 1.2.06)

Particulars

Existing Power

Revised Power to

  1. Disbursed loan upto Rs. 5.00 lakh and RRV covered.
  2. Disbursed loan between Rs. 5.00 lakh to Rs. 10.00 lakh and RRV is covered.
  3. Disbursed loan between Rs. 10.00 lakh to Rs. 25.00 lakh and RRV is covered.
  4. Disbursed loan between Rs. 25.00 lakh to Rs. 100.00 lakh and RRV is covered.
  5. All other cases including Jt. Financing which do not fall in the above category.

Regional Manager concerned.

Asstt. General Manager

 

Dy. General Manager

 

Managing Director

 

Settlement Committee

No change

I/c  of respective Zone

 

I./c of respective Zone

 

No Change

 

No Change

 


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Copyright 2004 by Uttar Pradesh Financial Corporation.