What is olcc account?
OD account stands for Overdraft account. What is OLCC ? There may be more than one meaning of OLCC , so check it out all meanings of OLCC one by one. unwarranted over drawings in Cash Credit Accounts/Overdraft Accounts much. what's the expansion of OLCC appears in bank statement. Looking for the definition of OLCC? Find out what is the full meaning of OLCC on Abbreviations. Overdraft is a limit is extended in your current account allowing you to withdraw any amount up to the sanctioned limit.
The applicant bank has filed Original Application on 09.11.2015 under Section 19(1) of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 for short the Act - for recovery of a sum of Rs.51,71,960.31/-(Rupees Fifty One Lakhs Seventy One ThousandNine Hundred Sixty and paisa Thirty One Only) i.e., Rs. 29,03,313.31 (Rupees Twenty Nine Lakhs Three Thousand Three Hundred Thirteen and paisa Thirty One) due under OLCC loan facility and interest thereon from 01.07.2015, and Rs. 22,68,647/- (Rupees Twenty Two Lakhs Sixty Eight Thousand Six Hundred Forty Seven) due under OSL-TERM EMI facility and interest thereon from 01.07.2015 and costs of this OA proceeding till realisation, by sale of the OA schedule properties against the defendants jointly, severally and personally and against their assets. BRIEF FACTS OF THE CASE
1. The applicant is a Banking Company registered under the Indian Companies Act, and carrying the Banking business having Registered and Head Office at No. 146, T.S.R. (Big) Street, kumbakonam
612 001 and several branches throughout India and one amongst them at Sait Tower, First Floor, Beach Road, Chinnakada, Kollam 691 001, represented by its Principal Officer of Kollam Branch and Branch Manager Mr. Rajeev M., who is conversant with the facts and circumstances of the case.
2. The defendants availed sanctioned OLCCloan amount of Rs. 25,00,000/- (Rupees Twenty Five Lakhs) on 17.02.2014 and OSL TERM EMI credit facility of Rs. 20,00,000/- on 12.03.2014; executed various TA 582.2016 (OA 66/2016)3 loan documents and have created collateral security to the aforesaid facility on 26.02.2014 and the applicant has issued the lawyer notice on 13.01.2015 and S.13notice on 29.01.2015 under SARFESI act the OA is filed on 09.11.2015. Thus, the application is within the period limitation prescribed under section 24 of the RDDBFI Act. Since the amount due is more than Rs.10 lakhs and the applicant branch is at Kollam, the OA is maintainable and the Tribunal has territorial jurisdiction to entertain the OA.
3. The applicant bank, on the request of the 1st defendant sanctionedOLCC loan amount of Rs. 25,00,000/- (Rupees Twenty Five Lakhs)on 17.02.2014 for the purpose of working capital for the business of the 1st defendant as proprietor of M/s. Amrita Motors. Accordingly, the loan sanction letter dated 17.02.2014 in Form. 16 acknowledged by Defendants 1 and 2.
4. The defendants 1 and 2 executed Demand Promissory Note and a letter of undertaking both dated 17.02.2014 to repay the aforesaid loan facility with interest @ 14.25% per annum with monthly rests. The defendants also executed the letter of continuity with reference to the aforesaid Overdraft limit of Rs. 25,00,000/-. The defendants 1 and 2 further executed overdraft rules for running account facilities. That apart 1st defendant on 17.02.2014, executed an Agreement of loan cum Hypothecation in favour of the Applicant hypothecating vehicle Bajaj Three Wheeler Auto with accessories and spare parts in respect to the aforesaid OLCC credit facility.
5. The defendants 1 and 3 as guarantors to the loan availed by the defendants executed separate letter of guarantee on 17.02.2014 TA 582.2016 (OA 66/2016)4 guaranteeing to pay the aforesaid OLCC loan facility of Rs. 25,00,000/- including interests, costs, charges and expenses, etc.
6. The defendants 1 and 2 further approached the Applicant Bank for further credit facility for business purpose of M/s. Amritha Poultry Farm. The Applicant Bank on the request of defendants, vide sanction letter dated 12.03.2014 sanctioned OSL TERM EMI credit facility of Rs. 20,00,000/- (Rupees Twenty Lakhs) with interest @ 13.75% per annum with monthly rests on 12.03.2014 for the purpose of working capital for the business of the 1st defendant. The defendants 1 and 2 have accepted the sanction in Form. 16 and have acknowledged to abide to the terms of sanction.
7. The defendants 1 and 2 have executed Demand Promissory Note and a letter of undertaking both dated 12.03.2014 agreeing to repay the OSL TERM EMI loan facility of Rs. 20,00,000/- in 60 monthly instalments at equal monthly instalment of Rs. 46, 820/-. That apart 1st defendant on 12.03.2014, executed an Agreement of loan cum Hypothecation in favour of the Applicant hypothecating machinery and equipment as security for the said OSL TERM EMI loan facility.
8. The defendants 1 and 3 also executed separate letter of guarantee on 12.03.2014 guaranteeing to pay the aforesaid OSL TERM EMI loan facility of Rs. 20,00,000/- including interests, costs, charges and expenses, etc.
9. Notwithstanding above, as a collateral security to the aforesaid facility, 1st defendant executed Ext.A19 dated 26.02.2014 Memorandum of Deposit of Title Deeds pertaining to landed property having 11.15 Ares of landed property and house building comprised in TA 582.2016 (OA 66/2016)5 Re.Sy.No. 348/16 inRe.Sy.Block No. 27 (Old Sy.No.3/1/71) of Edamulakkal Panchayath, Edamulakkal Village of Pathanapuram Taluk of Kollam District. Along with Ext.A19. 1st defendant, deposited the Ext.A20 Original Sale Deed No. 4522/2012 of Chadayamangalam Sub Registry Office creating equitable mortgage. The properties covered by Sale Deed No. 4522/2012 of Chadayamangalam Sub Registry Office is more particularly described in SCHEDULE A to the OA.
10. The 3rd defendant also executed Ext. A21 dated 26.02.2014 Memorandum of Deposit of Title Deeds pertaining to landed property having 4.05 Ares of comprised in Re.Sy.No. 348/16 in Re.Sy.Block No.
27 (Old Sy.No.3/1/71) of Edamulakkal Panchayath, Edamulakkal Village of Pathanapuram Taluk of Kollam District along with Ext.A22 Original Release Deed No. 4281/2010 of Chadayamangalam Sub Registry Office is more particularly described in SCHEDULE B to the OA.
11. After filing of the OA, the summonswas duly served to all the defendants. However, the summons of D2 and D3 returned with postal remarks Unclaimed and hence they are deemed to be served. The serving of summons in respect of defendants 2 and 3 is completed as per regulations. The defendant 2 and 3 was declared ex-parte on 17.02.2017. Though D1 was filed Vakalath, no written statement was filed till date, hence chance of filing written statement stands closed as per the proceedings dated 17.02.2017.
12. The evidence on the side of the applicant bank consists of the proof affidavit of its Branch Manager, AW1 and Exhibits A1 to A32 is marked.
13. Heard arguments of the applicant bank and perused the records of the case. The following points arise for my consideration: TA 582.2016 (OA 66/2016)6
(i) Whether the applicant is entitled for the reliefs prayed for in the OA?
(ii) What order? My findings on the above points are as follows: - Point No.(i): In affirmative Point No.(ii): As per final order. Reasons: -
14. The evidence of the applicant bank by way of proof affidavit of its Branch Manager AW1, reiterates the facts pleaded in the OA and the affidavit is corroborated by the above referred Exhibits A1 to A32 which clearly establishes the case of the applicant bank to allow the present OA. Added to this, absence of defendants 2 and 3, non- filing of written statement by 1stdefendantinspite of service summons appears to be intentional without any bonafide reasons and it appears that the 1stdefendant did not contest the matter as they admitted the entire case of the applicant as sought for in the OA. Even otherwise the whole case of the applicant bank is based on the documentary evidence and the witness has duly proved all the documents exhibited by him. It is quite evident from the documents placed on record by the applicant bank that defendant has availed the OLCC credit facility and OSI term loan facility from the applicant bank and failed to repay the dues of the applicant bank.
15. Having regard to the amount advanced, the interest applied, the conduct and operations in the account and the default committed, I am of the view that the applicant bank is entitled to get a final order on the following lines: - TA 582.2016 (OA 66/2016)7 ORDER (a) The OA is allowed with costs. (b) The defendants 1 to 3 are jointly and severally directed to pay the applicant bank a sum of Rs. 29, 03,313.21/- (Rupees Twenty Nine Lakhs Three Thousand Three Hundred and Thirteen and paisa Twenty One Only) due under the OLCC loan facility account No.512020010001136 with interest on sum of Rs. 28,70,199.21/- (Rupees Twenty Eight Lakhs Seventy Thousand One Hundred Ninety Nine and paisa Twenty One Only) @ 13% per annum from 09.11.2015 till realization. (c) The defendants are jointly and severally are also directed to pay the applicant bank a sum of Rs. 22,68,647/- (Rupees Twenty Two Lakhs Sixty Eight Thousand Six Hundred Forty Seven Only) due under OSL TERM EMI loan account No.501812080001240 with interest on sum of Rs. 22,42,761/- (Rupees Twenty Two Lakhs Forty Two Thousand Seven Hundred Sixty One Only)@ 12% per annum from 09.11.2015 till realization. (d) In the event of failure of the defendants to pay the OA claim amount, the bank is at liberty to sell the schedule A& B properties to the OA and the sale proceeds be appropriated towards the OA claim amount and costs as required under law. (e) In the event of non-realization of the OA claim amount despite the sale of the mortgaged properties referred above, the bank is at liberty to proceed against the other properties of the defendants both movable and immovable, as required under law. TA 582.2016 (OA 66/2016)8 (f) Schedule A& Bpropertiesshown in the OA shall become part and parcel of the final order of the OA and Recovery Certificate of present OA. (g) The applicant bank shall file memo of costs within ten days from the date of this final order.
Q: I already have a service permit, I just need to reapply. Do I still need to use the Alcohol Service Permit Portal? A: Yes. Every five years, you are required to reapply for an Alcohol Service Permit. Since we are no longer taking paper applications as of May 1, 2018, please create an account in the Alcohol Service Permit Portal to apply or reapply.
Q: I don't have a computer and/or internet access. Is there another way to apply?A: All service permit applications must be completed through the portal. Paper applications are no longer accepted. If you do not have access to a computer, smart phone or tablet, there are other places where public access to computers is available such as a public library, school, or community center. Most in-person Alcohol Server Education Class Providers offer support with applications and for students who do not have a computer or internet access.
Q: I don't have a job yet, but I'm applying for jobs. Can I submit my application before I'm hired?A: Yes. There is no requirement for being employed to hold an Alcohol Service Permit.
Q: English is not my primary language. Can I take the test in another language?A: Yes. Applicants can choose to view the test in Spanish, Complex Chinese, or Simple Chinese. Currently, OLCC is working with partners to create a downloadable PDF of the User Guide in Spanish, Complex Chinese, and Simple Chinese to assist applicants in reading the application and creating an account.
OLCC may grant an extension of time to complete the Alcohol Server Education Class in Spanish or Chinese if a class is not available within 45 days of the date you submitted your application. If you think you may need an extension, please contact OLCC at 503-872-5133 or 800-452-6522 ext. 25133.
Q: What types of files are acceptable to upload my ID and/or proof of class?A: To make uploading these documents easy, we are accepting a variety of file formats. The types of files accepted are: JPEG, PNG, or PDF. If your document is in another format, try saving a screenshot of the document, taking a picture of the document, or “Save As" a pdf document.
Q: Can I upload documents to the portal from my phone or tablet?A: Yes. If you have a photo or copy of the document on the mobile device you are using in one of the supported document types, you can select the folder where it is saved to upload the file through the upload screen in the portal. If you have it saved on a different device, try emailing or texting the document to the device you are using and save it to the device. Another option is to save the document on a cloud-based server like google docs so you can access it from the device you are using. If you are still having issues uploading your ID or proof of class receipt, please call our office at 503-872-5200 or email us your question at olcc.servicepermits@oregon.gov.
Q: Why am I getting an “Invalid" notice under Criminal Convictions or DUII History sections?A: You may be using an invalid character inside the text box. Look for special characters to be removed such as &, @, {, }, .
