v)
Suit to be filed: If filing of suit is allowed by Head Office the same should be filed against the debtor/client concerned and the Guarantor if any under Civil Procedure Code 9 for specific performance to be deemed as breach of contract. In case the investment is not covered by collateral security suit is to be filed with attachment of assets before judgment. On the other hand if the investment is secured by Mortgage of Property Title Suit is to be filed. The copy of plinth as well as copy of written statement submitted by dependent is to be submitted to Head Office for record.
vi) Disposal of Murabaha Stock: In case where the investment is secured by pledge of stock it should be mentioned in the Registered Notice that in case the party fails to lift Murabaha goods on making repayment, the Bank shall dispose off the same by inviting open tender through National/Local daily. vii) Inviting Tender for Disposal of Stock: In spite of the above if the client does not come forward to lift the goods, tender notice shall be published in two National/Local daily on obtaining Head Office approval. The goods shall be delivered to the highest tendered on obtaining Head Office approval and money/title suit as the case may shall be filed for short fall (if any). For minimizing the cost of advertisement, Tender/Sale Notice of several clients shall be published through one Tender/sale Notice. viii) Criminal Suit for Recovery of Vehicle/Machineries: In case of Hire Purchase Investment, criminal suit under section 406/420 read with section No.98 or 100 CRPC for breach of contract as well as issuance of search warrant for recovery of immovable/movable that is transport/machineries shall be filed in case the investment client fails to repay the installment as per schedule and also do not surrender the assets. After taking possession of the assets, the same shall be sold by inviting tender and Money Suit under section 9 of the Civil Procedure Code for specific performance to be deemed as breach of contract if not backed by Mortgage of property or Title Suit/Mortgage suits for realization of money by selling the mortgaged property wherein mortgagor also can purchase the auctioned property under Civil Procedure Code. 03.00
Difficulties faced while Suit is filed and after filing of Suit: As and when money suit/title suit is filed Bank may face the following difficulties:i)
Service of Demand/Legal Notice: The 1st difficulty is that demand/legal notice can not be served for lack of proper and correct address. Therefore, while opening the Account and initiating investment the residential address and permanent address