MARGAO
The government-appointed liquidator to oversee the liquidation of the Madgaum Urban Cooperative Bank (MUCB) is bracing up for the next phase of settling the claims of depositors, whose deposits exceed the Rs 5 lakh ceiling.
Around 10,000 beleaguered depositors of the Madgaum Urban Cooperative Bank are believed to have so far received their deposits to date amounting to a whopping around Rs 121 crore.
The fate of the remaining 700 depositors, however, hangs in balance as the government-appointed liquidator will have to arrange the funds to settle the claims by disposing of the bank assets and through the recovery of loans.
Bank designated officer, Kishore Amonkar told The Goan that the liquidator has settled the 10,000 claims received by the liquidator after the bank went into liquidation.
“These 10,000 comprise depositors whose deposits have been settled first since they all fell within the Rs 5 lakh bracket. Barring few, most of these 10,000 depositors have received their deposits,” he said, adding that most of the small-time depositors have been settled.
The liquidator is now concentrating on the 700 claims received by the bank as their deposits exceed the Rs five lakh cap.
Rough estimates prepared by the liquidator pegged the total amount at Rs 20-25 crore which is required to be returned to these 700 depositors.
Exuding confidence in settling the claims laid by these group of depositors, Amonkar pointed out that the liquidator’s office has set in motion the process of disposing of the bank assets, beginning with the buildings.
“We have drawn up the plan to dispose of the branch premises at Panaji, Margao and Benaulim in the first phase. Only the head office at Aquem will function, while the assets of the Panaji, Margao and Benaulim branches will be disposed of immediately,” he said.
The designated officer said the liquidator has roped in a Valuer to calculate the value of the three buildings before a public notice is issued inviting prospective parties to buy the assets.
In this context, Amonkar pointed out that the lockers from these three branches as well as the branches operating from rented premises have already been shifted to the head office in Aquem.
Sources informed that the liquidator may have to mop up around Rs 36 crore to settle the total claims of the depositors, including the 700 depositors, who have submitted their claims.
“It’s not that all these 700 claims have huge deposits. There are many claims in this lot of 700 which are below Rs 10 lakh and above Rs 5 lakh,” Amonkar added.
Hundreds of depositors yet to apply, public notice for final call expected
MARGAO
With hundreds of depositors yet to file applications to claim their deposits with the Madgaum Urban Cooperative Bank (MUCB), the office of the government-appointed liquidator is expected to issue a public notice giving a final opportunity to the depositors to file claims.
Designated officer Kishore Amonkar pointed out that the liquidation process cannot go on and on and the same will be taken to the logical conclusion.
“Hence, the office of the liquidator will issue a public notice giving a final and the last opportunity to the depositors to claim their deposits”, Amonkar said.
Out of the total 56,635 depositors, only around 10,000 depositors have filed their claims. It is believed that there may be many depositors who had opened several accounts in the MUCB bank.
Amonkar, however, said that he expects depositors to turn up to lay their claims when the liquidator gives a last and final opportunity to claim the money. Against the backdrop, officials say that money amounting to Rs 10-11 crore may be required to settle the depositors filing claims at the last moment.
