MARGAO
With close to 45,000 out of the total 56,635 depositors yet to lay claim on their deposits with the Madgaum Urban Cooperative Bank, the Liquidator has issued a final notice, providing a last opportunity to the depositors to submit their claims on or before October 31, 2022.
The final notice issued by the government-appointed liquidator S V Naik assumes significance and comes against the backdrop of the fact that hardly 10,000-plus depositors have got back their deposits to date, while the majority are yet to claim their deposits.
In the notice, Liquidator S V Naik pointed out that after the cancellation of the license of the Madgaum Urban Co-operative Bank Ltd vide RBI order dated July 27, 2021, the bank was taken into liquidation and the Registrar of Co-operative Societies, Goa government appointed the liquidator to proceed with the liquidation process.
The notice further pointed out that vide the public notice dated August 31, 2021, the liquidator had called on all depositors to submit their claims on or before October 31, 2021.
“Most of the claims that were scrutinized and found to be in order have already been settled by Deposit Insurance and Credit Guarantee Corporation (DICGC), and all the depositors have received their funds. However, it is noted that there is a substantial number of depositors who have failed to submit their claims for receipt of funds," the notice stated.
The notice added: “As per powers vested with the undersigned, it has been decided to provide a final opportunity to such depositors to submit their claims on or before October 31, 2022. Since no branch locations are operational, the depositors are required to visit the registered office of the bank, 'Varsha', Aquem-Alto, Margao, to submit their claims as per the laid down procedure."
The liquidator has warned that no claims shall be entertained beyond October 31, 2022.
Liquidator-appointed designated officer Kishore Amonkar said the notice gives a final opportunity for the depositors to submit their claims on their deposits.
“This notice gives a last opportunity for the depositors, more so for those whose deposits are up to Rs five lakh, since the amount is insured by the DICGC. Since the liquidator has shut down the branches across the State, the depositors can just walk into the head branch, Aquem and submit the claims,” he said.
Amonkar, however, pointed out that the depositors may lay their claim with the bank even after the final notice date, but they will not be covered under the DICGC after the bank settles all claims with the insurance body.
Pointing out that there are still 45,000-plus depositors who are yet to submit their claims on their depositors, Amonkar has made an appeal to the depositors to lay their claims before October 31, 2022.
When asked to reply whether the depositors would lose their deposits if they claim after October 31, 2022, Amonkar said: “The final notice provides a big opportunity for the depositors, especially those whose deposits are pegged up to Rs five lakh since the amount is being guaranteed by the DICGC. If they submit their claims after October 31, 2022, the depositors will not be covered under the insurance as the bank is planning to go for a final settlement with the DICGC after the final notice date.”
600-odd with deposits exceeding Rs 5 lakh figure yet to be settled
THE GOAN NETWORK
MARGAO
The government-appointed Liquidator has so far returned deposits amounting to Rs 120 crore to the depositors to date through the Deposit Insurance and Credit Guarantee Corporation (DICGC).
The 600-odd depositors, whose deposits exceed the Rs five lakh figure, however, remain to be paid to date.
Officials pointed out that the 600-odd depositors, whose deposits amount to around Rs 30 crore, will get their deposits back once the assets are disposed of by the liquidator.
“The liquidator may think of setting in motion the process to return the deposits of these 600-odd depositors once the assets are disposed of and the bank gets at least Rs 10 crore by way of sale of assets. We can start returning the deposits of these sections of depositors proportionately,” the official said.
Process to dispose of MUCB assets evokes poor response
THE GOAN NETWORK
MARGAO
The process initiated by the government-appointed Liquidator S V Naik to dispose of the assets of the Madgaum Urban Cooperative Bank amounting to around Rs 20 crore has evoked a lukewarm response so far.
Other than the asset located at an Industrial estate, there have been no takers for assets, including the buildings of the bank branches, sources said.
“The liquidator had issued notices for the disposal of the assets, but there have been no takers to date. Other than the assets at the Industrial estate, which has brought in some revenue, the notices for disposal of the building assets have gone begging,” sources said.
Sources added: “The liquidator will turn to other legally approved modes to dispose of the assets as per the laid down guidelines.”
