Foreclosure charges on cc limit

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Sanjeev (Querist)
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22 July 2017 I had a cc limit in HDFC BANK LTD at Ludhiana of 185lakh. I take over my limit to Indus ind bank on 16/06/2017 and Indus ind bank paid all otstandings of HDFC Bank. I deposited interest on outstanding from my own source and requested Hdfc relationship manager for closure of limit and issuance of no dues certificate. Hdfc bank is demanding 2% takeover charges by saying that it's been mentioned in MFA and Sanction letter. Sanction letter says that Borrower is liable to be charged takeover charges of 2% in case limit is taken over by other bank during tenor of loan . In my case tenor expired on 15/06/17 and moreover i refused renewal one month in advance by writing to my relationship manager. Now they are consistently demanding charges and not issuing ndc. Pl suggest what to do. Are charges applicable in case of take over of exposure even after expiry of limit.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 July 2017 Charges Demanded after expiry limit is not justified.

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