THE PROCESS FOR LEGAL DOCUMENTATION SHALL INVOLVE FOLLOWING;-
Scrutiny of all revenue papers relating to the properties in respect of primary and collateral securities by the Legal Advisor on the penal of the Corporation
Subject to satisfactory title verification report form Legal Advisor, the case shall be processed by the legal section for submission to the Managing Director to seek approval with regard to acceptance of title, conclusion of mortgage transaction ,acceptance of additional guarantee and release of consideration money Rs. 10,000/- for conclusion of mortgage transaction in the Court of Law.
On approval as mentioned above legal documents connected with the securities etc.shall be prepared by legal section for submission /approval by DGM/CM/MD concerned.
After conclusion of mortgage transaction the concerned office shall ensure that the charge of the Corporation over and the mortgaged assets is recorded in the revenue record/competent authority where after the mortgage/legal documents shall be kept in safe custody with proper entry in the document register
DISBURSEMENT OF LOAN
The Corporation shall consider release of disbursement after the borrower has invested his/her contribution in the entirety (100%) towards creation of fixed assets viz. acquisition of land, construction of site development and factory structures. The Corporation shall where after release loan component on the basis of Balance Sheet prepared by Chartered Accountant, furnishing of bills and other related documents etc. as sought from time to time and verification of progress achieved on both financial and physical angles by the Corporation. No deviation shall be allowed without prior permission of competent authority. All the payments with regard to purchase of plant and machinery items including misc. fixed assets shall be made to the genuine supplier by the Corporation. No advance payment made to the plant and machinery suppliers shall be taken into account while arriving at eligible disbursement until and unless the advance so made to the supplier has prior consent of the Corporation.