HI ALL ,
THIS IS ACHAL AGARWAL HERE FROM MUMBAI A SMALL TIME ENTERPRENUER,
I HAD TAKED A CASH CREDIT LIMIT OF RS. 6,62,000.00 FROM SBI IN APRIL 2007.,
THE SAME HAS NOW BECOME NPA., I WAS SERVED NOTICE UNDER SARFESI ACT DEMANDING FULL PAYMENT WITHIN 60 DAYS ON 12TH FEB 2010.
ON MAY 28TH I HAD REQUESTED THE BANK TO SETTLE THE ACOUNT UNDER THEIR ONE TIME SETTLEMENT SCHEME, WHICH THEY DENIED STATING THAT I AM NOT ELIGIBLE FOR THE SCHEME.
NOW ON 25TH JUNE I HAVE RECEIVED A NOTICE DEMANDING POSSESION OF MY PROPERTY FROM THE BANK., WHICH STATES THAT ON 28TH JUNE 2010 BANK OFFICIALS WILL COME AND TAKE POSSESION OF MY PROPERTY .
I SOPKE THE BANK OFFICIALS , THEY TOLD ME THEY WILL NOT TAKE PHYSICAL POSSESION INSTEAD THEY SHALL BE TAKING A SYBOLIC POSSESION OF MY PROPERTY.
HERE I NEED ADVISE AS TO WHAT SHOULD BE MY LINE OF ACTION, SHOULD I ALLOW BANK TO TAKE SYMBOLIC POSSESION. IF YES THEN WHAT AFTER THAT..
IF NOT THEN WHAT SHALL BE MY COURSE OF ACTION.
PS: I INTENDT TO PAY TO BANK BUT I NEED SOME TIME PROPBALY 10 TO 12 MONTHS FOR REPAYMENT.
PLEASE ADVISE.
