Dear Mr. Rahul
don’t wait. I don’t think that the borrower will remain any option after receiving notes u/s 13 (2) of SARFAESI Act. Once it is issued you cannot go to any court? And further you have to wait for further 60 days and notes and or action u/s 13 (4) of SARFAESI Act. In between Banks do all wrong things how borrowers will know? As it is the general opinion of all borrowers that DRT & DART are bias to Banks? And some extent it is true, just look at my case I received Notes u/s 13(2) even after my account is fit for 31(J) of SARFAESI Act. And so SARFAESI Act is not applicable? It seems I don’t have any alter remade Left? One month is goon and one more month have to go, we have to wait further to issue Notes and or action under u/s 13(4), then approach to DRT , then further to DART, and then to HC why?
Mr. JSDN is partially write but I will modify his pet statement bellow
“Why should someone wait for notice , create as many objections as possible and obstruct physical possession for which you can go to any courts and bypassing SARFAESI Act and so on DRT and DART.”
SARFAESI Act is one-way Road and all borrowers are prohibited? It seems that it is barred all rights including Natural justices / human rights.
I don’t know is there is any NPA Act. But as per my knowledge which I got on this website and similar website, RBI is governing body & In Case Challenging Legality one can approach to RBI Banking Ombudsman
“Can the borrower claim that the restructuring was done at excessive interest rates & unrealistic repayment schedules (though the borrower had accepted both in writing in sanction letters) and hence the NPA? How strong would this ground be?”
No way. The Banks will do restructuring on present interest rates and not older interest rates as per old account. I think restructuring will be done with new allotment letter & fresh agreements and once restructuring is done no Question of SARFAESI Act until the account become NPA . But the account will lose all kind of reference including legal aspect too. Then how one can challenge old account of NPA?
I think one will have all option remain in hand before one can accepted restructuring both in writing on sanction letters.