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Sahil Seth (Manager)     14 May 2013

Bank stick a possession notice outside my property

 

My Educational Loan case is already under the DRT and my lawyer is appearing regularly on every hearing . Inspite of that Bank Stick a Possession Notice outside my property dated 14/5/2013 mentioning about sarfaesi act 13(4).

Copy of it is attached.I was surpised that why they have done that as my case is already under the DRT.



Learning

 4 Replies

Ajit Singh Cheema (practising Advocate)     15 May 2013

Sarfaesi action alogwith suit for recovery 

You have not given the details, whether you have filed the suit in DRT or the Bank has filed the suit for recovery.If the bank has filed recovery suit , then the Bank has every right to move under Sarfaesi Act.Please note there is no interim injunction against the secured creditor / bank.

Try for stay of Sarfaesi Action in DRT , otherwise the bank will proceed further in getting the physical possession and then selling the property through auction sale by giving the desired notice in the newspaper.

Sahil Seth (Manager)     15 May 2013

Bank has filed the suit for recovery of the education loan in DRT since febuary 2013 , the case is still in DRT and bank and initated this sarfraesi measures in may 2013 without any desicion from DRT. what should be my next step as i am very worried about the property . Its a residential property.

Regards

Ajit Singh Cheema (practising Advocate)     16 May 2013

The action of the bank is  legal and the purpose of the Sarfaesi Act is Speedy recovery without the intervention of the court. Your next step should be to save your property from auction sale and that too at a throw away price.The best and the honourable option is to settle /compromise with the bank at a reasonable level.

Ajit Singh Cheema (practising Advocate)     16 May 2013

The action of the bank is  legal and the purpose of the Sarfaesi Act is Speedy recovery without the intervention of the court. Your next step should be to save your property from auction sale and that too at a throw away price.The best and the honourable option is to settle /compromise with the bank at a reasonable level.


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