LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Pathak R K (Student)     11 March 2010

Recovery By Banks

Dear Sir,

SBI issued notice under 13(2) in Dec-2008 for housing loan where 3-4 installments were in arrears. Borrower paid the amount & became standard on March 2009. In September 2009 account became NPA for default of Rs.13820/-. Bank didnot issue notice under 13(2) but straightly proceeded for action u/s 13(4) and had physical possession with police force by locking the premises.

Bank / Recovery agent publiclly   humilated the borrower and forcibly recovered 105000/- on the same day. 

Now can any body guide me on following :-

1) Can bank take possession on the strength of notice issued in December 2008?

2) On account becoming STANDARD in March 2009, does the notice of Dec 2008 is redudent & bank is required to issue notice under 13(2).?

3) What course of action is available to borrower?

Awaiting for experts comments.

Thanks & Regards

 

Pathak R K 



Learning

 0 Replies


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register