About securisation act 2002
vinodkumar
(Querist) 26 April 2013
This query is : Resolved
I TAKE C C LOAN FROM CO.OP BANK, I M FAIL TO PAY REGULAR INSTALLMENT, SO BANK OFFICER GIVE ME NOTICE UNDER SECURISATION ACT 13(2), I NOT REPLY OF THAT NOTICE SO, BANK OFFICER CAME MY HOME AND LOCKED ONLY ONE ROOM IN MY BUNGLOW, I M LEAVING IN GUJARAT, AFTER THIS I PAY RS.50,000 IN BANK, BUT BANK PRESSURE ME TO PAY ALL LOAN AMOUNT RS 5 LACK, I NOT MORGAGE MY HOME OR PROPERTY TO BANK FOR LOAN PURPOSE, AND NOT MAKE ANY MORTGAGEDEED IN FAVOUR OF BANK, HOW CAN I OPEN THE LOCKED WHICH WAS BY BANK, WHAT CO.OP. BANK CAN RIGHT TO PROCEED UNDER SECURISATION ACT? IF I WANTS TO TAKE SOME LEAGLE STEP TO PROTECT MY PROPERTY THEN IN WHICH COURT I GO? IN DRT COURT OR CIVIL COURT? I MEAN WHICH COURT HAS A POWER OR JURISDICTION FOR THIS CASE?
Devajyoti Barman
(Expert) 26 April 2013
Your query is not clear.
If you have not kept the house in mortgage to the Bank, then no action under Securitisation can be initiated.
Get in touch with an advocate and challenge the order in the High Court.
Hazarae M Raj
(Expert) 26 April 2013
If you have not created any mortgage,how the bank can give you notice under S.13 (2) of SARFAESI Act? Please recollect the loan transaction and find out where the title deeds are. If u can recollect that EM is created, you can provide necessary particulars to the Advocate along with the notice received by you and get a stay of further proceedings from DRT. Co-Op bank can also proceed under the SARFAESI Act.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 26 April 2013
1) First of all SARFAESI act is not applicable for CC loans.
2) However in co op sector since is it controlled by local politicians so such tactics are often used.
3) You should arrange for payment and may give them a plan when and hoe you will repay., otherwise they will continue to do such tactics.
4) If you are strong than get the assistance of expert local advocate and can file first FIR and than criminal complaint against all the DIRECTORS and staff concerned.
R.K Nanda
(Expert) 26 April 2013
no more to add.
Hazarae M Raj
(Expert) 27 April 2013
SARFAESI Act is applicable for any type of liability due to a bank, provided the other requirements under the Act are satisfied. So it cannot be said that its not applicable for CC Loan.
Devajyoti Barman
(Expert) 27 April 2013
Challenge the order in high court. Since the order is devoid of nay provision of law, high court can intervene in the matter.
prabhakar singh
(Expert) 28 April 2013
In general I would agree with Mr.ADVOCATE DEFENSE that cash credit loans are not against equitable mortgages.
But I also agree with Mr.Hazarae M Raj that there is no bar on bank if it agrees to grant a cash credit loan against mortgage only.
Hence the querist must first get himself fully satisfied by recapping facts and if he finds that there was no kind of mortgage then bank has acted illegally locking a room of the house for which Mr.Barman advice may be acted upon.
Guest
(Expert) 28 April 2013
Depends upon the terms and conditions of the agreement you entered with the bank. If the bank has really created any interest in your property or part of property by virtue of any such condition of the agreement, only then the bank was authorised to lock up any part of your property. But, normally, for CC loans it is movable property over which the bank creates interest and keeps a lien. Otherwise, if the property is not mortgaged, the bank's action can be treated as illegal for which you can file a complaint with the police.
So at first, better review the terms and conditions of your agreement with the bank before taking any further step against the bank.
About jurisdiction, civil courts do not have any jurisdiction to entertain any suit under the Act.
