Bank stick a possession notice outside my property
Sahil Seth
(Querist) 15 May 2013
This query is : Resolved
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.
Nadeem Qureshi
(Expert) 15 May 2013
Dear Sahil
What do you want from us?
where is your query?
bhagwat patil
(Expert) 15 May 2013
Bank can enforce sarfaesi and drt together.pl call with details.
R.K Nanda
(Expert) 15 May 2013
take stay order from DRT against the notice.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 15 May 2013
You have not done proper home work for legal options available and so no proper action has been moved before DRT.
Bank has also not followed proper procedure for taking possession.
Still first you have option to make payments of over dues or reschedule the LOAN.
There may variety of counter actions to stall possession such as third party objection which will need experts on the
ground level.
Stay at this stage from DRT will be conditional .
ajay sethi
(Expert) 15 May 2013
arrive at OTS with bank . since you have availed educational loan for pursuing your studies better arrive at amicable settlement with bank .
Sahil Seth
(Querist) 15 May 2013
Thanks for Reply
I appreciate all comment from Experts
My Educational Load Dues with the Bank is Rs 10,00,000 including interest gathered which is mortgage against property worth 4 Cr.
My Query
What should be my next step in this case?
Why has bank issued notice under sarfraesi when case is still pending at DRT which is attended regualrly?
Experts can contact me directly for furthur details.
Regards
Anirudh
(Expert) 17 May 2013
Please tell for what purpose the case is pending before DRT?
Who filed the matter before DRT?
What is the latest order of the DRT?
Are you paying your loan instalments to the bank or not? If not, why not?
How many instalments you skipped?
Did bank send you notice calling for instalments? If yes, what was your response to such notices from the bank?
RAJU O.F.,
(Expert) 17 May 2013
Unless there is Order from DRT, restraining the bank from taking action under SARFAESI Act, bank can proceed under Sec.13(4) of SARFAESI Act, even if the OA filed against you in DRT is pending.
Immediately prefer an appeal before the said DRT u/S 17of SARFAESI Act and obtain Stay Order from DRT.
Sahil Seth
(Querist) 17 May 2013
I am going to Settle this loan with bank once for all. Thanks for your advice . I met with bank officials and they were actually helpful and listened . Whats the minimun time frame can we ask for OTS
bhagwat patil
(Expert) 17 May 2013
If you are not willful defaulter bank can split the ots amount in installments.
prabhakar singh
(Expert) 17 May 2013
Banks are interested in recovery of their own money and not in property mortgaged,so once you honestly frame a scheme of payment no issue of danger to property may come forward.
