Banking sarfaesi and interest on npa.
Brijmohan Shama
(Querist) 03 August 2014
This query is : Resolved
Whether Interest after classified NPA with effect from 31.03.2003 but notified after 9 years in 2012 along with from principal of Rs.8.5 lakh to 18 lakh and further imposition of taking symbolic possession raised to 27 lakh and stay contest in DRT recently we lost the appeal, OA is on, now what to do and also want to know whether Interest on NPA; Rs. 27 lakh will remain continue?
Our finance was 'Project Cost' which was imperfect by deleting water source cost in allocation; deficiency in service caused non-start of original Agro-based project, AND SECONDLY 'DEFICIT FINANCE' ALSO CURTAILING OUR REQUIREMENT BESIDES "WATER", alternatively we carried PROJECT WITHOUT WATER along with request of restructure of project cost, NEDFi under DoNER sent undated below is attached letter, and we were per-suing that, they kept prolonging, and behind this pretext by manipulating they took Ex-part decree in OA, which we contested on ground that we were not summoned to appear and OA restored thereafter taken help of Sarfesi?
My query is what to do now and WHETHER INTEREST ON NPA WILL CONTINUE AND REMEDY?
ROHIT SHARMA
(Expert) 03 August 2014
Dear Mr. Brijmohan Shama,
1. I guess you have made a point.
2. The Bank ought to have proceed for recovery of debts within three years from the date of such account being declared N.P.A. This is law under limitation act.
3. The Bank has not come with clean hands and the intention in delaying the legal course of action amounts to secure wrongful gains.
4. Your O.A. is restored and is still pending despite the ex-partee order from D.R.T.
5. Now the bank is withdrawing from the proceedings made under the Recovery of Debts Due to Banks & Financial Assets Act, 1993 and have resorted to take action u/s 13 of the S.A.R.F.A.E.S.I. Act, 2002 and must have issued notice to you u/s 13 (2) of Act, 2002 and your not paying the debts they have evoked s. 13(4) publishing a symbolic possession notice.
6. You have a remedy to file an application u/s 17 r/w s. 11 of the S.A.R.F.A.E.S.I. Act, 2002 within 45 days from such action taken by the bank u/s 13(4) of the Act, 2002 before the D.R.T.
8. The questions and the facts of what you have described as deficiency in service and the levying of interest beyond the date of declaration of N.P.A. can be resolved through arbitration as mentioned u/s 11 of the Act, 2002.
9. If need be, you can get my contact details by clicking my name (expert) shown in L.H. margin of this reply format for further discussion and private legal consultation.
R.K Nanda
(Expert) 03 August 2014
consult ur co.LA.
Brijmohan Shama
(Querist) 24 August 2014
Dear Resp. Rohit Sharma ji,
I'm highly grateful for your free answer, and you've appeared as a great Savior for me!
I'll pass on to my lawyer and give your advice to her, what she does, I'll inform you!
Sir believe or not, my monthly income is only 15000/= p.m. and am 65 years old, unsupported,and associated with high BP, DM II, Neurotic numbness and tingling.
I'm in acute torment and unable to afford you, to work on remedy, but holding HIGH ESTEEM OF SOUL.
My e-mail id : brijmohan19@rediffmail.com, and residing at Guwahati (Assam). In your mail I'll contact you, my property is worth to Rs. 1.5 crore, against project cost loan about Rs. 8.5 lacs and NEDFi (Min. DoNER) is interest to Grab it, as you said for WRONGFUL GAINS.
With many many divine & affectionate regards,
Brijmohan...... Mob: 09706569217
Brijmohan Shama
(Querist) 24 August 2014
Dear Resp. Rohit Sharma ji,
I'm highly grateful for your free answer, and you've appeared as a great Savior for me!
I'll pass on to my lawyer and give your advice to her, what she does, I'll inform you!
Sir believe or not, my monthly income is only 15000/= p.m. and am 65 years old, unsupported,and associated with high BP, DM II, Neurotic numbness and tingling.
I'm in acute torment and unable to afford you, to work on remedy, but holding HIGH ESTEEM OF SOUL.
My e-mail id : brijmohan19@rediffmail.com, and residing at Guwahati (Assam). In your mail I'll contact you, my property is worth to Rs. 1.5 crore, against project cost loan about Rs. 8.5 lacs and NEDFi (Min. DoNER) is interest to Grab it, as you said for WRONGFUL GAINS.
With many many divine & affectionate regards,
Brijmohan...... Mob: 09706569217
