Can i challenge before banking ombudsman
Pradeep Panda
(Querist) 06 September 2012
This query is : Resolved
Dear Experts,
I had availed a loan of Rs. 8,00,000 from a state bank of India and have executed an agricultural land and liquidable FDR for mortgage deed for security. Thereafter due to a riot in our kandhmal district, the regular transaction has not been made and the account was scheduled as NPA on 07-01-2010. Afterwards on 27.09.2010 bank issued a notice u/s 13(2) of Securitisation.....Act. After receiving notice, we requested them in written through regd. post to settle the a/c in OTS, but no reply from bank was made, how ever the reply should have been made within seven days as per rule (Securitisation.......Act) Further bank issued a letter u/s 13/4 of Securitisation.......Act on 29-01-2011asking for our co-operation to take possession of mortgaged property. Presently the bank has issued a possession notice under the same act with the information that the mortgage property has been taken possession by the bank. As far as my knowledge goes an agricultural land even if mortgage against a loan can not be taken possession by the bank under Securitisation.......Act.
Can I challenge before Banking Ombudsman or DRT?
Please guide me for above problem and suggest if there are any authorities to support this case. Thanking you all in anticipation.
Hazarae M Raj
(Expert) 07 September 2012
You can file an appeal before the DRT under the Securitisation Act, since the property is agricultural (as reported by you). You will have to produce sufficient proof regarding the nature of property, before the court.. Better to get a stay as early as possible, before sale notification..
R.K Nanda
(Expert) 07 September 2012
File petition in DRT asap to get stay order in ur favour otherwise u will be in great trouble.
M V Gupta
(Expert) 07 September 2012
Proper forum is the DRT and not the Ombudsman.Move an appeal immediately with an application for interim stay of the further proceedings by the Bank.
K.K.Ganguly
(Expert) 08 September 2012
1) As per section 13(3A) of SARFAESI ACT,2002, the Bank should have responded your representation sent after receiving Demand Notice u/s13(2) of the Act. You can get the3 SARFAESI Proceedings set aside by filing application u/s17 of the Act before DRT.
2) No. Agricultural land can not be mortgaged but it should be in use for agriculture & not for any other purpose.
JANAK RAJ VATSA
(Expert) 08 September 2012
DRT is the right forum for a stay against the proceedings under SARFAESI ACT. try and obtain the interim stay asap
RAJU O.F.,
(Expert) 02 October 2012
Immediately file Appeal under Sec. 17 of the SARFAESI Act before jurisdiction DRT and obtain stay order from further proceedings.
