Can this be considered as deliberate Violation of SARFAESI LAWs ?
Querist :
Anonymous
(Querist) 12 May 2011
This query is : Resolved
Summary -:
1.The Non Banking Financial Company(NBFC/HFC) invoked SARFAESI_Clause13(2) on "DATE1" and issued notice (LOAN CLOSURE).
2.Borrower received the scanned copy (as out of the address) of SARFAESI_Clause13(2) in e-mail BY "DATE2" and replied in mail.
3.Borrower objected by paying 80000/- on "DATE3" under section 13(3A) and NBFC surprsingly accepted against total demand(LOAN CLOSURE) and never replied.
4.Borrower never received notice under SARFAESI_Clause13(4) .
5.NBFC declared the borrower as "EX-PARTY" (Behind the Back) and obtained the Court Order possession and Sell by "DATE4".
6.Collected all the EMI "AS PER WISH" ON "DATE5" and issued a notice dated DATE6 as "SARFAESI is in Hold".
7.Again issued a notice under SARFAESI_Clause13(4) almost 8months after "DATE7".
8.Again sent the LOAN CLOSURE notice "DATE7" demanding the entire loan amount.
Question -:
1.Can Non Banking Financial Company , legally issue 13(4) multiple time without issuing NEW SARFAESI_Clause13(2) notice ?
2.Can the Non Banking Financial Company say "SARFAESI is in hold" "AS PER WISH" ?
adv.rajendrasharma
(Expert) 12 May 2011
in above subject in view of judegement of supreme court in mardia chemicals case any action takend u/s 13 of SARFAESI ACT OBJECTION IN WRITNG REQUIRED TO BE FILED by the borrower/guaranteer and within 60 days creditor.financial institution supposed to adjudicate it and after 69 days if any action is taken u/s 13[4] of the act then only u/s 17 of the Act appeal can be filed before debt recovery tribunal but if action is totally illegal without authority of law then it can be challenged in highcourt by filing writ petion undr art.226 of constitution of India
Querist :
Anonymous
(Querist) 13 May 2011
Dear Mr.Rajendrasharma
Many thanks for your kind reply.
I am looking for more help on "SARFAESI" acts validity and practise help in Karnataka DRT (Bangalore) Juridication.
Please let me know if i can reach you "individually(email/cell) to explain the Utter arbitrary steps & Harassment using the “SARFAESI” for almost past 3 years.
Regards
