Demand notice

Querist : Anonymous (Querist) 15 November 2011 This query is : Resolved
We have taken loan from bank it is become N.P.A.now they have issued a demand notice to the all the directors of the company and also to all guarantors asking for entire amount also the bank said and it will advertise in news papers with photograps about the default.Till now notice under securtisation act is not sent by bank.Should we wait for notice under securtisation act and can we reply to demand notice by ourself or do a advocate is needed to reply to the demand notice.please advise me we shall be thankful and grateful you for advise.

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Devajyoti Barman (Expert) 15 November 2011
The demand notice is presumably under section 13 (2 ) of the Act as without the compliance of it or section 13(4)the Bank can not proceed to give the advertisement.
You should without waiting for any longer make a written representation to repay the loan.

Querist : Anonymous (Querist) 15 November 2011
Should we reply directly or a lawyer has to do as involing lawyer may make bank yo be strict. Pls reply

Advocate M.Bhadra (Expert) 15 November 2011
If you are unable to repay as per demand notice then you can send reply individually or through a lawyer requesting to the bank to re-schedule of installment or settle the matter with Bank.Failing which you may wait for further notice u/Sec.13(4)then you should file an application u/sec.17(1).

Rajeev Kumar (Expert) 15 November 2011
I do agree with Mr.Barman and Minansu

Sailesh Kumar Shah (Expert) 15 November 2011
I also agree with Mr.Barman and Mr. Minansu.

Kirti Kar Tripathi (Expert) 15 November 2011
You reply the notice immediately taking all the pleas available in your defense. In you reply you may seek installments and extension of time. No reply reply of notice may prove fatal and you will be in problem as adviced by Mr. Devajyoti.

Querist : Anonymous (Querist) 15 November 2011
Thank you all for perfect and timely advice

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