Drt case after decree

AMIT MAHANOT (Querist) 15 January 2015 This query is : Resolved
DEAR SIR,

I HAVE TAKEN LOAN BUSINESS LOAN FROM BARCLAYES IN 2008 BUT FROM ANY CONDITION I AM NOT ABLE TO PAY THE EMI. AND I STOPPED AT END OF 2008. AND I BECOME DEFAULTED. BARCLAYS SOLD THE POOL TO PHOENIX ARC PVT LTD. PHOENIX HAS FIRE A CASE ON ME IN DRT 2011 AND THEY GOT RECOVERY CERTIFICATE IN 05/2013. AFTER ONE AND HALF YEAR THEY GOING TO DRT TO ATTACH MY PROPERY. AND DRT TOLD ME AFTER 4-5 DATES THET NEXT DATE LIKE 12/01/2015 I WILL GIVE THE ORDER YOUR PROPERTY EITHER SALE OR KURKI, BUT BEFORE WE SETTLE FROM PHOENIX IN SIX EMI IN TOTAL PRINCIPLE WHICH IS 12.32LAC , AND I GOT SETTLEMENT SETTLE WITH FULL AND FINAL SETTLEMENT LANGUAGE. AND I PAID ONE EMI IN DECEMBER AND NEXT DUE IN JAN/2015. BUT WHEN WE GO TO DRT IN 12/01/2015, TO SUBMIT CONSENT. THE DRT RECOVERY OFFICER SAID I WILL NOT ACCEPT THIS SETTLEMENT. YOU HAVE TO TAKE ALL AMOUNT LIKE(RECOVERY CERTIFICATE+ INT. 18 %PA). WHICH IS APP. 33 LAC BUT I DONT HAVE THIS AMOUNT. AND MY NEXT EMI IS COMING SOON.
1. WHAT SHOULD I DO?
2. SHOULD I STOP TO PAY EMI?
3. WHEN BOTH PARTIES AGREE THEN DRT HAS WAHT PROBLEM?
4. IS IT POSSIBLE THAT DRT CANCEL SETTLEMENT?
5. I AM DOING RIGHT OR WRONG?

RO IS SAYING ON NEXT DATE LIKE 16/02 PHOENIX HAS TO FURNISH CONSENT WITH 2 RULES SPECIFIED.
1 - THIS SETTLEMENT IS ACCORDING TO RBI GUIDELINE.
2 - COMPANY INTERNAL POLICY IN WHICH IT IS CLEARED THAT YOU CAN SETTLE AT ANY MOMENT SPECIALLY IN DECREE CASES.

I THINK PHOENIX IS NOT A BANK IT IS NBFC COMPANY WHICH IS REGISTERED UNDER RBI.

PLEASE SEND ME SUGGESTION.

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ROHIT SHARMA (Expert) 15 January 2015
1. If there is a settlement document made out between such N.B.F.C. ( they too are authorized by the R.B.I.to recover bad debts of banks) and you u/s 11 of the SARFESI Act, 2002, then the D.R.T. officer cannot overrule such settlement and cannot modify such settlement also by denying orally to allow such settlement to take place. If such contradictory instruction by the D.R.T. officer are reduced in writing on the next hearing date then such orders can be challenged and appeal can be filed u/s 18 of SARFESI Act, 2002. before the appointed Appellate Tribunal.

2. If need be for further deliberations, discussion and consultation you can consider to opt for having a private phone consulting with this lawyer agreeing to pay a moderate sum of Rs. 500.00 as towards remuneration for such purpose. You can get my contact details by clicking my name shown in the L.H.S. margin of this reply format.

Guest (Expert) 15 January 2015
Well Advised by Expert Mr.Rohit Sharma

Rajendra K Goyal (Expert) 16 January 2015
1. You should honor the settlement.
2. You should not stop paying the EMI.
3. The sett lent letter by the ARC may not has been submitted to them.
4. Generally not.
5. You are on right path.

If possible pay remaining installments, take clearance and submit to DRT.

ajay sethi (Expert) 16 January 2015
continue to pay the installments as per settlement arrived at with Barclays .let the company furnish certificate as sought by DRT

AMIT MAHANOT (Querist) 17 January 2015
thanks for advise and on next hearing i will ask the ro to please right down what you are saying.

T. Kalaiselvan, Advocate (Expert) 19 January 2015
Well advised by expert Mr. Rajendra K Goyal, nothing more to add.

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