DRT Matter
Ajay
(Querist) 02 October 2010
This query is : Resolved
I have taken a loan of Rs1 crore from bank and paid 25 lac as principle amount remaining 75 lac is to be paid.Bank has issued me notice under section 13(2) and demanded entire amount of Rs1 crore instead of balance payable to them.Whether notice valid in law or they have to follow it again by issuing another notice demanding only remaining amount.
Devajyoti Barman
(Expert) 03 October 2010
In stead of waiting for any correction in the said notice, you immediately submit a representation to the bank as to how it could be sorted out. If in spite of that the bank sends notice u/s 13(4), then file application u/s 17 of the Act.
s.subramanian
(Expert) 03 October 2010
You file your objections to the 13(2) notice within 60 days. Then you can think of approaching the DRT for relief.
Kiran Kumar
(Expert) 03 October 2010
i agree with Mr. subramanian.
R.Ranganathan
(Expert) 03 October 2010
You have to submit your objections within 60 days. Without wasting time here, you send your objections and wait for the Bank's response and then decide.
Ajay
(Querist) 03 October 2010
we have file objection to notice but not objected legality of notice,we file the case in DRT court also but we simply refused that we have not recieved the notice under section 13(2).Now whether notice under section 13(2) is valid or not,i want to know when bank has not ask only remaining balance amount,bank demanded full loan sanction amount,they did not reduce principle paid by us,further they did not give details of account,neither they mention about property mortage also,in 13(3),it is mention that all these condition to be fullfil.Plz guide can we challenge notice legality
nishad
(Expert) 05 October 2010
Yes..please respond to their mail detailing out your points within sixty days..inspite of ur representation if they proceed with any of the measures contained in Sec 13.4,then you can make S.A to DRT under section 17...
