Consequent to Sarfaesi 13(4) action.
s.loganathan
(Querist) 03 March 2010
This query is : Resolved
Sarfaesi 13(4) action is effected. Objections already raised as u/s 13(3A) within 60 days. Reply not given within one week as mandated in amendment to Act. Further, schedule of property differs to unenforceable extent in 13(2) notice & 13(4) notice. Can I prefer an 'application' to DRT instead of an 'appeal' to DRT to declare the acts of the bank void and re-convey possession of my property to me? Would I need to deposit the huge amounts (25% - 50%) that is usually required? Is there a limitation within which I should make the application? The bank has not made paper publication of the 13(4) action yet. Is there a time limit for them to do so?
s.loganathan
(Querist) 03 March 2010
As a matter of fact, the bank has been impleaded in a suit pending before a District Court, and while the judge had posted orders for 15/12/09, the bank in haste made a paper publication of 13(2) notice on 12/12/09.
R.R. KRISHNAA
(Expert) 03 March 2010
There is a general jurisdictional bar under the act for civil courts to entertain matters which are covered within the jurisidiction of recovery officer. I dont know what suit you have filed before the district court.
Even if your reply is not satisfactory and the recovery officer proceeds auctioning the property only the portion of the property that could satisfy the amount under the certificate only can be auctioned and not the entire property (as per provisions). Hence you can set aside the auction on this ground if the entire property is auctioned.
J. P. Shah
(Expert) 03 March 2010
You can move DRT of the state. You are not required to deposit any amount towards dues for prefering application. Act has been amended few years back to this extent.
Pl visit www.bankdrt.com or www.bankdrt.net or www.drtsolutions.com.
It is advisable to urgently consult advocate practising at DRT.
s.loganathan
(Querist) 03 March 2010
The suit was against the Highways Dept. for which the bank gave a certificate of undertaking to fund for which they have done accordingly.The suit was initiated in Jan '08, whereas the Sarfaesi is only of late. Is there a limitation within which I must make my application? Must the bank make a paper publication of the 13(4) action within any time frame?
Raj Kumar Makkad
(Expert) 03 March 2010
You should move your application within a period of 1 month.
