legal notice under SARFAESI
chirag patel
(Querist) 25 March 2011
This query is : Resolved
I HAD TAKEN A HOME LOAN OF RS. 450000.00 FROM ICICI BANK AHMEDABAD. DUE TO SOME FINANCIAL PROBLEMS I COULD NOT ABLE TO MAKE PAYMENTS OF MY LOAN EMI WHICH IS RS. 5213/- P.M FOR THE LAST 4 MONTHS INCLUDING MARCH 2011. ON 22.3.2011 I RECEIVED NOTICE WITH NO REF. NO. THROUGH LOCAL COURIER. I HAVE ARRANGED FOR FUNDS AND WILL BE ABLE TO CLEAR THE PENDING EMIS WITHIN NEXT 15 DAYS.....I WANT TO ASK WHETHER THE BANKS NOTICE IS JUSTIFIED OR SIMPLY THEY ARE FRIEGHTENING ME CLEAR THE DUES. EARLIER I HAD A TALK WITH THE BANK OFFICIAL THOUGH PHONE AND ASSURED THE CLEAR THE PAYMENTS IN THE 2ND WEEK OF APRIL 2011 BUT HE IS FORCING ME TO CLEAR BEFORE MARCH 2011 AS THEY HAVE CERTAIN TARGETS OF COLLECTION TO BE ACHIEVED IN THE MONTH OF MARCH 2011. AND AT ONE DAY WHEN I AM NOT AT HOME THREE PERSONS CLAIMING TO BE FROM ICICI BANK VISITED MY RESIDENCE FOR THE PAYMENTS
WHAT IS THE REMEDY FOR ME RIGHT NOW...I WANT TO TEACH A LESSON TO THE BANK. WHAT CAN I DO ? AND IF I AM AT FAULT..? SHOULD I CLEAR THE PENDING EMIS FROM WHATEVER MEANS......REALLY BANK CAN TAKE ANY LEGAL ACTION AGAINST ME ONLY BY SERVING ONE NOTICE THAT TOO BY COURIER...........WHAT IS THE SARFAESI ACT 2002 ..PLEASE SUGGEST ANY REMEDY AVAILABLE TO ME UNDER SARFAESI ACT.
THANK YOU
M.Sheik Mohammed Ali
(Expert) 25 March 2011
your end send a notice what you said, after you face case.
bhagwat patil
(Expert) 26 March 2011
SIMPLY THEY ARE FRIGHTENING ME CLEAR THE DUES The banks moreover private sector banks using more illegal tactics to recover the loans.once they have sent you notice the so called three GUNDAS claiming that they are from ICICI Bank should not come to your residence.have noted their names?their designations? and to collect the amount why three persons are needed,one small delivery boy is sufficient.these all things are against banks ethical practice if you are firm RBI may issue a show-cause notice for cancellation of banking license.if you really need the help call 9422773303
malipeddi jaggarao
(Expert) 26 March 2011
Since 4 EMIs are pending, if the Bank could not recover before 31st March, your account will be classified as NPA. Hence all the Banks tone=up their recovery efforts in the month of Feb/March. It is not clear whether your account is already classified as NPA or not. If it is not classified as NPA they can not take action under SARFAESI Act. This Act empowers the court to realise the mortgaged property without court intervention subject to fulfilment of certain conditions like, the account should be classified as NPA, a notice under Act is to the served on the borrower before bringing the property for auction without court intervention. If only 4 EMIs are pending and account is not classified as NPA, it is only a threat notice from the Bank. Bank people do visit the borrower's residence for recovery. Whether they misbehaved with any of the family members? They do come in groups so that they can impress on the borrowers for repayment and also to have a counter evidence if any false allegations are made against them. If you can repay 2/3 instalments before March,please do the same and have a talk with the Bank. If they illegally classified your as NPA, you can think of remedies against the actions of the bank.
RAJU O.F.,
(Expert) 26 March 2011
From your query I understand that you defaulted 4 monthly instalments and bank has already issued Demand Notice under Sec.13(2) of SARFAESI Act. If your loan is defaulted for more than 90 days and bank is then justified to classify your loan account as NPA, enabling them to initiate SARFAESI proceedings. In that case, bank has to wait for 60 days from the date of notice, for taking any further action under SARFAESI. You have to immediately send an objection/ representation letter to the bank challenging their actions, including sending of the gundas. Bank has to answer to you within 7 days. If you remit the dues under defaulted instalments, bank can re-classify that account as 'Standard', which means out-of NPA. In case bank issued Possession Notice u/S(4) your only remedy is before concerned Debts Recovery Tribunal of jurisdiction.
valentine thakkar
(Expert) 26 March 2011
As per amendment, in case the A/c is declared NPA, intervention of the court is not needed. After following due procedure, they can take constructive or real possession of the mortgaged premises. Even one default in payment may entail notice from the Bank to pay the whole loan amount at one go.
