SARFAESI ACT, 2002

Querist : Anonymous (Querist) 03 September 2010 This query is : Resolved
Sir,
I was a senior manager in Punjab National Bank and removed from bank service in 2007. I have filed a writ petition against my removal at High Court, Allahabad and the matter is still pending. Bank has not paid me any of my dues. During service, I availed Staff Housing Loan, Clean Overdraft facility and demand loan against shares. Without paying my dues, the bank has issued notice to me u/s 13(2) of SARFAESI.My dues will be almost equal to the bank dues. What are the remedies available to me?
Thanks.

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s.subramanian (Expert) 03 September 2010
You are entitled to send your objections to the notice u/s 13(2). Therefore you make your point clear by stating about the amount due to you from the bank and ask them to adjust the same towards these dues claimed under sarfaesi. If they do not responde positively file the proceeding before the DRT under SEC.17 and agitate the same vehemently. You need not worry. it is a good case and you shall succeed. All the best.

Chanchal Nag Chowdhury (Expert) 04 September 2010
I fully endorse the views of Mr. Subramanian.

Uma parameswaran (Expert) 04 September 2010
If your Writ petition comes in your favour then you can approach Bank authorities to adjust the amount ,otherwise Bank may not allow .

Querist : Anonymous (Querist) 05 September 2010
Some more facts:
1. A removed officer is eligible for PF, Gratuity and Pension. So fate of writ petition has nothing to do with payment of these dues.
2. All the accounts were regular when I was in bank service.
3. Bank issued recall notice dated 27.07.2010 for the entire amount (approx. 22 lac).
4. The recall notice was received by me on 09.08.2010 and on 23.08.2010 I filed a civil suit at District Court for payment of my dues and to stop bank from asking for its dues unless my dues are paid.
6. Bank issued notice dated 07.06.2010 u/s 13(2) of SARFAESI Act which was received by me on 04.09.2010. The period of 60 days was over even before I received the notice. Also the date of notice is preceding the date of recall notice dt 27.07.2010.
7. There is also difference in the amount mentioned in words and figures. Which amount to be taken as correct - in figures or in words.

Kindly advise me what should I do? I shall be highly grateful.

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