Sarfaresi act
atul mehta
(Querist) 12 June 2012
This query is : Resolved
would like to meaning of contructive/actual possesion notice pasted on shutter of my locked premises which are under my control but were given as security to bank for a/c which became n.p.a and further notices and other procedures were done by the bank.usually banks take symbolic possesion when premises are locked and nobody is around what is the differance as even in this case it is same but language used is contructive possesion but they not put any seal or lock but only pasted notice stating they have taken constructive possesion, please inform me differance and remedy to defend
Thanks and regards
Kiran Kumar
(Expert) 12 June 2012
they must have sent you a notice under S.13 (2) of SARFAESI Act
there after a notice will be sent under S. 13(4) of the act.
the moment you receive this notice, contact your lawyer and proceed before DRT.
rest a matter of professional advice to be given by your counsel.
atul mehta
(Querist) 12 June 2012
I have recd both notices after which they have taken conttructive possesion now what shouls I do. Thanks & regards
R.K Nanda
(Expert) 13 June 2012
Ask ur lawyer to take proper steps in DRT
to safe guard ur interest in the case.
Advocate Bhartesh goyal
(Expert) 13 June 2012
File appeal us 17 of SARFAEI Act before DRT against the said notice u/s 13[4} of SARFAEI Act and get stay order else bank will take actual possession with the help of police and will auction the questioned property.
c.p.s. ramachary
(Expert) 13 June 2012
Mr. Atul Mehta,
As can be seen from your version your secured creditor has taken only constructive(symbolic) possession of the premises since they have not put their locks to the shutters. Physical possession of the property is still with you since the shutters are locked by you. But this will not save you from further action.Your secured creditor may take necessary steps u/s.14 of the SARFAESI Act to employ force for taking physical / forceful possession. According to Supreme Court( in Transcore Vs. Union of India) there is no dichotomy (difference) between symbolic / constructive possession and physical possession. Therefore if you are aggrieved you have to approach DRT u/s17 of the SARFAESI Act within 45 days of service of the possession notice engaging a competent lawyer and obtain stay pleading justifying grounds.
