Drt
Kvijay12345
(Querist) 06 February 2015
This query is : Resolved
How is it possible that the recovery proceedings are continued while the appeal and application for stay on the recovery proceedings in DRAT is still pending for more than 6 months. The Certificate holder ARC(Asset Reconstruction Company) has stuck warrant of attachment on the flats of the borrower and is proceeding further by applying for the valuer in DRT to dispose off the flats owned by the borrower and recover its dues. In this proceeding the DRT has not yet asked for the status of the flat. The recovery persons from the ARC are pressurizing and harassing the borrower to pay the dues or they will sell off his flats irrespective of the fact that both the flats are previously mortgaged with other banks with whom the dispute over their loan agreements is pending and the FIR against those banks is registered in respective police stations for cheating & forging the loan documents including the home loan agreement. The investigation is in progress. In this situation how these two flats can be sold by ARC to collect their dues even if the recovery certificate is issued by DRT in the favor of ARC. What is the use of the appeal filed in DRAT against the order of the recovery certificate issued by DRT and application for stay in DRAT is not heard and decided before the disposal of the flats of the borrower . How come the two proceedings i.e. in DRT for recovery and the appeal in DRAT against the order of DRT run simultaneously? Also what`s the use of this application for stay filed in DRAT is not decided before the disposal of the assets of the borrower ? What is the legal remedy available with the borrower to stop the recovery proceedings and disposal of his assets by ARC? What action can be taken against the recovery persons of ARC who threaten & pressurize the borrower for their dues? Can the borrower move to the highcourt ?
Nadeem Qureshi
(Expert) 06 February 2015
When the matter is pending before the DRAT then file an application for stay before DRAT and try to get stay on execution of the sale.
contact a lawyer personally with all the documents, it will be better.
Sankaranarayanan
(Expert) 06 February 2015
well advised by the learned friend Sri Nadeem
Rajendra K Goyal
(Expert) 06 February 2015
Repeated:
http://www.lawyersclubindia.com/experts/Drt-511401.asp#.VNTFPeaUePw
http://www.lawyersclubindia.com/experts/Drt-513481.asp#.VNTFPeaUePw
http://www.lawyersclubindia.com/experts/DRT-Judgement-499656.asp#.VNTFuOaUePw
T. Kalaiselvan, Advocate
(Expert) 07 February 2015
the query repeated in another form in another thread was properly addressed by more experts, to know more opinions, you may visit that thread.
Kvijay12345
(Querist) 11 February 2015
Neither any advocate filed Vakalatnama nor anybody appeared for ARC even 3 months (i.e.5 dates) after receiving the summons from DRAT regarding the appeal filed by borrower against the order of DRT. But still no decision is taken on borrower's stay application on recovery proceedings,but instead the matter is postponed by 2months & moved to the chairperson of DRAT for hearing . Meanwhile the ARC is looking to dispose of the flats owned by borrower though they are mortgaged with other banks.What legal remedies available with the borrower to stop the recovery proceedings & take the action against ARC against their harrassment ?
Kvijay12345
(Querist) 11 February 2015
Can borrower file the writ petition in Highcourt for immediate stay on recovery proceedings & for relief against the misconduct of DRT & DRAT to avoid huge financial loss if his flats are disposed off by ARC before the appeal in DRAT is heard?
K.K.Ganguly
(Expert) 12 February 2015
1. There is no stay on the recovery proceeding the Certificate holder ARC is entitled to initiate,
2. So the Certificate holder ARC will ciontinue their recovery proceedings.
