sarfaesi act 2002

nagesh (Querist) 24 September 2010 This query is : Resolved
any person can go in court against the sarfaesi act?if yes when how can he challange the this act in the court?

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Adv ramesh chheda (Expert) 24 September 2010
filing writ or PIL in supreme court or high court

s.subramanian (Expert) 25 September 2010
Only under Art.226 before the High Court and under Art.32 before the Supreme court of India by the person aggrieved or by PIL.

Raj Kumar Makkad (Expert) 27 September 2010
I do agree with Subramanian

Guest (Expert) 27 September 2010
KINDLY NOTE THAT AS PER CURRENT LAW PROVISIONS UNDER SECURITISATION ACT IN CASE ANY NOTICE IS SENT BY THE BANK TO THE BORROWER OF LOAN, THEN THE JURISDICTION IS TO THE DEBTS RECOVERY TRIBUNAL.NO OTHER CIVIL COURTS HAVE JURISDICTION FOR THE MATTER.
DEBTS RECOVERY TRIBUNALS WERE ESTABLISHED TO SAVE BANKS FROM BAD DEBTS DUE TO NON PAYMENT OF LOAN AMOUNT BY BORROWERS.
KINDLY NOTE THAT INITIAL NOTICE UNDER SERURITISATION ACT IS SENT TO THE BORROWER AND WITHIN SIXTY DAYS REPAYMENT OF LOAN ARREARS ARE DEMANDED.IN CASE HE FAILS THEN THE MORTGAGED PROPERTY IS ATTACHED .THEN ANOTHER NOTICE FOR SALE OF SAID ATTACHED PROPERTY IS PUBLISHED IN NEWS PAPERS AND TENDERS ARE INVITED AND PROPERTY IS SOLE AND ALL BANK LOAN ARREARS ARE RECOVERED.
THOUGH THE PROVISIONS WERE MADE WITH GOOD INTENTION AS THERE WAS A TENDENCY AMONG SOME BORROWERS NOT TO PAY LOAN AMOUNT AND HENCE POSITION OF BANKS WAS VERY POOR.
HENCE THE SAID ACT WAS ENACTED.
BUT NOW A DAYS MOST OF THE BANKS ARE MISUSING THE SAID LAW PROVISIONS AND EVEN DRTS WHICH WERE ESTABLISHED FOR RECOVERING ALL BANK DUES.IT APPEARS ONE SIDED AFFAIR.
HENCE IN CASE ANY ONE WANTS TO CHALLENGE SAID ACT HE CAN APPROACH HIGH COURT /SUPREME COURT WITH THE HELP OF LEGAL EXPERTS.AS IT IS TO BE DRAFTED CAREFULLY AND COVER ALL LAW POINTS AND INJUSTICE DUE TO ONE SIDED DECISIONS AFFECTING FUNDAMENTAL RIGHTS.
GOOD LUCK.
WITH BEST REGARDS TO YOU YOUR FAMILY AND FRIENDS.
YOU MAY WRITE OR SEND DETAILS FOR ANY FURTHER HELP.
YOURS SINCERELY
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE
MOBILE.9271971251, 9960223100
e.mail.
nandkumarbs@sify.com
advocatesawantnb@yahoo.com

Chanchal Nag Chowdhury (Expert) 28 September 2010
File an application before DRT.

M/s. Y-not legal services (Expert) 07 October 2010
Yes you don't have any other alternative remedy excep filing writ petition under article 226 or 32.

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