Npa
manoj
(Querist) 21 July 2012
This query is : Resolved
OUR COMPANY HAD TAKEN A LOAN AGAINST IMMOVABLE PROPERTY FROM BANK
AND LOAN BECAME NPA AND BANK ISSUED A NOTICE FOR POSSESSION OF PROPERTY- WHAT ARE REMEDIES AVAILABLE TO US
Nadeem Qureshi
(Expert) 21 July 2012
Dear manoj
If you are capable to pay the amount then settle the matter with bank official, if not then you can file a case before DRT and approach to the court for stay the SARFAESI Proceeding(if you think that bank is wrong)
Feel free to call
K.K.Ganguly
(Expert) 21 July 2012
What remedy you are seeking? Your Company has taken loan which has to be repaid as agreed.
However, you may buy some time to repay if you file application u/s 17 of SARFAESI ACT, 2002 before the DRT.
Before issuing possession notice, the Bank certainly has issued Demand Notice u/s 13(2) of the Act. Check if they have detailed the accounts outstanding mentioning the interest separately. Also check if there is any mistake in issuing the Possession Notice.
On finding the same, contact a lawyer who practices in DRT & file the aforesaid application, based on such faults, for setting aside the SARFAESI Proceeding & obtain a stay.
You will get maximum 6 months time. Meantime write to Bank for One Time Settlement.
malipeddi jaggarao
(Expert) 22 July 2012
I too agree with Mr.Ganguly. Please note that it is only a temporary measure to buy some time. If you allow the bank to take possession, the sale proceeds of the property would be lesser than the real value. If the property is of value better arrange some funds and close the account. Before closing, you can request for interest remission/one time settlement. Fighting in DRT against the bank will only give result of buying some time, but no real remedy.
