Bank loans

Querist : Anonymous (Querist) 24 August 2011 This query is : Resolved
I have taken business loan from nationalised bank against my house now my business has gone down.How can I save the house from sarfarasi act, as if bank go to court it will take time and meanwhile I can arrange funds in 2/3 years, under sarferasi act only 90 days are given please help with ways to delay or stop bank from sarfarasi act.
Thanking you all.

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M.Sheik Mohammed Ali (Expert) 24 August 2011
your in very difficult situation, not possible, the bank have rights, any way engaged a lawyer he will help you.

ajay sethi (Expert) 24 August 2011
make an application to bank for rescheduling of your laon . bank will increase the tenure and reduce your install ments

Querist : Anonymous (Querist) 24 August 2011
Already spoke to the bank they say they cannot as it has already become N.P.A.as 120 days have passed not made any payments.

Thank you

prabhakar singh (Expert) 24 August 2011
THEN MAKE PAYMENT AT LEAST AS MUCH AS IT CAN BOOST CONFIDENCE OF BANK TO RESCHEDULE YOUR LOAN .

Querist : Anonymous (Querist) 24 August 2011
is there no other way, without making payment now I can arrange funds after 3/4 months and bank does not agree.

Thanks

prabhakar singh (Expert) 24 August 2011
Look they have powers under sarfarasi Act to move against pledged property even before visiting DRT.

So unless they start moving and commit some mistake ,no remedy available just now if negotiations are failing.

You are advised to keep in touch of a local lawyer versed in these type of cases as and when need arise.

Querist : Anonymous (Querist) 24 August 2011
Thank you Mr.Singh should there be any new development i shall again get in touch with you.
Thank you once again.

M/s. Y-not legal services (Expert) 26 August 2011
Am agree with experts.. The banker have right to take necessary action against your credit. In the mean time its will be some slow process only. Bank will file a petition for attachment your property. In the mean time court will appoint an advocate commissioner. Through court commissioner only your property can be attached. Commissioner will issue notice to you. Then he will fix the date for attach your property. Between those proceedings you may arrange your amount. If you pay any part amount also you can convince the bank and can stop the further proceedins.

Querist : Anonymous (Querist) 26 August 2011
.Dear mr. Tom , firstly thank u 4 the advice,kindly let me know appox.what period of time does it take to reach the stage of comissioner serving me the notice of attachment . Regars

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