Guidence for under section 13(2)of sec.act
ADVOCTE PARESH R.PAREKH
(Querist) 16 June 2012
This query is : Resolved
i take mortage loan from icici bank for my flat amt.7,50,000 in year 2007.and paying regular emi till may 2011.due to my some serious economical problem i am not able to contd.emi,now i got notice from bank to possesion notice u/s.13(2)of sec.act.against this notice i file indemnity appeal in drt,gujarat and also sent request letter to bank for grant me two months time to pay full amt.but bank officer pressure me for symbolic possession for above mentioned property.now i am confused that what i do?kindly guide me and protect from this matter.-adv.paresh parekh
ajay sethi
(Expert) 16 June 2012
bank is concerned with recovery of money . it will arrive at an settlement if you pay your dues . .
you have stated that you have fikled an appeal before DRT . you have not mentioned what order has been passed by Presiding officer . court will grant you time to make payment .
symbolic posession is not actual posession . you continue to remain in actual posession . settle with bank
Ashish Khandelwal
(Expert) 16 June 2012
No need to wery. Just try to pay over dues and dont vacant the flat.
If the collection team not co operate with you just talk to collection manager or any other seioner managers.
he will definetly give approval for extend the time.
Shonee Kapoor
(Expert) 17 June 2012
You can negotiate with the bank for one time settlement.
Most Banks want to negotiate but play a hard ball.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
K.K.Ganguly
(Expert) 17 June 2012
Notice u/s13(2)of SARFAESI ACT,2002 is not Possession Notice. It is Demand Notice demanding the payment of the outstanding amount within 60 days. Possession Notice is issued u/s13(4) of SARFAESI ACT,2002. You can go to DRT only after being aggrieved after receiving Possession Notice u/s 13(4), not after getting Demand Notice. If you have already filed application after receiving Demand Notice u/s13(2), it will finally be rejected in due course of time after lot of debate on maintainability issue. SARFAESI ACT is a draconian act enacted for the sole purpose of recovering the Debts of Banks. You can send your representation after receiving the Demand Notice u/s13(2)which has to be replied by the Bank within 7 days u/s13(3)(a) of the Act & if they do not do so, you can go to DRT praying for setting aside the entire Sarfaesi Proceedings. But this you can do after receiving Possession Notice u/s13(4), not before that.In such case the Bank has to restart the SARFAESI proceedings afresh which will give you some time.
It is advised that you write to the Bank for One Time Settlement (OTS) as per RBI Guidelines.
RAJU O.F.,
(Expert) 19 June 2012
You may make representtion/objection to the Demand Notice u/S13(2) immediately. Appeal before DRT can be filed only after issue of Possession Notice by bank. DRT cannot pass any Order in your favour before issue of Possession Notice. Better, approach the bank officials and try to get the loan re-scheduled so as to regularise and continue the loan account. If possible reach an OTS for settlement of the a/c within a short period, which bank may agree.
