Re : sarfaesi possession
somesh
(Querist) 30 August 2013
This query is : Resolved
Dear Sir,
If bank sends a sarfaesi notice which reads that said payment is to be paid within 60 days after which bank would take appropriate action
Also it reads will go to DRT for the whole recovery.
My query is what rights do bank has regarding this issue and what all actions would bank take to sort out this matter
last and most important what measure should be taken to avoid bankers to take possession (but do not want to go legal with bank) if the defaulter is genuine and wants to pay off the dues.
property was given as collateral for CC account in bank
Thanks in advance
R.K Nanda
(Expert) 30 August 2013
pay dues of bank in 60 days to avoid further action of bank.
somesh
(Querist) 31 August 2013
Dear Sir,
Thanks for your opinion but will bank come and take the possession directly after 60 days or will go legal?
Rajendra K Goyal
(Expert) 31 August 2013
Bank need not go to civil court for taking possession, it can take direct as per provisions and procedure of the act.
R.K Nanda
(Expert) 31 August 2013
do not take matter lightly as sarfaesi is
black law and take stay order from DRT to avoid possession of bank after 60 days.
somesh
(Querist) 31 August 2013
do we have the authority to sell off the property and pay the bankers in this matter??
R.K Nanda
(Expert) 31 August 2013
if property is mortgaged with bank then u cannot sell it.
KUMAR JAGADEESAN
(Expert) 31 August 2013
Dear Mr.Somesh
Except where you can dispute the amount due (if any) nothing can be done. But if you have any objection (legal) you may write to them within 60 days and the Bank is bound to reply to you before taking further action. The only course open is to pay up or ask the Bank to reconsider giving some more time for paying what is overdue already. Banks normally consider this. Though the amount demanded in the Notice is full outstanding loan if you can regularise your account further action may be dropped.
Getting a stay from HC or DRT at this stage may not be possible as generally HC refuses to grant stay where there is an alternative forum (DRT in this matter). DRT would take up the issue only after Notice of taking possession is given under Section 13(4).
J.KUMAR
Advocate
Sudhir Kumar, Advocate
(Expert) 07 September 2013
repeated http://www.lawyersclubindia.com/experts/re-bank-loan-421031.asp#.UitBDn_Qzmk
Sudhir Kumar, Advocate
(Expert) 07 September 2013
also repeated
http://www.lawyersclubindia.com/experts/bank-loan-421026.asp
Rajendra K Goyal
(Expert) 08 September 2013
No further advise in case of repeated query.
