Sarfaesi act + possesion thereafter
Aman Singh
(Querist) 07 September 2018
This query is : Open
Dear All,
Our company had availed a LAP from a known NBFC which has now been classified NPA due to some problems we had in our business. Subsequent to the loan being declared NPA, notice of 13(2) was issued but with a wrong address for the collateral, I replied to this notice asking for time to regularise the loan account and now subsequently notice for possession has also come but again to my surprise it is with the wrong address of the collateral held by them. I did not on purpose correct their mistake nor did I mention the address in my letter, the subject simply referred to the loan account no. The property in question is an unoccupied plot of land. Upon further inspection of the document I found that the sanction advise, initial correspondence had the correct address but on the loan track, statements of account, etc there is a wrong address.
My question is will the NBFC need to issue a fresh 13(2) with the correct address of the property they want to take possession of or they can still take possession based on the fact that the notice was sent to the borrowers correct address?
NANDKUMAR B SAWANT
(Expert) 07 September 2018
1.sir.bank has issued 1 st demand notice of 60 days under securitisation act.2.bank has also issued 2nd notice of attachment and sale as per said act.so be careful and approach with proper application with affidavit for quashing and stay of said notices as per procedure of said act and be ready to deposit some amount asper directions of court for stay.good luck
NANDKUMAR B SAWANT
(Expert) 07 September 2018
1.sir.bank has issued 1 st demand notice of 60 days under securitisation act.2.bank has also issued 2nd notice of attachment and sale as per said act.so be careful and approach with proper application with affidavit for quashing and stay of said notices as per procedure of said act and be ready to deposit some amount asper directions of court for stay.good luck
Aman Singh
(Querist) 09 September 2018
You have not answered my question, is the NBFC required to issue fresh notice to take possession?
Aman Singh
(Querist) 09 September 2018
You have not answered my question, is the NBFC required to issue fresh notice to take possession?
Aman Singh
(Querist) 10 September 2018
Can someone please advise on the above?
Aman Singh
(Querist) 10 September 2018
The loan docket also has the wrong collateral address on it, i.e. it mentions the property As G2 instead of G8?
