Sarfaiesi act

Sushil (Querist) 01 June 2017 This query is : Resolved
My Flat had been under mortgage with a Bank as third party security towards credit facility availed by a pvt ltd company belongign to my close relative..The Company have defaulted in Payment, the account is now NPA. The Bank has issued Notices to me and have taken symbolic possession of my flat 10 days ago, and have published a notice to this effect in newspaper today.I am told that the Bank now shall take permission from DM for forcefull phyisical possession and its sale.Also I can file some kind of petition at DRT Court.I will do what I can do to save my flat. My relative also do not have bad intention and assure of all steps to save my flat.But I see on daily basis E-Auction Notice by Banks even without taking Physical Possession on As Is Where Is Basis. This can also happen to me .

Any remedy/advice in such circumstances ?

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Guest (Expert) 01 June 2017
Start negotiating with bank concern department and also start repaying some installment first , so you can buy some time.

Means if you pay some installment or repay loan bank will go slow or postpone and you get time.

Then you need to take charge of situation and think how you can repay the bank , what steps can be taken in that company so that company performs well or other option with permission of bank sell your flat to person who can give you max. amount with proper documents clearing from bank .

And reduce the loss.

I will be very clear with you since you have mortgage the flat as third party security then you have taken responsibility of repayment too and if repayment is not taking place they can sell the flat to recover the funds

Guest (Expert) 01 June 2017
In such circumstances you need to show leadership capacity in running the company forcefully from your close relative back to success or every thing can go.

Bank want money you need to tactfully delay the bank recovery and show leadership in handling the situation

Rajendra K Goyal (Expert) 02 June 2017
Well advised by the expert Madhu, fully agree to it.

If you pay the loan you can legally recover the same from original borrowers.

If Bank auctioned the property, it may not fetch matching proceeds as you can get if sell privately.

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