Sarfasi act

BHARTI KOTHARI (Querist) 10 May 2017 This query is : Resolved
m in receipt of demand notice under S.13(2) demanding the loan amount as I defaulted successive 3-4 installment now i am willing to pay regular installment with defaulted installment but notice say that I have to arrange entire amount in next 60 days. Kindly advice me.

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Guest (Expert) 10 May 2017
S.13 (2) is purely in advantage of the Financier/Banks which is the Lender.The very next step could be auctioning of the security or property thro DRT.So better be cautious take all the necessary steps to safeguard the interest of your client.Better consult and discuss with Local Good Senior Advocate.

R.K Nanda (Expert) 10 May 2017
contact concerned bank and settle matter amicably otherwise bank will auction property if u do not pay outstanding amount in time.

DEFENSE ADVOCATE.-firmaction@g (Expert) 10 May 2017
There are mountains of bad loans in the books of banks and so they are doing all efforts for recovery.

However every law has faults so every day new law in coming .

SARFAESI ACT also has some short comings and a borrower needing time can get relief for a longer time . However every case has its peculiar circumstances.

We can help to find faults in bank procedures after going through all the documents.

rajeev sharma (Expert) 10 May 2017
You failed to pay three consecutive installment of loan hence your loan became NPA and bank initiated recovery proceedings. As per the requirement of law bank has to demand total outstanding in the notice but generally if the overdues are paid by borrower the notice is withdrawn. Contact your bank manager and pay the overdue amount and request the bank to withdraw notice. Generally such request is acceded to by banks.

Kumar Doab (Expert) 10 May 2017
If lender agrees to withdraw the notice on payments by you, it is better.

Check with lender.

Rajendra K Goyal (Expert) 12 May 2017
May proceed as advised by the expert rajeev sharma.

Guest (Expert) 12 May 2017
Agree with Experts

Kumar Doab (Expert) 12 May 2017
Good to see statement of agreement with experts.

Guest (Expert) 13 May 2017
Appreciation is always Welcome

Kumar Doab (Expert) 13 May 2017
Good to see expression of appreciation for experts.

Guest (Expert) 14 May 2017
Appreciation is always Welcome

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