SARFASI Act

Querist : Anonymous (Querist) 14 May 2010 This query is : Resolved
Can a Bank after issuing notice u/s 13/2
go for section 14 without going through
u/s 13/4?
Is it legal?
If not what is the remedy?

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bhagwat patil (Expert) 14 May 2010
after 60 days bank can proceed. only for symbolic action not for physical dispossession.

Kiran Kumar (Expert) 14 May 2010
approach Debt Recovery Tribunal (DRT) of the competent jurisdiction.

civil court jurisdiction is barred.

G. ARAVINTHAN (Expert) 14 May 2010
Kiran is right

N.K.Assumi (Expert) 14 May 2010
Yes, under the SARFASI Act, for the purpose of section 13 and after the lapse of 60 days of the Notice, the secured creditor has to approach with a written request to the Cheif matropolitan Magistrate or the District magistrate, who will take necessary action aginst the borrower.

J K Agrawal (Expert) 14 May 2010
To avail facility of s 14 it is not necessary to first initiate and proceed under S 13 (4). Proper course is first seek suppourt under s 14 and then to proceed under 13 (4).

DRT has no jurisdiction only at stage of action under s 14.

Only remedy is to go to the HC.

Querist : Anonymous (Querist) 14 May 2010
I am confused. Some of you say no, the bank cannot go for S 14 without going through u/s 13/4, others says YES the Bank can go directly u/s 14?
What is the law?
If I go to high court I will go under which section?
or if I go to DRT then which section?

Please help?

nishad (Expert) 14 May 2010
I go with Mr.agrawal and Mr.assumi...

Querist : Anonymous (Querist) 17 May 2010
If the secured creditor fails to inform the borrower of any default or does not inform the guarantor then who is responsible?
What is the legal implications?

Querist : Anonymous (Querist) 17 May 2010
A account Cash credit a/c became NPA in august 2006. The bank enhanced limit in september 2006.Realizing their mistake the bank send a letter declaring the a/c NPA. then quickly to washout the limit the bank
issued notice u/s 13/2.

What is to be done please suggest?

Querist : Anonymous (Querist) 19 May 2010
Is SARFASI Act above Contracts act 1872?

Do sections of the contract act have importance

when quoted in fighting sarfasi act?

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