Securitilization act
Querist :
Anonymous
(Querist) 21 September 2011
This query is : Resolved
iam member of co-operative bank (--- janata sahakari co-operative bank ) .is it come under securitilization ? and second one is this bank have not taken any mortgage from me but this bank is taken action under serface act on the basis previous mortgage which is done for 30 years but that loan is also repement fully in this case what is remedy to filling the case against the bank .
ajay sethi
(Expert) 21 September 2011
in reply to notice issued by bank point out that loan has been repaid in full . you must be having bank statement that full maount has been received in full and final settlement of the laon . if loan is repaid all original documents are returned by the bank
Devajyoti Barman
(Expert) 21 September 2011
Since the loan is already re paid the bank can not initiate action under SARFACI Act. Bring this fact to the higher authority of the bank or to the Ombudsman, after which you may not have to visit DRT.
Advocate M.Bhadra
(Expert) 21 September 2011
If you already got a notice from the Bank u/sec.13(2) you should answer to this notice within 60 days or if you got notice u/sec.13(4) of the SERFESAI Act,you should file an application u/sec.17(1) in DRT within the concerned jurisdiction to stay the proceeding, and inform the Tribunal that the loan taken which has been paid,failing which bank can take possession.
R.Ramachandran
(Expert) 22 September 2011
Yes. Mr. Minansu has advised you very correctly. Depending upon the kind of notice that you received, you have to act fast without losing any time.
malipeddi jaggarao
(Expert) 22 September 2011
Securitization Act covers co-operatives banks also.
If you have given mortgage for an earlier and the same is fully repaid, even then the mortgage for the second loan which is defaulted, is available. The mortgage deed clauses allow the bank to cover the present and future debts. Hence it is advisable to verify full facts with the bank as to whether the property given in the earlier loan is extended to the defaulted loan or not. Normally the answer is yes. In such case instead of fighting a wrong battle, initiate a dialogue with the Bank for remission of interest if you have valid grounds.
Querist :
Anonymous
(Querist) 24 September 2011
sir co-operative bank filed suit for recovery in co-operative court then bank have send notice under 13(2) of securitilization act so i filed application cpc order 39(1) for injunction for banks fraudulent then bank have send notice under 13(4) court grant application of injunction then bank has gone to appellant court so sir my channel is right or wrong and I want in this type caselaw about civil court have jurisdiction and may i filed separate suit or not give suggestion what i do next .If appellant court is not with lower court
I.S.Roy,Advocate
(Expert) 24 June 2013
Co Operative Tribunal have jurisdcition but even civil court
DEFENSE ADVOCATE.-firmaction@g
(Expert) 24 June 2013
Only multi state co op banks are covered under this act that too now by amendment in this act in 2012., after judgments of GUJRAT HIGH COURT and SUPREME COURT.
The law does not include all other co op banks, take objection on this issue alone.
Appoint a lawyer who knows this act properly.
