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tejinder (director)     09 October 2012

Appeal with d.r.t.

is there any provision to get stay aginst bank notice 13(4)in appeal with d.r.t. under section 17 without depositing any amount to bank for stay ,loan amount is 160 lacs we ahve deposited 22 lacs after sreving of 13(2)notice by bank.we are also offfering bank to give permission to sale mortage property with bank on very good price from the date of issue of 13(2) by bank but not give permmision for it after so man requests



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 5 Replies

Raja (XYZ)     09 October 2012

if you have planned to file before DRT, do not pay any money to the bank. file the case and stay may be available. there are several settle decisions of the apex court in support. i will advice to file the case u/s 17 immediately without wasting any more time. if require, you can consult me.

tejinder (director)     09 October 2012

sir,there is how much chance to get stay in this case

Raja (XYZ)     09 October 2012

good chances. consult with a legal practitioner having well grip on the subject locally. otherwise you could contact us aslo if required. even without stay order also, you can get ample time to settle the matter.

RAJU O.F., (Advocate)     10 October 2012

If appeal u/S 17 of SARFAESI Act is not filed till now, file such appeal immediately in DRT through an advocate who is practicing in DRT for borrowers. Granting of stay under condition to deposit is under the discretion of the Presiding Officer of DRT and on considering the merrit of the case. A good advocate can always find good grounds for obtaining stay order.  If you can sell the mortgaged property for a good price, then have a private treaty with the bank for the sale of the property, possibly after filing of Appeal u/S17; otherwise your chance for filing appeal would be barred by limitation.


(Guest)

Prompt prohibitive remedy is necessary as advised by the learned advocates.


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