Help ... query under sarfaesi

Please read full SERFAISI ACT 2002 ..U WL GET THE ANSWERS.If they misbehaved with ladies file criminal complaint against such officials in police station.

14. Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset (1) Where the possession of any secured assets is required to be taken by the secured creditor or if any of the secured asset is required to be sold or transferred by the secured creditor under the provisions of this Act, the secured creditor may, for the purpose of taking possession or control of any such secured asset, request, in writing, the Chief Metropolitan Magistrate or the District Magistrate within whose jurisdiction any such secured asset or other documents relating thereto may be situated or found, to take possession thereof, and the Chief Metropolitan Magistrate or, as the case may be, the District Magistrate shall, on such request being made to him-- (a) take possession of such asset and documents relating thereto; and (b) forward such assets and documents to the secured creditor. (2) For the purpose of securing compliance with the provisions of sub-section (1), the Chief Metropolitan Magistrate or the District Magistrate may take or cause to be taken such steps and use, or cause to be used, such force, as may, in his opinion, be necessary. (3) No act of the Chief Metropolitan Magistrate or the District Magistrate done in pursuance of this section shall be called in question in any court or before any authority.

@ Sir... Here the word written is the secured creditor may request Chief Metropolitan Magistrate or the District Magistrate ... That means the bank people can take possesion without informing dem... ????

No it is not necessary .bank officials are competent as per the act to take symbolic possession following all the formalities like panchnama and witnesses and subsequent publication in newspaper.this is the reason this act is also called as draconian law as bank needs no permission or decree from anywhere.all scale 4 officers that is chiEF manager and above also called as authorised officers are fully competent of taking possession and executing auction .if borrower is not cooperating or obstructing the process then District magistrate interference may be sought.if overdue amount has been paid then the asset automatically upgrades to standard category.contact bank or higher officials commit for timely payment in future and resolve the matter.u can refer bcsbi codes of conduct and MSE code of conduct.proceed with the relevant grievance reddressal guidelines of RBI and ombudsman scheme as well for the said misbehaviour matter.

@ sir ... thanxx sir .. ur reply has solved my most of the queries ... wat if the borrower is not even notified before taking the possession of the house ... watever the bank officials asked we deposited more than wat was overdue .. even then they took the possession without informing .. no panchnama was signed b4 taking possession ... isn't it illegal .. ??

This cant happen that they didnt inform the borrower.It is mandatory or the process will be termed invalid and under ill will.There is a clear set of guidelines regarding issuance of notice prior to taking possession and definite time frames only after lapse of which poseession can be taken.Contact the authorised officer in your case and ask him directly.You may also ask for the acknowledged copies of notice served under section 13(2).However in the notice authorised officer calls upon the borrower for payment of full amount outstanding plus interst and other expenses.So considering upon the chances of realising the debt upon putting the property on auction they may decide for stalling the process on reciept of overdue only .

This cant happen that they didnt inform the borrower.It is mandatory or the process will be termed invalid and under ill will.There is a clear set of guidelines regarding issuance of notice prior to taking possession and definite time frames only after lapse of which poseession can be taken.Contact the authorised officer in your case and ask him directly.You may also ask for the acknowledged copies of notice served under section 13(2).However in the notice authorised officer calls upon the borrower for payment of full amount outstanding plus interst and other expenses.So considering upon the chances of realising the debt upon putting the property on auction they may decide for stalling the process on reciept of overdue only .

@ sir,, how can we declare a possession of the house invalid... ???? i mean is dre some sort of checklist which should be done by the bank officials before taking the possesion of the house ??? this is all done with ill will just becoz we did not them their share as  it was corruption..

File a appeal petition in DRT

I donot understand one thing, if you have paid full amount then how can the bank initiate recovery proceedings, There is something is missing. If you are clear in your version file a petition in DRT against illegal possession by the bank,with the things what u have narrated it will easy for you to get a stay on bank proceedings.