Sarfaesi act

1. The law is that since you have taken loan from the Bank which deals with public money, you shall have to return the same with interest at agreed rate.

2. SARFAESI action can not be initiated for taking possession of Agricultural land unless the said agricultural is being used for residential purpose and not for the purpose of agriculture.

3. However, you should have file a S.A. before the local DRT on receipt of the Possession Notice praying for setting aside the SARFAESI proceeding initiated by the Bank.

4. Contact a local lawyer practicing at DRT and file a S.A. if the auction has taken place within one month.

5. Bank has no power to waive any dues if it can be recovered since Bank deals with public money and is answerable.

Please come out with facts as to whether you have really an agriculturist and borrowed for purpose of agriculture or offered the land as collateral security, by escalating value of such agricultural land showing it as residential property etc.  As already guided by expert, contact local advocate, though there is no such possibility now.  The procedure for recovery is a very long process and at each and every state from date of default of installment to auction, Bank might have issued at least a dozen notices, and you were silent then and now crying over spilled milk.

Yes, please post complete and correct facts.

I have availed that loan neither agriculture activity nor residential purpose. I just pledged for the land and availed mortgage loan. The bank panel engineer valuated that land as "vacant land" wrongly even that land is an agriculture land from 1990 to till date in government revenue records. Based on government records can I suit file against the bank? 

Hello,

As per query bank has already auctioned the agricultural land then you have to file an appeal against the bank. You have to negotiate with the bank officer about the settlement of your dues there is no rule for waiver etc. 

Thank you experts.. And another one doubt is the bank mentioned my mother as a guarantor.  But my mother not signed any documents such as overdue, demand notice,  acknowledge of debit etc.. Can my mother file a suit against the bank? Because that land owner is my mother and my gave me a power of attorney to me. With that power of attorney only i availed that loan.  Thank you. 

I am afraid that you are focusing only on evading bank loans and enter into litigation ignoring the amount borrowed by you.   Contact local advocate and explain to him your story and try whether he can take up such a case, assuring such victory against the bank.  Once the POA was notified of such overdue, demand notice, AOD etc., there may not be any additional necessity for notices to the guarantor.

Facts posted are ambigous and confusing.

it would be appropriate to consult a local prudent lawyer with relevant records for appreciation of facts and documents, professiobal guidance and necessary proceeding.