Need advise under SARFAESI ACT urgently

The best remedy is to approach a civil court to get injuction  not to take any action against your peaceful possession of your industry. You  can establish your bonafide by payment receipt. In fact, you can seek the assistance of the court to deposti remaining amount through court.Otherwise, you can approach Debt Recovery Tribunal and obtain stay against the notice from proceeding further.

You can opt any one as best advised by your counsel. 

Yes i agree to the above advice, you can show your bonafide by producing the payment recipt and intention to clear the dues in due course of time.

civil courts have no jurisdiction in the matter.

You have to go to DRT.

However you can prevent forcible possession by the lender.

Civil court has no jurisdiction in the above type of matters And D.R.T. also have a jurisdiction regarding the amount of Rs.1000000.00 and above. As per my view the best option against you, you approach to the Hon'ble High court under Art. 226 of Constitution of India, seeking remeady of certiorari and mandamus also If you are willing then the Hon'ble High court can issued mandamus and fixed the installments regarding the deposition of rest of the amount after adjusting the deposited amount.

Thanks

R. S. Tomar.

Advocate

High court Lucknow Bench

Dear Querist,

It appears from brief facts that you are required to move to DRT Mumbai -I/II/III (depending upon jurisdiction) filing Securitisation Appeal (SA) against the Section 13(2) / 13(4) of SARFAESI Act asap.

You may contact Mr. Mathews J Nedumpara, a veteran in this field, (022-24036161 and 09820535428) for immediate advice and legal action.

The only option available is to file an appeal u/s - 17(1) at DRT Mumbai. In the meanwhile send a legal notice to the Bank mentioning the payments already made by you & ask for repossession. ALSO CHECK UP THE FACT WHEATHER THE O/S IS BELOW 20% OF SANCTIONED AMOUNT. IN THAT CASE THE SARFEASI ACT IS NOT APPLICABLE. AND ANY ACTION TAKEN BY THE BANK WOULD BE ILLEGAL HENCE YOU CAN ALSO FILE AN F.I.R. AT THE LOCAL POLICE STATION.

GOOD LUCK. 

No DRT action possible prior to possession irrespective of opinions of any or all experts. We handle SUCH CASES ALL OVER COUNTRY.

You must resist possession at local level, it is easiest simple and sure remedy.

tell us where is your location ,we will help you out to avoid forcible possession.

THE POSSESSION OF THE PROPERTY WAS TAKEN ON 28.06.2011  FROM THRE DATE OF TAKING OVER POSSESSION YOU HAVE 45 DAYS TIME TO FILE APPEAL BEFORE DEBT RECOVERY TRIBUNAL UNDER SECTION 17 OF THE ACT AND PRESENT YOUR CASE OVER THERE.

SO WITHOUT ANY FURTHER DELAY ENGAGE A COMPETENT ADVOCATE WHO IS WELL VERSED WITH THE PROCEDURE UNDER THE ACT AND FILE APPEAL BEFORE DRT.

If only symbolic possesion is taken than you can  resist actual possessin. Insist for an court order.

It hte lender creates trouble you can file criminal case..

The best tactic woll be let th ;lender gp to DRT.

Immediately file Securitisation Application under Sec.17(1) of SARFAESI Act, within 45 days from 26-06-2011, the date of Possession Notice, at DRT through an advocate conversant with DRT and SARFAESI proceedings.  You will get interim stay from DRT against all further proceedings under SARFAESI by the bank and also enough time to sort out for an amicable settlement under OTS.

This is not the law and so not possible. The DRT will come in picture only after taking possession be lender and not before that. No stay is granted by DRT without payment since it is not a  civil court but a tribunal formed by the Ministry of finance for easy recovery of dues of banks.

Immediately file Securitisation Application under Sec.17(1) of SARFAESI Act, within 45 days from 26-06-2011, the date of Possession Notice, at DRT through an advocate conversant with DRT and SARFAESI proceedings.  You will get interim stay from DRT against all further proceedings under SARFAESI by the bank and also enough time to sort out for an amicable settlement under OTS.

Don't waste your precious time to file Application before DRT.  Some courts do not condone delay is appeal is filed beyond 45 days from the date of Possession Notice.  In your case, possession Notice was issued on 26-06-2011.  So make it fast.  DRT has all the power to give you remedy.
 

Please quote the section or provision to support your opinion.