NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE
MOBILE.09325226691, 09271971251
e.mail.adv.nbsawant@yahoo.co.in
e.mail.nandkumarbs@sify.com
REGARDING NOTICE UNDER SECTION 13 OF SAID ACT AND LAWYER KINDLY NOTE THAT
1.SECURITISATION ACT WAS ENACTED TO PROTECT THE INTEREST OF BANKS WHO WERE FINDING IT DIFFICULT TO RECOVER BANK LOANS FROM THE BORROWERS.IT APPLIES TO LOAN AMOUNT MORE THAN TEN LAKHS. DEBTS RECOVERY TRIBUNAL HAS THE JURISDICTION FOR THE MATTER. INITIALLY 60 DAYS NOTICE IS SENT TO THE BORROWER AND SURETIES AND MORTGAGED PROPERTY IS ATTACHED AFTER SAID PERIOD OF SIXTY DAYS IS OVER.THEEN ANOTHER NOTICE OF 45 DAYS IS SENT TO THE BORROWER AND SURETIES OF LOAN TO REPAY THE LOAN ARREARS. ONCE THIS 45 DAYS PERIOD IS OVER THE SAID PROPERTY IS SOLD AND LOAN ARREARS OF BANK ARE RECOVERED FROM SALE PROCEEDS.
2.KINDLY NOTE THAT CIVIL COURTS HAVE NO JURISDICTION IN THESE MATTERS.
3.ONLY ON EXCEPTIONAL GROUNDS HIGH COURT CAN INTERFERE IN THE MATTER. KINDLY NOTE THAT I HAVE SUCCESSFULLY GOT STAY FROM HIGH COURT BOMBAY BENCH AT AURANGABAD (D.B.),ON THE NOTICE SENT BY BANK UNDER SECURITISATION ACT ON ILLEGALITIES ON THE PART OF BANK.
IN CASE YOU NEED ANY FURTHER HELP YOU MAY SEND DETAILS OR PLEASE CALL.WILL HELP YOU.
WITH BEST REGARDS TO YOU YOUR FAMILY AND FRIENDS
THANKING YOU
YOURS SINCERELY
NANDKUMAR B.SAWANT.,M.COM.LL.B.(MUMBAI),ADVOCATE.