This is misuse of SARFAESI ACT by the NBFC Company who had acted fradulently and grabbed the property issued notice to the death deceased (both borrower and co-borrower died in an accident). Both the borrowers were prompt repayers of the loan amount during their tenure and the loan was linked with life insurance whereas the NBFC Bank had deducted monthly the insurance amount along with the EMI which was substantiated by their own statements.
The case went on for 7 years in Chennai DRT-1 having numerous probles like non sitting of the PO and pushing the aurguements for 3 times up and down from DRT-1 to DRT-III and then finally the DRT-1 finally had permanent sitting PO. In the meantime the NBFC Company mishandled the whole issue by chasing the widow lady and her mentally retarded daughter missuing the act who was supposed to be the sister of the death deceased and left on road without food or shelter and no clothes to wear and was challenged by the guarantor who appared party in person and got back the articles missing of cash worth of Rs.1.70 lacs and 5 soveigns of gold.
All these acts where condemned by the DRT-1 Judge by way of his land mark order imposing a fine of Rs.40 Lacs and restore the property to the legal heirs. The NBFC Bank approaced the DRAT Court and got the NON SPEAKING ORDER saying that the legal heirs have to pay the loan amount and waiver of fine amount of Rs.40 Lacs without any ryhm or reason and back to square one which is INJUSTICE to the Petitionerss. This is nothing but violation of principals of natural justice.
People will definetly loose their hope in judiciary if this type orders are pronounced without application of mind by the Hon'ble Judge the reason best known to him??!!!
