Sarfaesi 13(4) notice says possession one week

The Bank can not throw you out on the streets so don't get nervous. If you have some points about the Bank's lack of fairness present the same to them. And simply refuse to handover the possession politely. Also enquire weather the Bank has secured an order from the D.M. If not they are not allowed to take physical possession. 

File a caveat u/s 148A of CPC with the DM / CJM praying for a hearing if the Bank applies for permission to take physical possession.

Contact, consult & appoint a good lawyer. 

Most important - keep the faith.

MANOJ HARIT

The matter can not go before DM or CJM.  You have to go before the DRT of your area and file case for stay and cancellation of possession notice.

Dear Shashikumar Sir,

DRT would reject the Application as premature. DRT can not be moved only on the basis of Possession Notice. If the I'm missing the facts kindly correct me by giving a citation.

Regards,

MANOJ HARIT

Dear Sri Manoj Kumar,

Symbolic possession of this property was taken un June'08 against Personal guarantee on Business loan from same bank. We fought and proved that there are no dues. We filed complaint with BO who grilled the bank. Before BO could give an order bank filed OA at DRT and told BO that his jurisdiction is ousted. BO closed the file.

Now inspite of credit lying in our business loan accounts and we are repeatedly telling the bank to clear entire outstanding amount of Rs. 8 lakhs from the credit amounts, the bank is not replying nor taking any action. Because we had lodged complaint with RBI various depts. the bank is bulling us and now harassing under Sarfaesi act once again.

Bank can take physical possession, with or without help of police, unless you immediately prefer an Appeal/Application before jurisdictional DRT and obtain a stay order.

RAJU O.F. Advocate, Chennai

As far as I understand of reading the act https://www.drat.tn.nic.in/Docu/Securitisation-Act.pdf

banks (Under RBI) / HFC ( under NHB)  cannot evict you from your house. Please have a camocorder/photo  shoot everything when they enter, If forced. I believe they do not need to get  Magistrate permission, there were some case where they have too. If they do not have permission from Magistrate ,  no police should enter your house asking you to leave.

I guess, DRT will accept to take your app,only after the bank has not replied to your reply within 7 days of your reply from the 60 days of notice of bank given to you.

There is no relevance to 7 days period after issue of Possession Notice.  Bank can take symbolic possession or actual possession even without going with petition to Chief Metropolitan/ District Magistrate after 60 days from the date of receipt of Demand Notice under Section 13(2) of the Act.  If any representation or objection was raised by the borrower/mortgagor within 60 days, then bank has to reply within 7 days and then can go for taking possession.

RAJU O.F.Advocate

What if Bank did not reply within 7 days after raising objection. What steps can borrower take when bank not replied  within 7 days and replied after a month. Can borrower go to drt.

If the bank did not/could not send reply within 7 days from the date of receipt of objections from the borrower/mortgagor, bank has to withdraw or amend the Demand Notice u/S13(2) of the Act, with a fresh Demand Notice, before issue of any Possession Notice u/S 13(4). The aggrieved party could go to DRT only after issue of Possession Notice by the bank.  In case the bank issued Possession Notice without giving reply to objections, such illegal actions of the bank can be quashed by DRT/DRAT.

RAJU O.F. 

The seven days period is symoblic only. Now possession is taken and matter before DRT , you cantest the matter there. There is appellate DRT and than HC.

If your home work is alright you can also move criminal action personally against the persons of lender.

Yes. After DRT and DRAT the aggrieved party can approach High Court/ Supreme Court against the wrong actions under SARFAESI Act, by Banks & FIs

RAJU O.F.