Sarfasi act

The Bank can not take possession after 20 days of issue of Notice.

The first thing u need to do is to contact a good lawyer & send a reply to the Bank asap.

Secondly, don't get unduly worried. This is not the end. Infact this is the beginning.

There's a lot that can be done.

If u r from Maharashtra u may contact Adv. Manish Bohade on 9371505560, mail - m.bohade@rediffmail.com, for providing u with correct guidence in this regard.

The Bank can not take possession after 20 days of issue of Notice.

The first thing u need to do is to contact a good lawyer & send a reply to the Bank asap.

Secondly, don't get unduly worried. This is not the end. Infact this is the beginning.

There's a lot that can be done.

If u r from Maharashtra u may contact Adv. Manish Bohade on 9371505560, mail - m.bohade@rediffmail.com, for providing u with correct guidence in this regard.

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, allows banks and financial institutions to auction properties (residential and commercial) when borrowers fail to repay their loans. It enables banks to reduce their non-performing assets (NPAs) by adopting measures for recovery or reconstruction.

As regards SARFAESI Act is concerned, subsequent to default as per the provision, Bank is entitled to issue notice u/s 13 (2) of The Act and provides 60 days time to the defaulting borrower to regularize and clear all his liabilities.  That, to the said notice, the borrower can raise objection pursuant to receipt of the same bank has to reply the objection if any raised within 7 days from the receipt of the objection as to non-acceptance of the objections.

In case if the borrower does not clear up or discharge all his liabilities, then in such case, the secured creditor or bank can issue notice u/s 13 (4) and taken possession of the property i.e. symbolic possession pursuant to same the bank can/may proceed for auction sale for which the bank has to issue public notice in news paper and fix the sale notice at conspicuous place at the mortgaged property.

That, the said action of the secured creditor/bank can be challenged within 45 days by preferring an application before DRT.