Sarfesi notice

No Court has any jurisdiction to interfere in this case excepting Debt Recover Tribunal. You shall have to find out faults in the SARFAESI Proceeding taken up by the Bank &  file an application asking  the DRT for setting aside the SARFAESI Proceedings undertaken by the Bank since they are faulty. If you succeed, you  will get some time before the Bank restarts issuing Notices under SARFAESI Act,2002 afresh.

Engage a lawyer who practices in DRT.

If the borrower or any other person who had any tangible grievance against the notice u/s 13(4) or action taken u/s 14, then she could availed remedy by filing an application u/s 17(1) within 45 days from the date on  which such measures was taken. Both the tribunal and the appellant tribunal are empowered to pass intern orders u/s 17 and 18 and are required to decide matters within the fixed time schedule. The granting of stay order in your case is almost 100% assured subject to the condition you promise the recovery within a period of say 6 months. The DRTs are very liberal in granting stay where the borrower promises recovery in a short period. There shall not be any difference between a private or nationalized bank or far that matter any other financial institution. The surfaesi act  is the same for all financial institution.

For a detailed study you may refer to my article published by Indian Bank's Association Mumbai in Journal The Indian Banker for March 2012 under the head Sarfaesi Act Delaying Tactics Used by Borrowers

Before DRT, it will be impossible to get a stay,  only with the plea that You will pay shortly. In fact if the Bank does not accept the request of delayed payment, the DRT can not force them to wait & accept delayed payment. SARFAESI ACT is s draconian Act meant for recovery of Debt. You can get a stay if you can prove that there has been mistakes on te part of the Bank in following SARFAESI proceedings viz., not providing details of the outstanding in notice u/s 13(2) of the Act, not replying to the letter of the borrower sent after getting the said notice u/s13(2) with 7 days. etc.

Engage a lawyer who mpractices at DRT

HI,

Thank you for your reply in short notice. We are gonna ask bank for 15 more days time as we almost sold another property to take this out of mortgage. Only delay is the payment we are receiving.. Registration will be happening in 3-4 days. so gonna convince bank with this.

Thing is  - we are already 10 to 15 days cross end of notice period. And - i don't think we are gonna receive full one settlemnt payment.

Anyway thanks for ur reply i can see we cannot seek court and possibility of getting stay is less.

Regards,

Rajesh.S

You should reply the earlier notice under 17 (2)   within xixty days which they  have to reply within next seven days.

File a case of junuction in lower court for stay of possession and sale by making objections for illegality of action.

Go through the article Mr Cheema has sugested for guidance.

If bank issued possession  notice under Sec. 13(4) of SARFAESI Act, you have to immediately prefer an appeal u/S 17 of the Act before your jurisdiction DRT. Engage a good advocate who is appearing in DRT for borrowers. If you proceed properly, DRT will grant you Stay Order from further actions of the bank and you may get time for amicable settlement.  Before DRT, there is no differentiation between Nationalised bank or private bank.

You have been properly guided Rajesh. Proceed with the same.

HI,

Thank you, We had proceeded with the same and got stay order from Bank untill our sale of the property ourselves. 

Thanks for the guidance and help. 

Thanks & Regards,

Rajesh.S

Dear Rajesh,

Thats a wonderful news you have shared. Congratulations.

You have stated that you obtained stay order from BANK. I hope it must be DRT.  Otherwise, bank may any time change the story.