Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act ,2002Act No : 54
|
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
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 YOUR QUESTION ABOUT JURISDICTION OF CIVIL COURTS IN CASE OF SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY ACT,
KINDLY NOTE THAT
1.NO CIVIL COURT HAVE JURISDICTION AS IT IS SPECIFICALLY BARRED BY THE SAID ACT.
2. IN CASE NOTICE IS SENT UNDER THE SAID ACT , KINDLY NOTE THAT INITIALY NOTICE IS GIVEN UNDER SAID ACT BY THE BANKS TO THE BORROWER AND IT IS OF SIXTY DAYS.
THE BORROWER IS ASKED TO REPAY THE AMOUNT OF LOAN WITH ARREARS OF INTEREST.
3 IN CASE HE FAILS TO MAKE REPAYMENT OF SAID LOAN ARREARS THEN BANK IS AUTHORISED TO ATTACH THE MORTGAGED PROPERTY OF THE BORROWER.
4 THEN ANOTHER NOTICE FOR SALE OF ATTACHED PROPERTY IS PUBLISHED IN THE NEWS PAPER AND ALSO SENT TO THE BORROWER BY REGD.POST A.D.THIS NOTICE PERIOD IS OF 45 DAYS.IN CASE BORROWER FAILS TO REPAY THE ARREARS OF LOAN AMOUNT AND INTEREST THEN THE ATTACHED PROPERTY IS AUCTIONED AND LOAN ARREARS ARE RECOVERED FROM THE SALE PROCEEDS. IF AMOUNT OF SUCH SALE PROCEED IS MORE THAN THE LOAN ARREARS BANKS ARE SUPPOSED TO RETURN THE SAME TO THE OWNER OF SUCH PROPERTY.BUT IN CASE AMOUNT OF SALE PROCEEDS ARE LESS THAN THE AMOUNT OF LOAN ARREARS THEN BANK MAY ATTACH AND SALE ANOTHER PROPERTY WHICH IS MORTGAGED BY THE BORROWER AND RECOVER THE ARREARS OF LOAN AMOUNT.
5 KINDLY NOTE THAT THIS PARTICULAR ACT IS ENACTED TO PROTECT THE INTEREST OF BANKS AND RECOVER THE LOAN ARREARS.HENCE THE PERSON WHO RECEIVES FIRST NOTICE AS EXPLAINED ABOVE OF SIXTYY DAYS HE SHOULD APPROACH DEBTS RECOVERY TRIBUNAL FOR REMEDY OF APPEAL WHICH HAVE JURISDICTION FOR LOANS ARREARS ABOVE 10 LAKHS.BUT KINDLY NOTE THAT STAMP DUTY IS VERY HEAVY MINIMUM RS.12,000/- FOR ADMITING THE APPEAL.
6.KINDLY NOTE THAT IN EXCEPETIONAL CASES ON LAW POINTS IF IT IS BROUGHT TO THE NOTICE OF HIGH COURT THE ILLEGALITIES OF BANK THEN HIGH COURT CAN INTERFERE AND CAN GRANT RELIEF. I HAVE SUCCESSFULLY OBTAINED STAY FROM HON'BLE HIGH COURT OF BOMBAY BENCH AT AURANGABAD, ON NOTICE SENT BY BANK UNDER SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY ACT AND MANAGED TO STAY ATTACHMENT OF RESIDENTIAL HOUSE OF MY CLIENT KINDLY NOTE.
7 KINDLY FURTHER NOTE THAT THE CIVIL COURTS DO NOT HAVE ANY JURISDICTION TO INTERFERE THE NOTICE AND ATTACHMENT AND SALE OF PROPERTY BY BANKS UNDER THE SAID ACT.
8 KINDLY NOTE THAT IN CASE COMMON PASSAGE IS MORTGAGED BY THE BORROWER IN FAVOUR OF BANK THEN IT IS A GOOD CASE FOR OBTAINING STAY TO THE SAID NOTICE SENT BY BANK UNDER THE SAID ACT.YOU MAY APPROACH HON'BLE HIGH COURT ON BEHALF OF BORROWER AND OTHER COOWNERS OF THE COMMON PASSAGE.
IN CASE YOU NEED ANY FURTHER HELP KINDLY SEND DETAILS OR CALL.
WITH BEST REGARDS TO YOU YOUR FAMILY AND FRIENDS.
YOURS SINCERELY
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE
if civil court have jurisdition in securitisation and reconstruction of financial assests and enforcement security act then please tell any authority
Please Tell anybody that civil court have jurisdiction if the common passage is mortgaged by the borrower in favour of the bank
© 2024 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
