Drt case
majeti
(Querist) 02 March 2015
This query is : Resolved
Sir,
My bank had sealed my property under DRT and now they found one customer and trying to sell the same and recover their dues.
i have no problem with this.However they are selling at a very low price, which will take care of their dues only.I had spent a lot on this and the sale proceeds will not clear my creditors.
The buyer is a client of the bank and wants a clear title without any litigation.The bank is forcing me to sell this as the financial year is coming to an end.
Can i proceed with a case against this bank after signing the sale documents.
I don't want this buying party to be put in any trouble.
please advice.
R.K Nanda
(Expert) 02 March 2015
take time from bank so as to sell ur property to different buyer on higher price.
filing case against bank is not going to solve ur problem.
R.K Nanda
(Expert) 02 March 2015
take time from bank so as to sell ur property to different buyer on higher price.
filing case against bank is not going to solve ur problem.
Guest
(Expert) 02 March 2015
You will gain nothing if you try to proceed with a case against the bank only after signing the sale deed. That will be treated as your voluntary sale with permission of the bank.
Rajendra K Goyal
(Expert) 04 March 2015
Write to the Banker with copy to their Head office, controller regarding the sale price is very low and another buyer is ready to purchase at higher price and request to complete the sale with new buyer.
majeti
(Querist) 04 March 2015
NPA - DRT-Case:
Dear All,
Can the bank continue charging Interest, penal interest and other visiting and legal and recovery charges once the asset is declared as NPA.
K.K.Ganguly
(Expert) 05 March 2015
1. The query is deficient in details,
2. Has the Bank taken possession of the property by initiating SARFAESI Act?
3. Are they asking you to agree to sell the property its chosen party under private treaty"
4. If yes, you can refuse to do that in writing to the Bank,
5. You can sell the property to your chosen party thriugh private treaty and write to that effect to the Bank,
6. Bank is bound to agree for the said private treaty if they can recover their outstanding through this sale.
malipeddi jaggarao
(Expert) 06 March 2015
The declaration of the asset as NPA does not have any relation relating to charging of interest and other charges. Certainly all these things will be loaded while determining the liability of the borrower. The interest should not be booked directly in the account as it is not immediately recoverable and if booked, bank's profits are shown as increased whereas it is uncertain whether the Bank can realize these amounts and if so when it can. Hence, treat it as internal accounting system matter of the Bank and it will not effect/change the loadings in the angle of the borrower. Be clear on this aspect.
Guest
(Expert) 06 March 2015
Interest/ penal interest is not waived even if the loan is treated as NPA.
majeti
(Querist) 06 March 2015
dear mr. k.k.ganguly,
thanks a lot for your reply. I would like to give you more information for this NPA case:
The bank had declared my asset as NPA in June 2013. There after they have issued a paper notification and took the physical position of my asset with a lock and key and a big notice pasted on the main gate, inner entrance etc...etc..
Also infomed the watchman and other workers in and around my place that they took the place and they are in charge of the building etc...etc...
there after they have continued charging the interest on the outstanding , all legal charges, paper noticification charges, recovery charges etcf...etc...
With this no broker is ready to show my property to their clients as the clients want a clean and non-litigate premises.
With this no one was ready to come and buy and the bank went on reducing the bid price and when it is low one of their customer came and bought the place at such a low price that i cann't clear my loan of my friends and relatives. The bank is only interested in recovering and closing the case.
I am planning to approach the court once the deal is over.
please advice me.
thanks in advance
K.K.Ganguly
(Expert) 06 March 2015
1. It appears that the Bank has issued Possession Notice u/s13(4) of SARFAESI Act,2002 and take possession of your property,
2. You should not have given physical possession of the property to the Bank,
3. In your first query you have stated "The bank is forcing me to sell this as the financial year is coming to an end". How come the Bank is forcing you to sell the property?
4. In your second query you have stated "when it is low one of their customer came and bought the place at such a low price that i cann't clear my loan of my friends and relatives",
5. It appears that the Bank has already sold the property and has issued or going to issue Sale Certificate,
6. However, if the sale has already taken place then you have the liberty to file a n application u/s14 of the Act before the DRT,
7. Engage a lawyer immediately having expertise in the field of DRT and file the application,
8. Civil Court has no jurisdiction to hear this matter.
T. Kalaiselvan, Advocate
(Expert) 06 March 2015
I agree with the experts views and advise, you may proceed as suggested by experts or consult your lawyer on further issues.
majeti
(Querist) 08 March 2015
Respected Mr.K.K.Ganguly,
thanks for your advice. PYes i am planning to file a case in DRT. Can you kindly help me in identifying a competitive lawyer or a councellor who can fight my case economically at from mumbai / navi mumbai.
thanks and regards
majeti
K.K.Ganguly
(Expert) 08 March 2015
1. There is a website named www.bankdrt.com. Visit the said website and/or contact its administrator to get names of alert DRT advovates practicing at Mumbai DRT,
2. Alternatively, visit your local DRT (there may be various DRTs in Mumbai. You shall have to find out the jurisdiction of the DRT wherein you shall have to file the application) for 7 days to select your advocate,
3. You shall have to file the application with in 45 days from the date or date of taking action u/s13(4) of SARFAESI ASct,2002 which also includes sale notice,
4. Hurry up since there is no provision of condonation of delay before DRT as per the Act.
