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Discussion > Business Law > Banking > Notice u/s 13(2) sarfaesi act   Unanswered Threads Post New Topic

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There are 23 Replies to this message


Nadeem Qureshi 9953809956


Advocate/ nadeemqureshi1@gmail.com
[ Scorecard : 22031]
Posted On 17 October 2011 at 13:05 Report Abuse

Dear Friends

can the bank/Financial institution sent the notice under section 13(2) SARFAESI ACT after filling the Original Application for recovery of money in Debt Recovery tribunal or not?

Is it mandatory to mention in above notice the date of NPA Declaration or Not?

thanks in advance for your valuable time



Uday


Lawyer
[ Scorecard : 278]
Posted On 22 October 2011 at 12:45 Report Abuse

Yes, parallel proceeding is permitted under the SARFAESI Act. There is no bar. It is well settled by the "Transcore" Judgement.


ADVOCATE DEFENSE.


POWER OF DEFENSE IS IMMENSE - firmaction@gmail.com
[ Scorecard : 15818]
Posted On 22 October 2011 at 18:52 Report Abuse

Practically such situation does not arise since after notice the lender has powers to attach property and sale it. It is only for few expert debtors with proper legal advice to thwart such action and force the lender to bring legal order for attachement and sale.


sukhbir singh


managing director
[ Scorecard : 108]
Posted On 23 October 2011 at 10:14 Report Abuse

the party comes to know NPA declaration only through 13(2). is it correct? or there should be a separate written declaration of account being declared NPA.


RAJU O.F.,


Advocate
[ Scorecard : 3086]
Posted On 23 October 2011 at 14:25 Report Abuse

Even after filing OA in DRT banks and FIs initiate SARFAESI proceedings by issue of Demand Notice

u/Sec.13(2) especially after the disposal of Transcore case by Hon'ble Supreme Court.  There is no specific ruole to mention the date of NPA, in the Demand Notice.  But the mortgagor/ borrower can challenge against the classification of account as NPA, if such classification was wrong.


sukhbir singh


managing director
[ Scorecard : 108]
Posted On 23 October 2011 at 16:59 Report Abuse

If Bank resort to action u/s 13(2( and subsequently under 13(4) where the defaulted amount is less than 20% or RS.1 LAKH, whether bank is right.  If not, what is the forum where this wrong declaration of NPA and taking action under 13(2) and 13(4)  can be challenged.


Uday


Lawyer
[ Scorecard : 278]
Posted On 24 October 2011 at 16:32 Report Abuse

Can you please clarify the meaning of defaulted amount. Does it mean the defaulted EMIs or the entire outstanding?


sukhbir singh


managing director
[ Scorecard : 108]
Posted On 24 October 2011 at 22:58 Report Abuse

The NPA is declared on account of irregularity in payment.   As per RBI guidelines, if irregular dues are paid, the account should no longer be treated as NPA and should be converte into standard account.   I am talking about irregular amount of dues due to which the account become NPA.  The account in question is PC, Term Loan, OD in current account, interest.


Surendra Gupta


Banker
[ Scorecard : 268]
Posted On 25 October 2011 at 12:01 Report Abuse

The "defaulted Amount" as on any date includes instalments of term loan(s) and interest debited in the account(s)  which remains unpaid.


RAJU O.F.,


Advocate
[ Scorecard : 3086]
Posted On 28 October 2011 at 17:24 Report Abuse

If the default is for more than 90 days the banker can classify that account  ( full loan dues) as NPA. If that due amount is more than Rs.1 lakh or more than 20% of principal+interest, bank can also take proceedings under SARFAESI Act.



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