Section 31(j) of sarfaesi act regarding exemption

In case 17.5 lakh has been deposited then such account shall become standard and regularised as per guidelines of RBI so if bank refuses to do so then file a complaint under DRT.

In case 17.5 lakh has been deposited then such account shall become standard and regularised as per guidelines of RBI so if bank refuses to do so then file a complaint under DRT.

In case 17.5 lakh has been deposited then such account shall become standard and regularised as per guidelines of RBI so if bank refuses to do so then file a complaint under DRT.

DRT is legthy procedure first the lender has to comply with other requirements such notice and reply to the notice.

Even after that let the lender go to THE  DRT. If possession is tried resist by legal action since most of the time the lender do not follow all the step given in the act and rules.

@ JSDN

Please let us know what act and rules the lender / bank needs to follow

@ JSDN

Please let us know what act and rules the lender / bank needs to follow

If you have paid the entire "amount in defalt" to the bank, the bank has to treat your accounts as standard as per the guidelines of the Reserve Bank of India pertaing to Non Performing Assets (NPAs). Since your accounts are no more NPAs, the bank cannot proceed afauinst you Section 31(J) of Sarfaesi Act

1) the lender has to give notice and has to give sixty days time for reply.

2) get and expert to reply and raise as many objections as possible.

3) lender has to respond within next seven days.

4) You can agains counter objections on that reply.

sufficient time is available to take further legal action for that an expert is needed.

@ jsdn

How and on what basis Banks  sanction Loans, even bank can do mistakes for sanctioning loan can you please highlight that point majority of the bank officers take bribe to sanction loans.

Please let us know how bank needs to sanction loan

bssis and all that is irrelevant once you are defaulter.

There is no hard and fast rules for the banks to sanction loans to its customers.  Recently, I have come across a case in which a borrower of loan amount of 360 crores, defaulted and in order to help the party, a further loan of 180 crores was released and later filed OA in DRT for recovery of about 600 crores.  I am sure they will not recover even half of that dues. The rest I leave to your imaginations.

The loans are sanctioned by banks under the policy guidelines of the RBI/ Government of India and the bank's Boards. The amount of the loan and the terms and conditions are dependent upon the activity of the borrower and the purpose for which the loans are to be utilized. It is abzurd to state that all the bank officers take bribes for sanctioning the loans. Had that been the case, banks Non Performing Assets would have arisen to alarming levels

sir,

  my loan amount was of rs. 27,40,000/- from lichfl in october 2009. my 7 emis r pending which amounts rs 2,27,094/-.(emi 32442/- each). they have issued sarfaesi against me under sec.13((2). i have tried to deposit one emi but they have refused to take. so kindly make me clear whether i come in the 20% of the total loan amount category ?