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LOAN RECOVERY

NANDKUMAR B.SAWANT.,M.COM.LL.B.(MUMBAI),ADVOCATEMOBILE.09325226691,09271971251e.mail.adv.nbsawant@yahoo.co.in e.mail.nandkumarbs@sify.com1.LOAN ARREARS FOR MORE THAN 1000000/- NOTICE UNDER SECURITISATION ACT.IS SENT BY BANK TO THE BORROWER AND SURETIES. PROPERTIES ARE ATTACHED .ANOTHER NOTICE FOR SALE OF PROPERTY ATTACHED IS SENT TO BORROWERS AND SURETIES AND PROPERTIES ATTACHED ARE SOLD.MOST OF THE CASES INNOCENT SURETIES WHOSE SIGNATURES ARE FORGED ON MOST OF THE DOCUMENTS ARE HELPLESSLY SUFFERING. D.R.T.IS ALWAYS FAVOURING BANKS. AMMENDMENT SERIOUSLY NEEDED IN THIS ACT.COMMENT

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4 Replies

Y V Vishweshwar Rao (Advocate ) 27 May 2009

Dear Swant and Mr Siva you are right , where there is fraud and intentional harrassment by FI/banks , it should be attended by necessary amendments in the Act . The Sale of Flat as mentioned by Sri Svia , is with out notice is illegal .

Ziaul Haque Ansari (Advocate) 01 July 2009

I agrre that ammendment is necessary to the act

A.K.D Sayare (Advocate) 08 August 2009

I agree amandment is necessary for the 2002 act, court fee need to be reduce and strict punishment should be given to bank officials who dont follow procedure.