Dear Sir,
SBI issued notice under 13(2) in Dec-2008 for housing loan where 3-4 installments were in arrears. Borrower paid the amount & became standard on March 2009. In September 2009 account became NPA for default of Rs.13820/-. Bank didnot issue notice under 13(2) but straightly proceeded for action u/s 13(4) and had physical possession with police force by locking the premises.
Bank / Recovery agent publiclly humilated the borrower and forcibly recovered 105000/- on the same day.
Now can any body guide me on following :-
1) Can bank take possession on the strength of notice issued in December 2008?
2) On account becoming STANDARD in March 2009, does the notice of Dec 2008 is redudent & bank is required to issue notice under 13(2).?
3) What course of action is available to borrower?
Awaiting for experts comments.
Thanks & Regards
Pathak R K
