sarfaesi


How a bank take possession of mortgage.what are the legal steps bank take in order to possess the property and then dispose the same
 
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Advocate

Bank is having panel lawyer, let them handle it. Anyway, what's your concern in such matter concerning with bank problem.

 
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Bank first sends you 13(2) demand notice ..you can raise your objections in 13(3) objection letter if you find any violation they committed in interest rate charges or account is faulty..if they correct it then good...otherwise they will send you 13(4) symbolic possession notice..don't panick at this stage..you can either file section 17 under sarfaesi act to seek justice or go to visit district or chief metropolitan magistrate if their claimed amount is not legitimate... Dm will call you for hearing..don't let the bank enjoy exparte physical possession order.. It has to be adjudicative ..so DM must listen to both the parties..most of the time banks bring a fake permission of DM to threaten or evict you..if you are not guilty face it ...show all relevant proofs like payment receipts,agreements etc.and make sure the lian agreement has both party sign and signature..otherwise it turns void ab initio..and legally unenforceable... Moreover, if your outstanding amount is less than 20% no sarfaesi can be executed at all. Banks will be in deep trouble if you drag them to drt
 
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