My CC account got NPA in 2013 and bank got symbolic possession same year. this year bank applied at tehsildar (collector) for physical possession and applied at DRT. i may get the notice from collector within day or 2 to vacant the premises.
what is the procedure for physical possession? what is our right to fight against this appeal? how should i react to the physical possession process?
i have lost my business due to recession and now running small business which yields only my day to day expenses. i have only properties left with bank which can pay off the dues. i am searching for to sell my properties since account got NPA but no results. If bank gets the possession they may sell it at distress value. I do not have enough funds to fight against in DRT/tehsildar.
28 June 2017
You have searched and come to this site means you are not average person.
what is your current business.
You can try new method and can make history for others. Apply to bank to refer your matter under new law of inslovancey code. The agency for prop or partnership is DRT where no body has gone so far so you may be first person. For companies it is CLB where process has started for bigger companies.
Even procedure and DRT FEES have not been published. for prop and partnership firms . YOU CAN START THE PROCESS.
28 June 2017
No fees have been notified by DRT so far in such matters. However you can ask the bank to refer this matter under insolvancy code so no expanses for you at all. Even otherwise till they sort out the things you will get sufficient time.
Dt maginstrate is authority for possession and he may direct tehsildar it is again not as per procedure since the DM has to appoint a reciever. So you give notice to DM and bank also that your case may be sent to DRT for settlement under insolvancy code.
i agree your point, but the thing is value of my property is more than the principle amount i owe to bank. bank will neither go for OTS nor for insolvency code. bank is having upper hand and DRT also favors banks upon borrowers.
30 June 2017
Very well advised by experts, I agree. Nothing more to add, now it is your turn to act as advised or you feel better to protect your interest. However, there is no escape from payment of bank dues.