Demand Notice under Section 13(2) of Securitisation act
Jitendra Kulkarni
(Querist) 24 July 2010
This query is : Resolved
The property I have purchased had a secured loan against it taken by the earlier owner. The loan had become NPA in 2003. Now bank has send a demand notice u/s 13(2) of securitisation and Reconstruction ... Act. The earlier owner is not tracable, and to save my property, i may have to pay the amount. The demand notice nowhere mentions the date of NPA . It just mentions about outstanding amount as on 31.05.2010 and future interest as the amount as payable. The amount mentioned as o/s on 31.05.2010 is the o/s amount on the data of NPA and does not include interest from the date of NPA till 31.05.2010. Can this be interpreted that bank has waived off the interest from the date of NPA till 31.05.2010 or is it a typing mistake. If it is a typing mistake, can I take shelter under that , pay the demanded amount + interest from 31.5.2010 and force the bank to release the charge on the property ?
Raj Kumar Makkad
(Expert) 24 July 2010
Non-mentioning of amount of interest from the date of NPA till to date do not mean that the same has been waived off. Until and unless NOC is not issued by the bank after getting the entire outstanding amount, you cannot force the bank officials to take undue benefit of any error or omission.
Jitendra Kulkarni
(Querist) 24 July 2010
Mr. Rajkumar and Mr. Barman, Thanks for your reply. I had loaned money to the earlier owner in 2002 to repay his loans from two banks against this property. We had entered into an equitable mortgage agreement for this and the owner had given power of attorney to me to deal with the property including authority to sell / transfer to recover my money. I had also obtained NOC from society and Society had taken my charge on the property into their books. When I realised that the owner will be unable to pay ( due to business losses ), I decided to buy the property by executing part visar receipt for part payment in Dec 2002. While the original documents were with one of the earlier lender banks, the owner without my knowledge took one more loan in April 2003 fradulantly in connivance with the local branch manager of a Nationalised bank. The bank too gave the loan without originals and registered the mortgage. In July 2003 I paid the loan of the earlier bank on behalf of the owner and got the original documents in my possession. Subsequently the property was transferred to my name through an assignment deed in 2004. The toatl amount paid by me ( directly to the owner + towards the repayment of his earlier loans to the banks ) was more than the property value at that time. The branch manager of the bank who gave loan without originals was later suspended and is currently in Jail. The case is with CBI. Does bank have a right over my property ? What is the remedy I have other than paying the loan taken / given by fraud ?
Deekshitulu.V.S.R
(Expert) 25 July 2010
In some instancesd after the acount becomes NPA the interest accured will not be indicated, it will be calculated and collected at the time of actual paymentis made. Pay the amount to Bank andtry recovering actual borrower/your vendor
s.subramanian
(Expert) 25 July 2010
yes i agree with mr.dikshitulu.
s.subramanian
(Expert) 25 July 2010
you are liable to repay all the secured loans over your property till before you purchased it under assignment deed. you have no other option but to repay the loan to the bank the cbi case has no bearing on your loand dues.
