Drt and appleal to vacate award of auction
Querist :
Anonymous
(Querist) 05 January 2012
This query is : Resolved
I was declared defaulter in loan by a cooperative bank and was issued a demand notice in 2Dec.2008. The Bank wwent on accepting repayment even thereafter and till date. In Feb.2010, intimation to take possesion of securities was given to me by the authorised Bank(cooperative)under SRFAES, inspite continuation of repayments against the loan, to tokae a symbolic possesion, (0n 20-2-2010)The Bank also published an Auction of immovable property 15-2-1010 and on 28-8-2011, ins pite of continuing to repay (al most entire interest has been paid up by me). My contension is, that is this legal when on one side the amount is being accepted from the borrower and on the other side, by keeping him in direct, the award it take(without prior intimation) and the auction is declared? Where do I stand legally and what are my rights? Where do I appeal to stop auction? I have proved my bona fide intension by continuing to pay large sums against the loan throuh out.
Anirudh
(Expert) 05 January 2012
Dear Anonymous,
What is the hurry now.
All these years when the bank was taking action against you - by issuing notice - by taking symbolic possession - publishing auction etc., you never appear to have taken any action to defend or protect your interests.
So what is the concern now?
If bank is taking action to auction the property, when there is no stay etc., against its actions, it is well within its rights. If in the meanwhile you had made any payments, don't worry, that much amount would be credited to your account, the bank will realise through auction the amount due to it, and return the surplus amount to you!
If you are really serious, then you have to approach a lawyer who is practising before the Debt Recovery Tribunal, hand over all the papers, discuss the matter and take appropriate action. Certainly, you cannot behave as though you do not know anything at all.
ajay sethi
(Expert) 05 January 2012
what is maount due and paybale by you to the bank?
have you been regular in payment of installments?
the fact that you have been declared a defaulter shows that you were not paying installments on time .
you will have to move DRT for stay of auction . .
DEFENSE ADVOCATE.-firmaction@g
(Expert) 05 January 2012
As advised by ANURUDH you should take services of experienced advocate in this matter.
As a routine there are always lapses in following procedures by lender and you can take advantage.
Local courts can also give stay if proper home work is done.
DRT will give stay only after part payment .
Deepak Nair
(Expert) 05 January 2012
Best advise is to avail services of an expert lawyer who is experienced in handling matters in DRT.
Devajyoti Barman
(Expert) 05 January 2012
The jurisdiction of civil courts is barred under the SARFAECI Act.
The borrower can however avail the protection of section 17 of the Act.
Raj Kumar Makkad
(Expert) 05 January 2012
When any account is declared as NPA then without getting it regularised, it is high riskful for the loanee to keep on deposing the repayment as has been done in your case.
Bank is right in its approach. You kept on sleeping at your end without personally approaching and rescheduling your balances.
Anyway, you should immediately engage an experienced lawyer and should follow his direction as nothing has lost even today if you manage the things in proper way otherwise after auction, you shall get only meagre amount.
