SARFAESI ACT

AJEET KUMAR (Querist) 30 April 2011 This query is : Resolved
DEMAND NOTICE 13(2) HAS BEEN ISSUED. AFTER EXPIRY OF 60 DAYS, THE LOANEE GOES TO LOK ADALAT SAYING HIS FINANCIAL POSITION IS NOT WELL AND HE WILL PAY LESS THAN PRINCIPAL. WHETHER SARFAESI PROCEDUR SHOULD BE STOPPED IN LIGHT OF LOK ADALAT NOTICE TO APPEAR(OUR ORGANIZATION SHOULD APPEAR AT THE COURT)

Follow Query

Report Abuse

Isaac Gabriel (Expert) 30 April 2011
Finality of searfasi Act proceedings has not been reached.Your organisation need to respond to the Lok Adalat notice

Devajyoti Barman (Expert) 30 April 2011
If it is initiated by you then you can not proceed with SARFAECI till disposal of the dispute before the LOK ADALAT.
If no, then go ahead.

Guest (Expert) 01 May 2011
I agree with Mr. Devajyoti.

malipeddi jaggarao (Expert) 01 May 2011
As per the querry it is clear that the author has not initiated action under Lok Adalat. He has initiated action under SARFAESI. Both go simultaneously. You need not have to stop the actions under SARFAESI Act.

DEFENSE ADVOCATE.-firmaction@g (Expert) 01 May 2011
Ultimately whatever is available has to be recovered amicably. You can recover on dead or incapable borrower.

Guest (Expert) 03 May 2011
Totally agree with devajyoti,
you can not proceed with SARFAECI till disposal of the dispute before the LOK ADALAT.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries