Notice u/s 13 (2)sarfaesi act 2002

Querist : Anonymous (Querist) 25 November 2011 This query is : Resolved
We a pvt ltd company had borrowed funds from bank for a project the project failed to generate income after 12 months hence we failed to repay the bank.We had pledged 3rd party property to the bank now bank had sent the subject notice. We need alteast 12 months to repay the debt which the bank did not agree. Now please help and in which way I can save the 3rd party property or atleast stop the bank from taking urgent action as If I can drag for sometime than i will be able to pay the bank,pls advice.
Thanking you

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ajay sethi (Expert) 25 November 2011
you can in reply to notice ask for reschedulement of loan . you can offer to repay the said amount in installments .

consult a local lawyer . you are a pvt ltd company can afford legal fees

Rajeev Kumar (Expert) 25 November 2011
Agree with sethi

Querist : Anonymous (Querist) 25 November 2011
Definately I shall consult a local advocate but as iam a member lawters club I wanted a wider opinion to know if we can buy time and how it is possible so that I can also refer the same to my advocate.
Thanks for the reply also help if possible.

Nadeem Qureshi (Expert) 26 November 2011
is the bank issue notice u/s 13(2) Sarfaesi Act or not?

Querist : Anonymous (Querist) 26 November 2011
Yes the bank has issued the notice,which is y,day only.
Thanks n regards

Sankaranarayanan (Expert) 26 November 2011
now only way to approach higher officer of the bank and ask them to give time to settle.

Querist : Anonymous (Querist) 26 November 2011
We have tried that but they do not agree as they reply it is system and they have 2 follow RBI guidelines. Is there any other way ? Pls inform. Thanks

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