SARFASI ACT-DRT proceedigns-3rd party
R.Manivasagan
(Querist) 04 February 2011
This query is : Resolved
Dear Seniors,
My clients are not parties to the Loan Transaction with the Bank and One XX. The son of my client stood as a Guarantor to his friend and pledged the properties inclusive of my client's shares without my clients' knowledge. now the Bank is proceeding under DRT-SARFASI Act in which my clients are not parties. My clients separately filed a Civil suit for Partition to protect their legitimate claim, since the Civil court alone is the competent authority to decide the right of partition and obtained a Preliminary Decree for Partition. The Bank is also one of the Defendant in that suit proceedings.
now my clarification is what is the next course of action against the Bank based on the preliminary decree for partition. please note that the final decree for partition not yet passed by the civil Court. please clarify me
DEFENSE ADVOCATE.-firmaction@g
(Expert) 05 February 2011
First reply to the notice for which you get sixty days and lender has to reply within next seven days. There after move DRT.
LENDERS AS A RULE MAKE MISTAKES BUT FURTHER LITIGATION IS ON HIGHER LEVEL WHICH TAKES REAL HARD WORK.
Advocate. Arunagiri
(Expert) 05 February 2011
1. You can file a petition before the DRT only. Other courts have no jurisdiction.
2. File a petition u/s 17 (1) of the SARFAESI Act before the DRT.
R.Manivasagan
(Querist) 15 October 2013
dear experts and seniors, please clarify the latest position of my modified query. please
