Npa
sunny
(Querist) 30 June 2014
This query is : Resolved
Dear Sir,
I have availed bank loan of around 22lacs in the year 2010.During June 2013 i have lost my job.In-spite of loosing my job i could manege to pay my emi's.Now I could not pay last 3 emi's & the account has become NPA.Now that the bank has issued legal notice & have also informed me that if I do not clear my dues within 15 days they will invoke sarfaesi notice.The due amount is around 1L.
Kindly suggest me what needs to be done.
Regards,
Sunny
RAJU O.F.,
(Expert) 30 June 2014
If the balance due is less than Rs.one lakh or less than 20% of the principal+ interest, SARFAESI cannot be invoked by the bank. In the instant case if it is not so, please remit instalments so that default is less than 90 days.
R.K Nanda
(Expert) 30 June 2014
settle case with bank amicably.
Raj Kumar Makkad
(Expert) 30 June 2014
SARFAESI Act cannot be imposed in your case but better to avail one time settlement which shall definitely reduce the major share of interest amount and the rest of the payment shall be within your reach.
K.K.Ganguly
(Expert) 15 July 2014
1. Settle the matter with the lending bank,
2. Send an one time settlement proposal and arrange for the said ampount to pay off the debt, if the Bank agrees,
3. SARFAESI is a draconian act enacted to realise the bank debt.
