ABOUT SURFEASI ACT

s.vijayakumar (Querist) 01 June 2010 This query is : Resolved
DEAR SIR, OURS IS A SME INDUSTRY,BORROWED TERM LOAN & OCC FROM A NATIONALISED BANK.BUT OUR UNIT WENT SICK,DUE TO BANK'S INADEQUATE ASSISTANCE.NOW OUR UNIT WAS DECLARED NPA BY BANK ON APRIL-2010.ONE OF OUR PARTNER TRANSFERED HER 1/3 rd SHARE OF OUR UNIT TO HER HUSBAND THRO' A SETTLEMENT DEED ON JUNE-2009.THE SAME WAS INFORMED TO BANK ALSO AND BANK SUMMONED THREE PARTNERS AND GOT THEIR SIGNATURES IN THE ACKNOWLEDGEMENT OF DEBT FORM ON MARCH-2010.AFTER OUR GOT OUR SIGNATURE THE BANK ISSUED A LEGAL NOTICE THRO'IT'S LAWYER TO CLEAR ENTIRE LOAN WITHIN A WEEK TIME.WE ASKED THEM TO GIVE 6 MONTHES TIME TO SETTLE

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A V Vishal (Expert) 01 June 2010
You have stated the details but what is your query?

Guest (Expert) 01 June 2010
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE
MOBILE.9271971251, 9960223100
e.mail.adv.nbsawant@yahoo.co.in
e.mail.nandkumarbs@sify.com

REGARDING THE NOTICE SENT BY BANK KINDLY NOTE THAT.

1.YOU HAVE NOT MENTIONED EXACT DETAILS OF AMOUNT OF LOAN AND ACT UNDER WHICH NOTICE IS SENT BY BANK.
2.STILL IN GENERAL,KINDLY NOTE THAT IN CASE LOAN ARREARS ARE LESS THAN TEN LAKHS THEN BANK WILL ADOPT A REGULAR CIVIL COURT PROCEDURE FOR RECOVERING THE LOAN AMOUNT ARREARS.YOUR LOAN ACCOUNT IS N.P.A.HENCE BANK MAY OFFER YOU TO SETTLE THE LOAN IN ONE TIME SETTLEMENT SCHEME.PLEASE NOTE.
3.BUT IN CASE LOAN ARREARS ARE MORE THAN TEN LAKH RUPEES THEN NOTICE UNDER SECURITISATION ACT WILL BE SENT TO YOU AND IT WILL BE A SIXTY DAYS NOTICE AND THEN PROPERTY MORTGAGED WILL BE ATTACHED .THEN FURTHER NOTICE OF FORTY FIVE DAYS WILL BE SENT TO YOU AND YOUR PROPERTY WHICH WAS ATTACHED WILL BE SOLD.PLEASE NOTE.

YOU MAY WRITE AND SEND DETAILS OR CALL OR SMS.WILL HELP YOU.
WITH BEST REGARD TO YOU YOUR FAMILY AND FRIENDS.
THANKING YOU
YOURS SINCERELY
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE

B K Raghavendra Rao (Expert) 02 June 2010
You have not mentioned the loan amount and also the question for which you need a remedy.

Uma parameswaran (Expert) 02 June 2010
If the notice is under SURFEASI Act ,you can chellenge it before DRT.

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