Bank recovery of N P A
V. Ramakrishna
(Querist) 06 November 2010
This query is : Resolved
As per DRT Act I lost the right to contest the original decree for about 21 lakhs .
During the DRT proceedings Bank sanctioned
OTS for about 11 lakhs .
The borrower being sick man paid directly to Bank 10 lakhs with a delay as per OTS sanction part before decree during 2003 and part before 2004.However Bank cancelled the
OTS before the decree and got the decree for full claim of about 21 lakhs on a principle
of about 5.5 lakhs adding interest on compound rate .
Borrower being sick could not contest the case and the decree and finally died during 2005.
Wife of the Borrower intimated the Bank ,during 2006 death of her husband and requested for settlement as per OTS .
All appeals of Borrowers wife was dismissed on stand by the Bank for delay .
No notice under IT ACT given by RO/Bank to Borrower OR to LRs and property auctioned during 2009 ,sale certificate also issued by RO during 2009 .
Son of the borrower one of the LRs filed before RO u/s 60/61 for redemption of property on grounds NO NOTICE NO DELAY with undertaking to pay full money recovered by Bank .
RO dismissed the IA , appeal filed before PO , dismissed on grounds , DELAY and NO DEPOSIT of money recovered by Bank.
The Bank in total has recovered about 39 lakhs working out to 50% simple interest for NPA a/c IS it not against Natural Justice??
CAN I FILE A WRIT IN HIGH COURT AT MADRAS BASED on the Judgement of the Bench dt 10-8-2010 in W.P No 15272 of 2009 in SARFAESI ACT without going to DRAT
under Article 226 of Constitution ??
with regards
Ramakrishna.V.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 06 November 2010
Yes you can do it , follow up at multiple fronts including criminal complaints personally against all the persons of lender.
V. Ramakrishna
(Querist) 06 November 2010
Thanks for your Valued advise .
Regards
Ramakrishna
Raj Kumar Makkad
(Expert) 06 November 2010
This is the fit case wherein you should immediately go to High Court and should seek interim stay on the delievery of possession to the auction winner till your matter is decided. Courts are taking very liberal approach towards delay and latches. The natural justice and the right of the parties is given top priority now.
