Bank
mir manzoor
(Querist) 13 February 2014
This query is : Resolved
my a/c is a npa
Advocate M.Bhadra
(Expert) 13 February 2014
The classification of an Account as NPA(non performing asset) is the preliminary thing before proceeding further in recovering the dues under the provisions of SARFAESI Act, 2002.
1. After classifying an account as NPA, the Bank will issue a demand notice to the borrower under section 13 (2) of the Act demanding the borrower to pay the entire outstanding due as on date.
2. The borrower can raise his objections if any to the demand being made by the Bank under section 13 (2).
3. If the borrower raises any written objections to the Bank’s demand notice under section 13 (2), then, the Bank should reply to the objections. The reply is mandatory.
4.The objection by the borrower if the Banks rejects under section 13 (3A), then, the Bank will issue a possession notice under section 13 (4) of the Act. It is called symbolic possession.
5. Issued by the Bank The possession notice under section 13 (4) of the Act provides a right to the borrower to approach the Debt Recovery Tribunal and file an Appeal if he feels aggrieved.
6. The borrower can appeal within 45 day filing an appeal under section 17 and normally the borrower prays for a stay of SARFAESI proceedings.
7.where the borrower did not approach the Tribunal the Bank will take such steps in taking physical possession of the property under section 14 and can sell the secured asset in public auction etc.
R.K Nanda
(Expert) 14 February 2014
THEN WHAT HAPPENED?
V R SHROFF
(Expert) 14 February 2014
what is ur legal problem??
ajay sethi
(Expert) 14 February 2014
no query no reply
V.T.Venkataram
(Expert) 14 February 2014
Is your information an answer to some query ??????
Guest
(Expert) 14 February 2014
Thanks for the info, if you don't have any problem with your NPA account.
Raj Kumar Makkad
(Expert) 14 February 2014
Congratulations dear querist. Badnaam honge to kyaa naam naa hoga?
Advocate. Arunagiri
(Expert) 14 February 2014
Now the author has become NPA - Non Performing Author.
mir manzoor
(Querist) 14 February 2014
my c/c limit was 15 lac from P.N.B.
Up to January 2006 my dealing with bank was smooth.
After that i got huge loss in my business due to which i became defaulter.
On march 2007 the bank made my account N.P.A on Rs 19 lac.
And filed the case to court on 2011 with a demand of 30 lac.
I went for compromise with bank they valued the property (mortgage) 25 lac.
With 10 % off. the bank demanded 22.5 lac. I offered them i will pay principal amount (15 lac) but they refused.
Now please solve my problem and suggest me the best way whether i will go through court or through compromise
Thanks in anticipation and reply
Advocate. Arunagiri
(Expert) 14 February 2014
If the loan is secured, the bank will not normally come for compromise. They will consider waiving the penal interest.
There is no specific law for this, sort it out with them amicably.
T. Kalaiselvan, Advocate 
(Expert) 15 February 2014
The matter can be settled in the all India Mega Lok adalat schedule to be held on 12th April this year. Before that, arrive at an amicable decision through talks with the Bank manager about the issue. Utilise the opportunity.
Rajendra K Goyal
(Expert) 16 February 2014
The account is secured, No Bank officer will like to bear the tag of benefiting you and causing loss to Bank in such an asylum when every body is talking of scams.
Being a Public Sector Officer he can be punished for doing undue favor to a secured borrower, but will not face any problem if the loan is NPA and case is in the court.
You should try to get whatever benefit you can get through lok Adalat or otherwise by Bank within the discretionary powers of the officer.
prabhakar singh
(Expert) 16 February 2014
Through court entire due would be decreed.
Only lender,the bank, has right to waive any portion of dues.
In your case they shall not go below NPA amount as the debt due is sufficiently secured.
Negotiate further and agree for 20 to 21 which looks possible from their demand of 22.5.
If case goes to court there would be increase of costs also.
Guest
(Expert) 16 February 2014
@ The Property Pledged is Ancestral Or Self Acquired.Consult a good lawyer Well Versed it is only an Out Line
R.V.RAO
(Expert) 17 February 2014
sri rajkumarji raised an interesting issue. if the security offered to the lender is ancestral and consent of all legal heirs is not obtained by lender before or after lending or at renewal of limits time,even sarfaesi/rbi /lender cannot help.
