Sarfesi act
ROHAN MUMBAI
(Querist) 12 June 2014
This query is : Resolved
hello
I am newbie I am housing loan customer of x bank and os is 1060000000 and currently account is npa nd bank have sent me sarfesi notice 13.2 .bank is wanting to come and take symbolic possession ,I had requested bank to give me 30 days bankers are not ready .plz guide me and wat next they can do after symbolic poseesion.
thanks
rohan
plz note ..currently the property value is double the loan amount
Devajyoti Barman
(Expert) 12 June 2014
Immediately submit with them a written undertaking of your repayment plan.
This is necessary if you later have to file application in DRT for injunction.
Advocate. Arunagiri
(Expert) 12 June 2014
After taking the symbolic posession, they will auction the property for recovery of the loan.
Guest
(Expert) 12 June 2014
Consult a local lawyer well versed in defending such cases
ROHAN MUMBAI
(Querist) 12 June 2014
But after symbolic possession they would still require. Permission from drt to sell nd I have submitted with them. , an letter from other institute which is showing that they will takeover this account
But still bank is not. Ready
Devajyoti Barman
(Expert) 12 June 2014
After service of notice u/s 13(4) of SARFAEISI Act, you can file application for injunction u/s 17 of the Act.
Anirudh
(Expert) 12 June 2014
Get a letter from the other financial institution (Bank etc.) who are willing to take over and make payment of the Outstanding amount to the lender bank.
With the strength such letter from the financial institution to take over, Approach DRT under Sec. 17 and seek a direction to your lender bank to accept the proposal.
malipeddi jaggarao
(Expert) 12 June 2014
Mr.Rohan Starter - must be a fictitious name.
As per your profile, you are the proprietor.
Your housing loan outstanding is Rs.1060000000 i.e., 106 crores!
The value of the property is double i.e., Rs.212 crores.
And your account is NPA and you have posted this query in this portal.
Do not try to be-fool the experts.
It appears the solo motto of this query is waste the time of experts.
ROHAN MUMBAI
(Querist) 12 June 2014
Sorry. Mistake it's one crore six lacs I can even attach sarfesi notice. I will not.do timepasss.
Sankaranarayanan
(Expert) 12 June 2014
With the notice if you raised the query then these kind of question will not be raised. I do agreed with Barman ji , once they issued the notice, then their next step is auction . so file application for injection as advised by Mr Barman
malipeddi jaggarao
(Expert) 12 June 2014
Even if it is Rs.1.06 crore, how you allowed it to become NPA?
If you are willing to pay the overdue amount in one lumpsum immediately and give genuine reasons for default, bank may stop taking symbolic possession.
Even if you file application for injunction, the result will be mostly not positive. Hence, payment of overdue amount in one shot and requesting the bank to stop SARFAESI action is better recourse.
Biswanath Roy
(Expert) 12 June 2014
Take loan from any other financial institution by mortgaging the property and propose your bank that you are ready for at a time settlement if they reduce 50% interest from total demand of debts. If they refuse to accept your proposal for at a time settlement of debts in writing then notice u/s.13(2) of the SARFAESI ACT can be challenged as not maintainable.
ROHAN MUMBAI
(Querist) 13 June 2014
THANKS every one for superb suggestions
I would really appreciate if any one can recommend me good lawyer in Mumbai who is efficient and reasonable .
I want it for banking purpose and even criminal lawyer ..again I am wanting reasonable and deep knowledgeable man efficient anywhere in Mumbai.
Surrender K Singal
(Expert) 13 June 2014
Top of this site, in Search for lawyers, you may write Mumbai and get a list of LCI enrolled Advocates to select from; Mr. V R Shroff is one such
T. Kalaiselvan, Advocate
(Expert) 14 June 2014
I go with the advise and suggestion made by expert Mr. Anirudh on the subject issue. You can search for a lawyer from this site itself.
K.K.Ganguly
(Expert) 15 June 2014
1. After getting the Demand Notice u/s13(2) of the SARFAESI Act,2002, you will get 60 days time from the date of the notice to pay the demanded amount which has been clearly mentioned in the said notice received by you,
2. If you fail to pay the demanded amount within 60 days, the Bank may issue Possession Notice u/s13(4) of the Act,
3. However, send a representation to the A.O. of the Bank finding faults with the Bank and seeking remedies for the same,
4. As per the recent Order passed by the Divisional Bench of Calcutta High Court in case of the appeal between Mercury Exporters Ltd Vs. PNB, it has been observed that defaulting borrower or mortgagor can file application u/s17 of the Act before the DRT only when he is dispossed from the property,
5. Though there is an effort to file an appeal before the Supreme Court against the said order, as of now, in W.Bengal DRTs, applications u/s17 of the Act where there is no dispossessions, are being dismissed,
6. So, with the above development, you can file the said application before the DRT only after being dispossessed from your property.
ROHAN MUMBAI
(Querist) 15 June 2014
Thankyou for nice suggestions Plz guide name for good lawyer nd reasonable but.efficient in handling bank matters. judge should respect his face value
Surrender K Singal
(Expert) 16 June 2014
That is what every litigant should look for ! All the best !
K.K.Ganguly
(Expert) 16 June 2014
There is one practically acceptable way in finding reasonably OK lawyer,
Visit your local DRT for 4/5 days and listen to the pleadings of various lawyers, if possible,
You shall be able to choose your Advocate.
Surrender K Singal
(Expert) 17 June 2014
Very well opined by KKG; Author has to devote time to judge performance on job itself
