Querry on securitization act 2002
SRIBHASKAR
(Querist) 11 March 2012
This query is : Resolved
SRIBHASKAR I am Online
Jr.OFFICER
hi Legal friends
I Y Sribhaskar from Hyderabad please guide
I have a querry now is I Purchased a Home in Hyderabad with the support of LICHFL for 15 Lakhs Since a year or so we are repaying the Loan due to illness of my wife & daughter we could not pay it since 7 months. Now the LICHFL not accepting the instalment amount as it becomes NPA they need to collect full dues else securitisation of property will be implemented I asked one moth time only to update the Loan Amount simply they are rejecting the request. Is there any such Law in force in India Installment can not be accepted for not paying of 7 instalments and impose the securitisation of Property please guide me what to do now. my contact number is 09295802698 . Hope Some one will show the correct Way to get some time without any pressure from LICHFL They send the demand Notice for the entire loan clearence with two months time HOW TO SOLVE THIS PLS HELP GUIDE ME
Nadeem Qureshi
(Expert) 11 March 2012
Dear Sri Bhaskar
when the LICHFL send a legal notice u/s 13(2) of SARFAESI act, send a written objection for re pay the default amount.
feel free to call
SRIBHASKAR
(Querist) 11 March 2012
lEGAL NOTICE ISSUED TO ME IS RECEIVED BY ME YESTERDAY BY REGD. POST.TODAY IAM SENDING THE REPLY. BUT I HV QUERRY CAN I CALL SIR PLS.
S.K.SARRAF (ADVOCATE)
(Expert) 11 March 2012
send them Your objections in form of Notice u/s 13(3)(a), challenging their Notice of u/s 13(2)...ask them waive penal intersts...and NPA notice not received..as per RBI guidelines...
Bank/financial institution acting arbiotrarily..charging exorbitent interest..as loanee is at receiving end..he has no other choice but to accept/succumb to hidden charges too..they are not sending statement of accounts timely...always threatening to dispossess..no fair dealing on their part..etc.etc.Action of the bank barred by Limitation Act, 1963...Non-issuance of 60 days notice...Non-classification of the account as Non Performing Asset...they are acing with malice..and vested intersts in property...
..send remittance through Bank cheque (keep copy with you)..or make remittance through another Bank to them..keep copies of all transactions...
Lodge a Caveat at court...
EVEN CIVIL COURT HAS JURISDICTION TO ENTERTAIN Security matters... here is citation..A.I.R.. 2004. S.C. 2371 Para 51…even Civil Court has jurisdiction...in case of fraud, unfair interests..etc.
other bit helpful citations are :
2010 (8) S.C.C. 110 Para 2,
2010 (1) S.C.C. 12 Para 4 and 5,
A.I.R. 1971. S.C. 1956.
Crux is > give impression on the mind of jury that the Bank/FI is acting with malice, unfair in delaings, exorbitent interests, hidden charges, and playing fraud upon public in guise of RBI norms..which have never been implemented in true spirit by banks/FIs...establish these and take an Injunction under ORder 39 rule 1 and 2 , r/w 151 CPC..go ahead..
good luck.
ajay sethi
(Expert) 11 March 2012
under securitisation Act, the account has been marked as NPA and notice under Sec. 13(2) of the Securitisation Act has been issued on the borrower and guarantor, the entire amount outstanding becomes payable
reply to notice within period of 60 days . raise your objections . bank is required to apply its mind and consider your objections .
please note that On receipt of the overdue installments and interest etc. the bank is not bound to stop further action.
you cna make pay ment for overdue install ments and request bank to regularise the account .
S.K.SARRAF (ADVOCATE)
(Expert) 11 March 2012
Lodge claim for adjusting excess amounts of interests paid on principal loan amount.
Principal amount should be separated from interests charged...and no interest should be payable on principal amt + interest, its illegal.
Fraud in terms of unclear objectives of NPA classification afar from RBI guidelines.
Base Rate of Banks should be at par with RBI.
Unclear statement of accounts.
Unfair in dealings, not clear..no nice behavior.
lodge counter claims - for fraudulent acts..too..claim measne profits for over charging intersts, re-structure fee, re-process fee, etc..etc..no interest on penal amount...etc..etc.
S.K.SARRAF (ADVOCATE)
(Expert) 11 March 2012
read RBI guidelines (August,2011) for regularisation of NPA..this will answer two issues.
Raj Kumar Makkad
(Expert) 11 March 2012
I do agree with the advice of Saraf. Bank can regulate the installments after the receipt of the overdue installments as per RBI guidelines.
You should not make reply to the notice in haste and should postpone it for some more days and should reply only after getting complete details under RBI guidelines.
Guest
(Expert) 13 March 2012
Once a loan amount is treated as NPA that does not mean the same cannot be reversed to non-NPA status in genuine cases when the debtor agrees to pay the overdue installments.
Guest
(Expert) 13 March 2012
You have posted your query in wrong category, as your query does not fall within the ambit of Intellectual Property Right, rather it relates to banking or business law.
RAJU O.F.,
(Expert) 13 March 2012
If they had sent notice under Sec.13(2) of SARFAESI Act, send an objection/ representation within 60 days from the date of notice. I advise you go to Hyderabad and find out a good advocate who is effectively representing on behalf of borrowers ( not banks' advocate) in DRT. Get legal help from said advocate while sending objection to the Demand Notice.
rajeev sharma
(Expert) 15 March 2012
pl do not panic. u may reply to bank explaining your previous difficulties in paying the dues.Also annex a chaque for the overdue amount to show your genuineness.Bank after issuing notice under sec 13(2) generally insist on full payment but have the option of accepting the overdue amount and regularise the account. Bank is duty bound to reply to your notice before initating any action against you. If you are not satisfied with the reply of the bank you may take recourse befor DRT and if the circumstances narrated by you are true and you are able to prove your genuineness before DRT you definately get an stay order againt the bank.
