Received symbolic possession notice under sarfaesi

LAWYER ASSOCIATES (Querist) 19 July 2020 This query is : Resolved
We have received symbolic possession notice under sarfaesi from our lender.
1. Whether we should file appeal to DRT or writ to high court?
2. Can DRT or high court stay possession without condition of payment of some amount towards outstanding?

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Quick Summary

If you've received a symbolic possession notice under the SARFAESI Act, you have options. The discussion suggests considering an appeal to the DRT (Debt Recovery Tribunal) or potentially a writ to the High Court. The possibility of obtaining a stay on possession without immediate payment depends on the specific grounds for your appeal. It's strongly advised to consult with a senior local advocate to navigate the complexities of your situation and determine the best course of action.

Guest (Expert) 19 July 2020
It depends on the reasons you file for obtaining the Stay. Instead of approaching DRT you should apply for Stay in concerned Court and let the Court mention the requirement for Stay. By approaching the DRT you would be paving the way to lender. Discuss in detail with an Local Senior Advocate.

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Dr J C Vashista (Expert) 20 July 2020
Which court or Tribunal has given symbolic possession to you under the provisions of SARFAECI Act ? Generally it is issued by DRT/ DART /High Court?

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Dr J C Vashista (Expert) 20 July 2020
What is the purpose / grievance for filing an appeal assailing the order stated to have been passed in your favour granting symbolic possession to you?

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P. Venu (Expert) 20 July 2020
What do you mean by "symbolic possession notice" - what are the contents of the said Notice? Please post complete facts.

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LAWYER ASSOCIATES (Querist) 20 July 2020
Appendix IV (See rule 8(1) Possession notice (for immovable property) is issued by NBFC. There is nothing mentioned about order of any court.

Rajendra K Goyal (Expert) 20 July 2020
Under SARFAESI act, bank / NBFC is authorized to take possession of the mortgaged property (actual or symbolic).

You should immediately discuss with a lawyer and approach DRT.

J K Agrawal (Expert) 20 July 2020
The only way is to go to DRT and fiel A securitisation Application (SA). If your previous track record is ok then DRT stays without any deposit or at a small deposit.

Rajendra K Goyal (Expert) 21 July 2020
Agree, DRT need to be approached.

Dr J C Vashista (Expert) 21 July 2020
Dear Lawyers Associate,
Actually it is a notice to be affixed / published by NBFC to borrower and provision of Section 8 (1) of The Security Interest (Enforcement) Rules, 2002 referred by you reads as under:

"8. Sale of immovable secured assets.—
(1) Where the secured asset is an immovable property, the authorised officer shall take or cause to be taken possession, by delivering a possession notice prepared as nearly as possible in Appendix IV to these rules, to the borrower and by affixing the possession notice on the outer door or at such conspicuous place of the property."

Thanks & Regards

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