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A Firm had a credit limit of 1.5 Cr for Bills of Exchange Firm used 1.32 Cr credit limit afterwards Firm request the bank to enhance my credit limit to 2 Cr but bank irrespective of my healthy business discarded. Now after a long wrestling between bank and Firm, bank issued a notice to recover 4 Cr rupess. My question is that whether Bank has chooice to invoke SARFAESI or is bound to initiate proceedings under NI Act. Because I am merely a guarantor for the loan to Firm. Now bank is after me.kindly suggest how to counter legally against the Bank.
NIA is about stipulations in transactions on duties and obligations between involved partieswhereas SARFAESI Act is altogether a separate enactment for recovery of amounts from borrowers applicable to financial institutions alone.. Both these are separate and serve for two different purposes.
Thanks for reply, But whole transaction made between Bank and Exporter was "Bills of Exchange Transaction" no loan or OD limit was requested/ granted by Exporter and Bank. Bank purchese the bills after discount. But drawee failed to pay to Bank. In present situation Bank must invoke Negotible Instrument Ac rather invoking SARFAESI or other Laws. I am stll not clear wheher Bank shouls invoke SARFAESI or Nagotible Instrument Act. Please Guide me.
Thanks for reply Sir, But in current situation Party never borrowed any amount, OD Limit etc from Bank. It was merely a transaction of Bills of Exchange. Exporter presented bills before Bank and on the other hand Bank purchesed those Export Bills after discount (Considration). Some Bills were Dishonoured, my question is whether in abovementioned situation Bank starts proceedings under SARFAESI or not. Because we have a seprate Law to deal Promissory Notes, Bills of Exchange and Cheque. or I can rephrase it "whether SARFAESI Act surpass all existing laws even including Negotible Instrument Act.