M.S. Qureshi 15 February 2020

About possession notice

A possession notice is pasted on my house by the officials of bank..I had taken loan on my business before 3 years..Initially I was paying my emi with time..but after some time my business was completely ruined..as a result I was unable to pay the emi of the bank..is there any solution of possession notice to save my house..??

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Quick Summary

If a bank has served you a possession notice on your home due to missed loan repayments, there are potential solutions. You may be able to challenge the notice in civil court or through a DRT, even if the bank has only taken constructive possession. It's highly recommended to consult with a local advocate to understand your specific case and the best course of action.

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SHIRISH PAWAR, 7738990900 (Advocate) 15 February 2020

Dear querist,

You can challenge the notice before civil court or in drat based on your case. Consult with local advocate.

Regards,

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bhagwat patil (Property due diligence 9422773303) 19 February 2020

Earlier, a borrower could seek recourse under the Act against measures taken by the bank/financial institution only when steps for actual physical possession of the secured asset were taken by the bank/financial institution. After this decision, the borrower need not wait till the bank/financial institution takes such steps, but may now, under Section 17(1) of the Act, prefer an application to challenge these measures even at the stage of constructive possession by the bank/financial institution.

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