Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

prashant (counsultant)     04 September 2009

after paying 50% amount, bank still not withdraw sarfasei ac

bank of baroda avail me home loan of rs 1,98,000/- earlier ac was NPA , but since last two eyars i was paying very regularly. in july my balance was 1,74,000 much below sanction limit. still bank manager issue me sarfasei notice, i immidiatly paid 74,000 cash and now my ac balance is 1,00,000 almost 50% of limit, then i request bank manager that pls give me confirmation about withdraw of sarfasei action  as i paid 50%of amount . he told me he already send it for apporval of RM office bulsar, and since last two months i am paying 5,000 rs per months  as per my commitment to branch manager. but bank is not replying about same. then i conatct RM office they said there is no such request from branch manager for withdraw sarfasei action nither he inform us about payment in same account. now i am really worried sir, is he killing time? will he directly atake possasion of my flat as two months of notice is compliting on 7 th septmber 2009. what is precautional yaction to be atken, pls guide me



Learning

 3 Replies

J. P. Shah (RTI & CONSUMER ACTIVIST)     21 September 2009

U should make a detailed representation to Authorised Officer who issued U 60 day notice under serfesai act [securitisation act] with copies to branch manager and regional manager in writing with statement of account and request them not to proceed further for recovery.  U can send copy to bank's head office also. U are entitled to make such representation  under the said act. Give all the details of payments and assure bank that u want to pay the amount and not defraud the bank.

Virender Negi (Lawyer)     30 September 2009

Once the SARFAESI notice is issued the borrower/guarantor is liable to pay whole of the outstanding amount. it doesn't matter how much he has paid after that. the requirement is that he has to pay each and every penny. the only option wiht the borrower/guarantor is to make a representation before the Authorised Officer ( person issuing the notice to you, who is generally a Chief Manager or the Deputy General Manager). you can seek time to pay the remaining amount.

Uday (Lawyer)     13 October 2009

Dear Mr.Virender, can we confine that Authorised Officers will generally be a Chief Manager or the Deputy General Manager. Can you pls justify?


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register