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zia shaikh (owner)     18 May 2014

Bank loan

respected sir / madam 

i have taken c / c loan from co op bank for my bussiness  & now my business is in loss condition .& for these loan i have mortgage my flat where i stay with my 3 children my wife my mother . now bank is bank is troubleling me bank is telling me they will sell my flat due to i am defaulter . i accept i am wrong i am defaulter .kindly give me opinion where can i go to settle this matter which legal doors are open in my  favour.


thanking you 


 16 Replies

Sudhir Kumar, Advocate (Advocate)     18 May 2014

not a legal query

SRISHAILA.DHARANI (Advocate&consultant)     18 May 2014

1.Hve the bank declared your account as NPA??

2.It is below 10 lakhs, then , your children can file a  partition suit in the civil court , making bank  and yourself as opposite parties, asking  for injunction order.

3.Has the bank issued a notice under section 13[4] serfaci act?? if it has issued, the same can be challenged , the  debt recovery tribunal, by filling appeal,with an application for stay.



Dr J C Vashista (Advocate)     18 May 2014

I agree with Mr Sudhir Kumar ji, it is not a legal query.

Settle the matter amicably with the bank,

Engage a local lawyer.

Ranee....... (NA)     18 May 2014

if it is not a legal query why the author need to engsage a local lawyer?

Ranee....... (NA)     18 May 2014

the second marriage is itself null and void itself from the beginning.

adv.raghavan (Advocate,9444674980)     18 May 2014

I do not buy this argument of going for partition suit, it will be considered as frivolous petition, it will never serve the purpose. Visit the bank and  explain your position and try to rework the loan, if not it is better to cooperate with the bank.to get out of this mess. 

zia shaikh (owner)     18 May 2014

thank you sir  i need more opinion 

zia shaikh (owner)     18 May 2014

sir  bank is not cooperating with me . i have given request letter in this matter to bank to settle the loan account 

adv.raghavan (Advocate,9444674980)     18 May 2014

Try to reach higher officials of the bank as you are ready for settlement, failure to yield result, contest the case in court.

K.K.Ganguly (Advocate)     18 May 2014

1. You have taken loan which you shall have to return with agreed interest,


2. Otherwise your mortgaged property will be taken possession of by the Bank & will be sold to realise the outstanding dues by initiating SARFAESI proceeding,


3. After receiving demand Notice u/s13(2) of SARFAESI Act,2002, you send your representation after finding faults on the part of the Bank which the Bank should reply within 2 weeks,


4. After you receive the Possession Notice u/s13(4) of the Act, file an Application u/s17 of the Act praying for s atay order on the SARFAESI proceeding of the Bank,


5. This way you can delay the matter only but finally  the judgment will certainly go against you,


6. Meantime negotiate with the Bank for settlement of your loan account at ledger balance,


7. This is the standard operating procedure for the defaulters of Bank loans.

Ranee....... (NA)     18 May 2014

my secobd reply to this thread ia a mistake of the site..i posted it for different thread.

T. Kalaiselvan, Advocate (Advocate)     18 May 2014

You have been advised properly, thus, you can only delay the process and you cannot get a proper and full relief, think wisely and decide before things out of your control.

Biswanath Roy (Advocate)     19 May 2014

Have you received any demand notice from the Bank? If not ,then you wait till you get Demand Notice.. On receipt of demand notice you make part payment  and pray for time for full payment .  Thus you can linger the matter for some more time.

RAJU O.F., (Advocate)     21 May 2014

Co-operative bank cannot take direct action for sale of secured property under SARFAESI Act. If bank is filing any suit you have to contest through a competent lawyer. Also try to settle the matter by compromise/ by           re-scheduling the instalemnts.

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