Bank sealed my sister's flat for non payment of loan installments

The Bank shall not seal mortgaged property without issuance of notices, besides default  in payment, which have presumably been ignored 

Your sister should approach concerned Branch Manager of the Bank.

Dear learned advocate,

Many thanks for your valuable legal advise.

Best regards 

It appears that you are do not have the knowledge of facts. The bank would have certainly followed the due process. Please verify.

Dear sir 

You are absolutely correct. I cross checked with my sister and she confirmed that the bank first issued her notice but she did not respond.

She has come on the street. Nobody is helping her. What next legal option left for her.

The bank might start process to auction her sealed flat. 

Please apprise me with your legal opinion etc. 

Regards 

It appears that the bank has taken action invoking the provisions of SARFAESI act after following due process of law.

The bank has properly intimated the borrower to repay the EMI loan amount which is defaulted for more than three months, subsequently the bank issued a legal notice requiring the borrower to pay the loan amount with interest within 60 days after that the bank has taken symbolic possession.

This clearly indicates that your sister did not bother about the  repayment of loan amount from the beginning nor had taken the issue seriously.

Therefore she is facing the consequences  wihich is purely due to her own negligence. 

You may please be aware that even after a bank has taken symbolic possession of a property under the SARFAESI Act, the borrower has several options to challenge the action or seek relief. They can file an appeal with the Debt Recovery Tribunal (DRT) under Section 17 of the SARFAESI Act, potentially seeking a stay on further proceedings. 

So let she contact a lawyer practising in DRT and proceed as advised. 

Many thanks sir for your comprehensive legal views.

I highly appreciate your expert knowledge in the legal field.

Best regards 

Presumably loan outstanding amount is more than Rs. 20 lakhs accordingly it attracts provisions of SARFEASI Act, 2002, consequently the Bank  has moved to jurisdictional Debt Recoery Tribunal, in such circumstances your sister has to seek professional services of  a local prudent lawyer and seek a stay order against auction of the mortgaged property.

Thanks sir for your expert legal advice 

Regards 

It is advisable to contact, consult and engage a local prudent lawyer for proper analyses of facts and professional guidance.

There are many responses on the side of legal remedies. Apart from this you can try the folliwing also.

1. Approach the branch manager and apprise the genuine hard ships you have resulting in default.

2. If fund can be raised from relatives/ friends or Gold loan, a major portion of defaulted amount can be remitted and ask for a rephasement of loan, which has to be meticulously repaid.

3. U sually bankers agree for such proposals, if they haVe faith in borrower for assured future repayments.

Many thanks sir for your valuable legal views. 

I highly appreciate it

Regards 

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