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Nilesh Agarwal   26 August 2017

Combined possession notice u/s of 13(4) sarfaesi act

Bank has issued Combined Possession  notice u/s 13(4) of Sarfaesi Act to 3 Firms of same family while seperate 13(2) notices were issued. The collateral securities of all 3 firms are seperate and also the constitution and ownership of all 3 firms are seperate. Only they being siblings / members of same family. Is this legal? Because in case of combined Possession notice, getting in a combined resolution is practically not possible. Please comment and suggest. Also please support me with any Previous court orders to this effect, if any.



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 6 Replies

Law Aspire (Legal)     26 August 2017

what are the situations of the Property, are they joint property

SHIRISH PAWAR, 7738990900 (Advocate)     26 August 2017

Bank can issue possession notice u/s. 13(4) after issue of notice u/s. 13(2). As per my knowledge bank has not done anything wrong in issuing combine possession notice.

1 Like

Nilesh Agarwal   26 August 2017

All seperate Properties

LAXMINARAYAN - Sr Advocate. ( solve problems in criminal cases. lawproblems@gmail.com)     26 August 2017

Due to heavy rush of NPA s in the banking system no body looks for finer points.

You have many options.

 

1) Let the bank take possession and sale and file cases for balance recovery.

2) You can take opbjection even for sale. after all these happenings.

3) File a declaration suit in court of proper jurisdiction for declaraing the mortgage illegal and hence SARFAESI  act not applicatble.It may take time but final sale of assets or may even attachment of assets will be delayed.

For all this you need expert legal assistance.

Nilesh Agarwal   26 August 2017

Please elaborate and explain your third point: "File a declaration suit in court of proper jurisdiction for declaraing the mortgage illegal and hence SARFAESI  act not applicatble.It may take time but final sale of assets or may even attachment of assets will be delayed."

Uday (Lawyer)     30 August 2017

Mr.Nilesh, I'm not convinced with the suggestion given by Mr.Lakshminarayanan. It is better if you scan and post the Demand Notices as well as possession notices.


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