498a victim (Manager) 11 February 2016
Dear friends,
I think that under the abvove act, the bank can, at the most, take possession of the property mortgaged if it declares the loan as Npa and recover its dues from the auction of the property. Excess amount if any will be paid to the borrower or it will also be kept by the bank.
Further, the proceedings of DRT/SRFAESI are like civil courts or like criminal proceedings.
AV Bagur Advocate (Advocate ) 12 February 2016
Bank will have to retrurn the excess amount to the asset owner.
If there is short fall, Bank will move the DRT under the RDDBFI Act.
The proceedings before the DRT are called as 'summary proceedings'. The DRTs have powers more than Civil Court to deal with the matters before them.
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