Subhojit Sarkar (Proprietor) 08 March 2016

Drt sarfaesi act settlement

Dear Friends,

Due to NPA account, my bank has forced the sarfaesi act. Though to gain time i have been to the DRT. The total amount due with fine and interest is around 230000/= and the principal is 130000/=. I am willingly to pay the principal for settlement or some more. Now, the issue is my lawyer says that even i pay the amount to settle the LAP, the bank will retain my property papers because I have defaulted in personal loan and Credir card from the same bank.

Is it possible?

I want to settle all the dues but it will take time and money. Can the bank hold the papers of my property? Do i have to pay all the dues(LAP + Personal loan + CC) to get the papers.

Please help me out .

Thank you.

Subhojit

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1 Replies

RAJU O.F., (Advocate) 22 April 2016

Until closure of the all the loan dues availed of from the bank, they are justified in holding all the secured property documents, excersing their right under the general lien on all the assets coming into the hands of the banker. You may try to settle under OTS of all the dues under amicable settlements.