AK 21 February 2017

CMM Court has passed an order under sarfaesi act

Hello, I borrowed money from the bank and because of my business not doing well, my account became NPA. I had mortgaged my home for this loan. Bank 1st got an award passed from the arbitrator, then they got CMM court to pass an order. Now my lawyers are telling me my only option is to go to DRT and if I file an appeal I should be prepared to deposit 25-50% immediately. Is this true, is there a DRT Law I can refer to that explains this in detail. Is there any way to fight this without going to DRT Your Advice is much appreciated

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2 Replies

Kappil Cchandna (Expert Bail & Criminal Defence Lawyer at Delhi Supreme Court of India) 21 February 2017

Sir,

Take a stay from the DRT, best suggestion I believe ...

https://kapilchandnaadvocate.wordpress.com/

Warm Regards

Kapil Chandna Advocate

9899011450

Mansa Legal and Mangement Cons (Legal and Management Consultant) 23 February 2017

First you decide whether you want to pay your loan or not . If you want to pay your loan then you should directly approach to bank and share your problem with them . Bank considering your financial condition may grant some waiver on interest part or even in principle amount and in this way you can save your home and also your litigation cost . If you have valid resaons of not paying the dues or you have payment dispute with bank Then I suggest that you should approach to DRAT for relief .You have not mentioned your place of residence or mortgaged property and the name of Loan Bank . Pl. share this information . For further advice you can get in touch @9838107276