Gopi Krishna 04 July 2016

Illegal posession

HI,

My property is been sezied by non banking financial Institue a week back against 13(2) sarfaesi after then have issued a notice in the month of March in news papers.

I have taken a loan 37.5 lakhs against my property worth of 70 lakhs.

Right before disbursal of my complete loan amount there are continously creating problems

I am not paid my emi on time for which my account has come to NPA for the first time in last year. However I would have requested to change my EMI date to 1st of every month then did not change as I need to regularize my loan account.

I am paying my EMI on month end of every month on month and now my account is not in NPA as it over due by 2.91

Can non banking finacial Institue can seize my property when my loan account is over due by 2.91 [ emi over dues ]+ lelgal charges + other charges

can they seize my property without Intimation after they have given a paper notice in the month of march after accepting 4 emi after the notice published in paper.

Can they seize the property when no one is present at house by breaking our locks and with out any notice posted on wall by just writing with red paint mentioning this property is been seized by financial institue name and under the honble some sec name cmm court lb nagar and mentioned there contact number.

Please guide how to proceed further we want to retain the property.

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1 Replies

G.L.N. Prasad (Retired employee.) 05 July 2016

Please be aware that no Bank or NBFC takes law into their hands, first they refer the matter to superior authority, obtain legal opinion from most competent lawyers, and then take a final decision.

They have followed the prescribed procedure. It is not clear as to the replies you have given to such notices and in response to advertisements.

Members in the forum can not believe what all it is posted. If you wanted to continue with your own arguments and explanations you can do so risking your reputation, as you can not avail any such financial limits from any institutions in future. Explain all your arguments to a local advocate, and if he concurs with your learned opinions proceed as you wish and spend good amount for a bad cause. The choice is yours.