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Notice under Section 13(4) of SARFAESI Act, 2002

Page no : 4

Vijyant Nigam (09807349001) (Advocate)     27 April 2011

sorry the period for giving objection is 60 days and the period of filing the appeal is 45 days.

ajay (SELF)     27 April 2011

AGREED WITH SRI VIJYANT NIGAM JI

AJAY 

RAJU O.F., (Advocate)     27 April 2011

You can challenge the action taken by the bank by filing Application under Sec.17 of the SARFAESI Act, before the jurisdiction DRT, praying to quash the bank's action and also for repossession of the property.  DRT can pass such Orders on sufficient grounds.  In 99% of the actions under SARFAESI, banks make mistakes beneficial to the borrowers. Such Applications are to be filed before DRT within 45 days from the date of Possession.

Vijyant Nigam (09807349001) (Advocate)     28 April 2011

 

only a legally sound .................... with diplomatic attitude can look into the technical and legal flaws of bank but 99% of them are pro bank... and this is only a big problem...

har shaakh pe...

RAJU O.F., (Advocate)     29 April 2011

ppeal

RAJU O.F., (Advocate)     29 April 2011

The counsel for the aggrieved party must find out the flaws on the part of the bank to succeed the SARFAESI Appeal

H S Reddy IDH (AVP)     04 August 2011

One of my ralative has availed loan for construction of ware house in Agricultural land and not converted  for non agricultural purposes by competant revenue authority.There was delay in completion of the project and bank has served notice under SARFAESI act 2002 u/s 13(3) on 2/4/2011. Bank had neither sent any demand notice demanding installment  nor recalled the advance before serving notice under SARFAESI act 2002 for which objection was filed by the borrower on 17/5/2011 stating that the provisions of SARFAESI act 2002 is applicable in respect of security interest creted on agril lands and got an acknowledgement. There was no response to the objection filed. But bank ahs once again published notice u/s 13(3) of Sarfaesi act in Newspaper on 30/7/2011 once again giving time of 60 days. please suggest future course of action for the borrower. Can he file defamation case for wrongly invoking the SARFAESI act on agri property and publishing notice in newspaper in spite of receiving notice and filing objection? 

Ramnarayan Agarwal (Director)     09 August 2011

After taking symbolic possession under sec 13(4) within what time borrower can Appeal in DRT and after appeal can bank take the physical possession of the property.

Vijyant Nigam (09807349001) (Advocate)     09 August 2011

appeal can be preferred within 45 days from the date of possession under section 13(4). bank can sale it even after the appeal is filed, if no stay is granted in the said appeal.

 

vijyant

RAJU O.F., (Advocate)     09 August 2011

File Appeal under Sec.17 of the SARFAESI Act immediately, within 45 days from date of symbolic or physical possession notice before the jurisdiction DRT.  If appeal was not filed within 45 days, file it with delay-condonation petition. ( Some DRTs  do not allow delay condonation.)  Along with appeal press for stay of all further proceedings restraining the bank.  Usually DRTs consider stay subject to conditional order to remit a portion of the claimed amount.

Since bank may not wait for 45 days for physical possession or Sale Notice it is advised to file Securitisation Appeal at the earliest after issue of Possession Notice.

anonymousboy (SME)     08 September 2011

My father had taken a Housing loan from a Co-operative  Bank which has issued notice under THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 ..I just want to know can a co-operaive bank issue notice under such act. They have told to pay money in 60 days and given a huge amount which includes various charges. The Laon amount was 1.50lacs  for 5 years term and rate of interest 13.5 %. What is the rate as co-operative abnk should charge for housing loan? Also till last year we have paid around 1.95 lacs to bank and still they are demanding 1.20lacs...Its the 6ht year of the Loan and i think the charges are very heavy as they have doubled the Loan to 3.13 lacs as per the statement.  Also we hadgievn them a check of rs.50000 which got bopunced due to insufficiet fund but they never informed us. They made much delay in informing us. Can we file case against them for this?.What should we do? can we appeal at DRT? Please guide

DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE )     08 September 2011

There are simple procedures to avoid actual possession, DRT rarely gives stay without payment.

1 Like

Praveen Singh (Lawyer)     08 September 2011

Under Section 13 (3A) after receipt of notice under 13 (2), the borrower can make a representation within such period to the bank. For representation you can take assistance of a lawyer and insert all details like non reflection of details in 13 (2) notice and irrational amount along with demanding a copy of the loan agreement.

1 Like

anonymousboy (SME)     08 September 2011

Which is the law or act related to co-operative banks redcovery for Maharashtra state banks..Can i file a case stating wrong charges claimed by bank? Also i think in dishonour of case bank should notify us within a stipulated period if not we can sue them ..please guide..

anonymousboy (SME)     08 September 2011

We are ready to pay the pending loan amount but as per rules. The amount they are asking is much more and so we want some time span to arrane the money. Can we get Stay on this notice? Is there any option? As per them after 60 days they will take possesion of our property..please guide


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