NIRMAL K D (BUSINESS) 03 April 2013
Hemang (Advocate) 03 April 2013
If the Bank has classified the loan account as Non Performing Assets of the Bank keeping in mind the RBI Guidelines and the management policy, the Borrower would receive a notice as provided under Section 13 (2) of the Securitization Act providing 60 days time to repay the debt due and payable. If the amount is not paid, the Bank can take away the possession of hypothicated goods and machinery and sell it away to realise the due. This is one method.
Another is that when they file the case against the Borrower for realisation, they wait for the award. And when award is pronounced, the Recovery Officer attached to the DRT would proclaim to sell away the property and recover the dues for the judgment creditor.
RAJU O.F., (Advocate) 22 April 2013
You had stated that the bank had preferred suit (OA) before DRT. Engage a good advocate who is conversant with DRT proceedings and contest the case, so that the business of your unit is unaffected.
NIRMAL K D (BUSINESS) 22 April 2013
MANOJ HARIT (LAWYER) 22 April 2013
The measures can not be listed thouroughly on this forum. If u r from Mumbai or Maharashtra u may contact Adv Manish Bohade on 9371505560. He'll guide u properly and also handle u r DRT matter.
Rajendra K Goyal (Advocate) 22 April 2013
narendra.s.p (Chief Manager(Law)) 24 April 2013
since only book debts and machinery is given as security, Bank can enforce hypothecation charge on book debts and machinery under SARFAESI Act. Please regularise your account y paying the overdues.