Summary -:
1.The Non Banking Financial Company(NBFC/HFC) invoked SARFAESI_Clause13(2) on "DATE1" and issued notice (LOAN CLOSURE).
2.Borrower received the scanned copy (as out of the address) of SARFAESI_Clause13(2) in e-mail BY "DATE2" and replied in mail.
3.Borrower objected by paying 80000/- on "DATE3" under section 13(3A) and NBFC surprsingly accepted against total demand(LOAN CLOSURE) and never replied.
4.Borrower never received notice under SARFAESI_Clause13(4) .
5.NBFC declared the borrower as "EX-PARTY" (Behind the Back) and obtained the Court Order possession and Sell by "DATE4".
6.Collected all the EMI "AS PER WISH" ON "DATE5" and issued a notice dated DATE6 as "SARFAESI is in Hold".
7.Again issued a notice under SARFAESI_Clause13(4) almost 8months after "DATE7".
8.Again sent the LOAN CLOSURE notice "DATE7" demanding the entire loan amount.
Question -:
1.Can Non Banking Financial Company , legally issue 13(4) multiple time without issuing NEW SARFAESI_Clause13(2) notice ?
2.Can the Non Banking Financial Company say "SARFAESI is in hold" "AS PER WISH" ?
Find out as to whether the NBFC is included as a 'Financial institution' under Sec.2(m) of the SARFAESI Act. If not included, then the NBFC cannot initiate the SARFAESI proceedings.
If you submitted objections/representations within 60 days from the date of Demand Notice u/S.13(2), then FI has to answer within 7 days.
Unless the bank/FI withdrawn the earlier Demand Notice, fresh Demand not necessary for issue of Possession Notice u/S13(4).
If you are aggrieved approach DRT within 45 days from date of Possession Notice, by preferring Appeal u/S.17 for remedy.
the borrower has very few options with DRT, normally no relief except dates., instead you should invoce civil and criminal law for related actions.
Total likes : 1 times
DRT and DRAT can give relief to you, if you present the matter with proper gounds through an advocate who is thorough with DRT and SARFAESI proceedings.
Iam afraid you have not given the real facts...
First you say SARFAESI proceedings...then you saysome order from court of law where you have been set exparte???!!!!
Lets put it this way, if the case was made exparte fraudlently you surely have a very good case to setaside the same. (BTW civil courts do not have the power or jurisdiction to issue orders for possession/sale under SARFAESI Act)
You also said that you had filed objection to 13(2) notice and no reply was received within statutory one week, this itslef a good ground for vitiating the action by the NBFC
May be if you clean up the mess and come abreast with real facts, we could help you you may also PM
." Borrower received the scanned copy (as out of the address) of SARFAESI_Clause13(2) in e-mail BY "DATE2" and replied in mail.
3.Borrower objected by paying 80000/- on "DATE3" under section 13(3A) and NBFC surprsingly accepted against total demand(LOAN CLOSURE) and never replied."
Have you objected in writing?
Have they rejected your version ?
Even the action u/Sec.14 of the SARFAESI Act can be challenged in DRT against the possession taken.
Dear all,
Question -:
(The Company names have been replaced by default names to avoid reference)
Any HELP ????
Regards
Santosh