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MANOJ HARIT (LAWYER)     15 May 2011

Sarfaesi Act

DEAR EXPERTS,

THE BANK HAS ISSUED NOTICE U/S 13 (2). THE BORROWER HAS MADE REPRESENTATION RAISING NUMEROUS QUESTIONS. THE BANK AS USUAL GAVE EVASIVE REPLIES & DENIALS THROUGH ADVOCATE. IS IT PERMISSIBLE UNDER THE ACT? OR THE AUTHORISED OFFICER MUST COMMUNICATE THE BANK'S REPLY. KINDLY GIVE OPINION. IF POSSIBLE WITH CITATIONS. 

SECONDLY, SINCE THE REPLIES OF THE BANK ARE OUTRIGHT UNTRUE, WHAT ARE THE OPTIONS BEFORE THE BORROWER?

THANKS,

REGARDS,

MANOJ HARIT



Learning

 9 Replies

Gundlapallis (Advocate)     15 May 2011

What ever communicated to you through the bank advocate is binding on the bank - You can file a petition before Debts Recovery Tribunal and set your issues right, if you think you have in your favour.

1 Like

MANOJ HARIT (LAWYER)     16 May 2011

DEAR SIR,

THANX FOR THE OPINION.

U HAVE OPINED THAT REPLY THROUGH AN ADVOCATE IS NOT BARRED BY THE ACT.

NOW, AT WHAT STAGE A PETITION BEFORE DRT CAN BE MOVED? PLZ EXPLAIN.

REGARDS,

YOGESHWAR. (ADVOCATE HIGH COURT-criminal /civil -youract@gmail.com)     16 May 2011

you can create hell for lender and its officers , but legal process is lengthy and so expansive. Bank people take advantage of this.

MANOJ HARIT (LAWYER)     16 May 2011

RESPECTED SKJ & F.L.V.,

THANX FOR THE REPLY. I AM READY TO TAKE ON A COSTLY & LENGTHY LEGAL BATTEL AGAINST THE BANKS.

U R GUIDANCE AS TO THE MODUS - OPERENDI IS SOLICITED.

REGARDS,

Gundlapallis (Advocate)     16 May 2011

We can just guide you your course of direction here on this platform.  Pls. consult your advocate.  If you dont have any, just mention where are you from _  any of our interested LCI members in your local area may take up your case. 

Nadeem Qureshi (Advocate/ nadeemqureshi1@gmail.com)     17 May 2011

Dear Manoj

if you had gave your repersentation within the time limits & the bank also send a reply of your repersentation within the time through their counsel/ theirself, then search their loops & before going DRT got some information regarding the bank loops.

Adv. Amit Anandrao Mahadeshwar (ADVOCATE)     17 May 2011

Dear Manoj,

I agree with Ld. Nadeemji. If you have made representation within prescribed period, the Bank is legally bound to reply to your representation within the prescribed period U/s.13 of the SARFAESI Act. If the Bank has issued reply through its Advocate, in my opinion, that will not be complaince of the mandatory provisions of the SARFAESI ACt. However, it is also pertinent to note that it may sometimes be defended as irregularity.

If the representations are not satisfied that is a good ground for the borrower in proceeding U/s.17 of the SARFAESI Act, 2002 before the DRT. In this regard it would be fruitful to go thorough the landmark citation of the Hon'ble Supreme Court in the case of "Mardia Chemicals"

Regards,

Adv. Amit Mahadeshwar

MANOJ HARIT (LAWYER)     18 May 2011

Resp Adv. Amit & OTHER EXPERTS,

Thanx for taking out time & giving an opinion.

I do agree to your opinion that - giving reply through Advocate violets the mandatory provisions of the Act. 

Further, the Borrower can not approach the DRT unless Sec 13(4) is invoked by the Bank.

So till that time what should the Borrower ideally do?

Regards,

MANOJ HARIT

DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE )     18 May 2011

The reply through advocate is not illegal.

You may not get any relief from DRT since it under control of finance ministry and created to collect dues.

Other methods can be stated on a public website.


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