SRIBHASKAR (LIFE & HEALTH INSURANCE ADVISOR) 13 June 2012

Sarfaesi act

Dear Friends

We purchased a house with the help of LICHFL paying the EMIs till July 2011 Since Aug 2011 due 2 some reasons we could not pay the EMIs LICHFL was issued Demand Notice with a week time to repay the Dues then issued notice sarfaesi act . We personally requested them to give some time to clear the dues as our son is also becoming earning hand. They not giving the time and asking us to clear full loan amount or they take physical posession of the property. Is there any way to get some time to repay the dues & get the loan continued. Please guide me Attached here is the notice issued by LICHFL which is pasted on our house wall when we went for our offices, without any Notice to us they got the Order it seems. They also saying to us the house will go inAuction.

Difference to be recovered from her Salary.

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2 Replies

YOGESHWAR. (ADVOCATE HIGH COURT-criminal /civil -youract@gmail.com) 17 June 2012

you should have raised objection after reciept of earlier notice , now file a case in civil court for injuction.

Though it may not be granted but you will get time.

RAJU O.F., (Advocate) 05 July 2012

Civil Courts have no jurisdiction in SARFAESI matters, If bank/FI issued Demand Notice u/S13(2) of the Act, you had to send objections and representtions to the bank and it is mandatory to the bank to answer it within 7 days. If any Possession Notice u/S 13(4) is issued, immediately prefer appeal before your jurisdiction DRT within 45 days or at the earliest to stop further actions of the bank. Engage an advocate practing in DRT on behalf of borrowers.