This is David from Chennai -TN, I like to get some clarifation from the lawyersclub member for the below case.
I have taken a Home loan from one of the Private Indian Bank in the year 2004 amount Rs.8.5 Lacks till date I have paid an amount of Rs.4.97 Lakhs for some reason i was not able to repay my EMI for 8 months closely to Rs.85 thousand and i was planning to sell the property and settle the entair loan amount ,when I approched the Bank the bank said me that they have issued a notice under Sarfase Act Section13(2) and claiming a out standing amount of Rs. 10.25 lakhs .If i pay the i will be ending up paying the bank Rs.15 lakhs for an loan amount of Rs.8.5 lakhs with in a span of 6 years. With the concern of a Lower I have filed a case in City Civil Court -Chennai and want to take up this case with DRT also but DRT refused to take up the case saying that the Bank has not issued notice under 13(4).
Sir Iam willing to pay a reasanable outstanding and settle the issue in the court but I dont want the bank to take possition of my property.
Kindly advice ,Section 13(2) issued on 24 Nov 2010. sixty days passed.