Upgrad LLM

sarfesi

Company Secretary

A partnership firm had taken loan mortaging a property from a bank. It failed to repay the debt and thus the Bank issued notice u/s 13(2) of SARFESI demanding repayment of Loan. The Firm failed to respond to the notice. The bank has now issued possession notice u/s 13(4) of SARFESI regarding posession of the mortgaged property.The firm was keen to offer the said property for one time settlemet and settle the due. But in the meantime it received the possession notice. can the firm still offer the property as one time settlement even after receiving the possession notice. 

 
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POWER OF DEFENSE IS IMMENSE

first you try that you can get best price , if so the bank will listen and wait.

 

Otherwise engage an expert advocate and reply notice even at this late stage and object for possession.


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Yes borrower can offer a proposal for onetime settlement to bank but it shold be made before bank proceed further for auction of mortgage property.Beside this borrower can challenge the action of bank issuing notice u/s 13{4} of safaesi act and taking possession of property  by filing appeal u/s 17 of sarfaesi act in DRT..


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