Legal Question in Business Law in India

SARFAESI act

if account was npa with amount of Rs. 37 lacs. the borrower sent a leeter to bank that he is in the capasity to pay the amount of rs. 20 lacs immediatly and balance amount in 12 eual monthly installments. the banker refuse the proposal and ask to pay one time immediat and sent the notice under 13(2) and after that notice under 13(4) under rule 8 and 9. now the borrower have not in capasity to pay one time. tell me how borrowe deal with bank.


Asked on 3/27/09, 4:40 am

2 Answers from Attorneys
Homi Maratha N.N. Maratha & Co.-Advocates

Re: SARFAESI act

Already replied.

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Answered on 4/04/09, 6:02 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: SARFAESI act

The borrower should make whatever payment is available with him. Mere writing of a letter does not constitute a valid offer. He should deposit twenty lacs with the bank and request for removal of the account from NPA category.

If the bank does not agree despite payment/deposit of twenty lacs, you may approach the Banking Ombudsman of your area.

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Answered on 3/27/09, 7:33 am


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