Legal Question in Banking Law in India

1) When u borrowed loan from bank, u hv to repay.

2) Discuss with the bank and seek re-phasement or one time settlement.

Sir

It is not possible to give you precise legal advise without perusing the Papers i.e. Loan Document, Section 13(2) Notice issued by the ARCIL. Also, did you raise any objection to the Section 13(2) Notice and if yes, then did the bank reply to your objections. All these aspects are required to be considered.

When did the account become NPA. Once the account become NPA, then no interest can be charged / accrued on the NPA Account. All these aspects have to be seen before giving you advise.

There are remedies available for you (1) File Section 17 application before the DRT, challenging the action of ARCIL under SARFAESI Act. ; (2) If facts justify then you can file proceedings before Gujarat High Court u/a 226 of the constitution against the action of ARCIL in initiating SARFAESI Proceedings.

Precise legal advise can be given only when papers and all relevant documents are perused. You can contact me in person or call me, to discuss the case further.

I am based in Ahmedabad, and i have conducted many SARFAESI cases. Please feel free to contact me should you have any questions.

Best Regards

Vivek N Mapara

www.vnmlaws.com

9426482371