Legal Question in Banking Law in India

iam doing business under SME and i had taken OD from SBI by hypothecaging my property worth 60lakhs to 20lakhs and iam due and liable to pay 24lakhs which has accumulated by delay payments now bank had sent me notice under sarfeasi act i pleaded to give sometime but they only want immediately 50 percent otherwise it will be auction. I do not want to lose this valuable property I need only a time of at least a year to close this od. Can u help me how to get it out as i cannot pay hefty fees to the advocate


Asked on 8/02/10, 7:04 am

2 Answers from Attorneys
J. Radhakrishnan independent Practice

You have to engage an advocate and plead your case for grant of time. There is no other way. Choose an Advocate suited to your purse.

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Answered on 8/02/10, 5:45 pm
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

you may send a reply to the notice and also meet the bank. you may seek extension of time and in case the extension is not granted by the bank, other legal channels are open for you to delay it for a year. a competent lawyer would help you.

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Answered on 8/03/10, 12:37 am


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