Legal Question in Banking Law in India

kindly clarify me ? i have taken a loan from hsbc bank for rs 2125000/- in 2003. well since last 1 1/2 years my emis are irregular. till may 2009 my emi is upto date. some 4 days back persons came to my premises and locked my premises with out any intimation. they have not issued me any demand notice nor possession notice. they have pasted a possession notice on my premises mentioning that the authorised officer of the bank has taken possession of the property under 13(4) of sarfesai act 2002. in that notice he has mentioned that they have given a demand notice in may and to my surprise i didnt recieve any notice firstly and second thing iam confused is that when my account is regular till may 2009 as per statement of account provided by bank how can they issue me a demand notice under 13 (2) of sarfesai act, and mentioning that notice reference the authorised officer has taken possession of my property . kindly suggest what action is to be taken from my side.


Asked on 10/09/10, 9:39 am

2 Answers from Attorneys
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

you could have contacted the bank in response to notice within 60 days and seek settlement of issues. in case the notice of 13(2) not sent, they cannot seek possession. you may seek legal remedies.

Read more
Answered on 10/09/10, 9:46 am
Vishwa Arya Arya & Co.

It is not the issuance of notice but it is the service of notice which is mandatory before any attachment could take place. you may have to file an appeal under section 17 for desealing of the property

Read more
Answered on 10/09/10, 9:47 am


Related Questions & Answers

More Banking Law questions and answers in India