Legal Question in Banking Law in India
sarfaesi act 2002
my bank has:
1. charged excess interest i.e. i am an ssi unit and notified bank about the same, but bank kept charging commercial interest instead of ssi interest rate
2. failed to provide relief as well as reconstruct my account after my unit was devastated by a natural calamity (disregarding rbi guidelines)
3. to secure their own interest, they accepted the under valued insurance claim sanctioned by the insurance company.
to claim justice in regard to above we filed a case with consumer forum
later, the bank had served their first notice under SARFAESI act in 2006 but after our response they filed a case with drt.
the above matters are still pending before the respective courts.
however, the bank served second notice under SARFAESI act, this time however, they have gone far to take symbolic possession.
i ask:
1. is the bank's right in doing the above?
2. are my claims valid ?
3. how much time is available for me to appeal against symbolic possesion taken by bank, before they can take actual possession?
4. is second notice allowed ?
3 Answers from Attorneys
Re: sarfaesi act 2002
contact a banking advocate
Re: sarfaesi act 2002
your case in consumer forum will not be fruitful. Fight out the case in DRT. Bank can take proceedings under SARFAESI Act even if it had filed case in DRT. You make an application to DRT under Sec.17 of the SARFAESI Act contesting the amount due and the application has to be filed within 45 days of the receipt of possession notice by you.
Re: sarfaesi act 2002
It may not be advisable to seek an advice in a pending case because the fate of court cases is determined based upon pleadings and evidence which are better known to the conducting counsel.
Broadly, you appear to be right; Your claims are valid; You may approach DRT against Bank's action; and may expedite your complaint with the consumer forum.
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