Legal Question in Banking Law in India

Sarfaesi act
i have been issued SArfaesi 13(2) and 13(4) - symbolic possession. after recieving the symbolic possesion notice i met the bank manager and had a discussion with him and paid 1lack. total housing loan amount is 10lacks and the outstanding is 11lacks. so i paid 1lack and asked him to regularise the account. he agreed and i didnt take any letter from him out of trust. suddenly he approached me today and gave me a notice issued by the CMM court to handover the property within 24hours. can i go to the DRT now and ask for the STAY? or do i have to approach the high court as 70days have passed from the symbolic possession.what do you suggest sir?

Asked on 11/21/08, 5:38 am

5 Answers from Attorneys

J. Radhakrishnan independent Practice

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Re: Sarfaesi act

As per the recent Bombay High Court Judgment, you can file Sec.17 application to the DRT within 45 days of the receipt of the order of the CMM as the High court held that an appeal lies against an order for delivery of actual possession.

Answered on 11/21/08, 10:12 pm

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Aniruddha Pawse Aniruddha.P.Pawse Advocates

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Re: Sarfaesi act

File application for condonation of delay

Answered on 11/22/08, 12:38 am

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Homi Maratha N.N. Maratha & Co.-Advocates

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Re: Sarfaesi act

You may file application u/s. 17 to the DRT.

In case of need please contact personally alongwith the details.

Professional charges are applicable.

Answered on 11/22/08, 7:20 am

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Pravin Vaidya Independent

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Re: Sarfaesi act

While SARFAESI is heavily in favour of Banks, you can cerainly approach DRT for appeal & stay order. In any case there is information gap as after paying Rs. 1 Lac there must be some installments and interest amount overdue for payment which have to be paid by you to regularise the account Outatanding of Rs. 10 Lacs which is equal to original limit of the same amount is a misleading statement. Please contact on 09426334688 for guidance. Professional charges will apply

Answered on 11/22/08, 8:44 am

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