Legal Question in Banking Law in India

sarfaesi act possession

i am living in a leased house by paying a lumpsum amount of 4.75 lacs and the period is 3 years. the agreement is executed in the month of july !st 2008. It is not a registered one but we signed the agreement in Rs 50/ bond paper infront of two witnesses. After a period of time i come to know that the owner is a not a good person and he is defaulting the payment, mostl probably he wants to cheat the bank. in this scenario how to get my money back? the bank so far issued first or second notice only. Not taken possession so far through the sarfaesi act? what are all the possible ways of getting my money back? can i a file a civil suit before sarfaesi act comes into effect?but some body is saying the civil suit wont withstand against sarfaesi act? please suggest me.


Asked on 12/02/08, 11:50 pm

5 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: sarfaesi act possession

You may pursue criminal as well as civil remedy against the owner and demand your money back.

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Answered on 12/03/08, 9:47 am
J. Radhakrishnan independent Practice

Re: sarfaesi act possession

Unfortunately, the lease deed which is for three years is not registered. It is also understamped. It cannot be admitted in evidence. If the Bank comes to take possession of the premises, you can file a petition under Sec.17 of the SARFAESI Act that you have entered into a bonafide lease agreement and the understamped agreement can be used only to show your nature of possession and that too after you are likely to be made to pay the stampduty and penalty which is ten times the stamp duty. If you fail in that proceeding, which is quite likely as your lease agreement is only of recent origin, you can only file a civil suit against the landlord for return of the advance and for damages. You can also file a criminal complaint against the landlord for having cheated you by concealing the prior mortgage. In any case, please consult a local lawyer who has some bank matter practice and proceed.

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Answered on 12/04/08, 1:43 pm
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: sarfaesi act possession

contact a local lawyer with details probably banking lawyer

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Answered on 12/03/08, 10:13 am
Homi Maratha N.N. Maratha & Co.-Advocates

Re: sarfaesi act possession

You may take criminal and civil remedies against him and take your money back.

Contact a local banking lawyer.

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Answered on 12/19/08, 2:20 am
Nasir Butt Nasir Law Associates

Re: sarfaesi act possession

Reply of Mr. Aniruddha Pawse is correct.

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Answered on 12/05/08, 9:54 am


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