Legal Question in Banking Law in India

sarfaesi

In a sarfaesi proceedings, the initial

notice under sarfaesi act was

issued demanding the amount due

under the decree which was

passed by the courrt. However

subsequently the exparte decree

was set aside and as of now there

is no decree. Can action under

SARFAESI act be continued under

the same notice. In the notice

issued initially the details of the

documents etc issued were also

mentioned. Also since the decree

has been set aside can be bank

continue subsequent action

pursuant to the notice viz sale of

property for recovery of the amount

due under the documents and

claiming contracted rate of interest.

The amount due as per the

documents / contract rate will be

much more than what is decree.

Kindly give your views


Asked on 1/09/09, 9:46 am

5 Answers from Attorneys
muhamed mustaque mk associates

Re: sarfaesi

yes ,actions SARFAESI,is indepedent ,though may be referable to decree as well.but certainly no bar

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Answered on 1/09/09, 12:06 pm
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: sarfaesi

Since the decree has been set aside, you may better try to reach an amicable settlement with the Bank.

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Answered on 1/09/09, 12:40 pm
Homi Maratha N.N. Maratha & Co.-Advocates

Re: sarfaesi

Already replied.

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Answered on 1/10/09, 12:28 am
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: sarfaesi

contact an banking advocate

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Answered on 1/10/09, 7:47 am
J. Radhakrishnan independent Practice

Re: sarfaesi

Since the decree based on which Sec.13(2) notice was issued is set aside, the Bank will have to issue a fresh notice claiming the amount including contractual rate of interest. Proceeding on the basis of the old notice on a decree set aside can be challenged by the debtor successfully

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Answered on 1/10/09, 8:45 am


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