Legal Question in Banking Law in India

Re: Securitisation notice

Infact to contest the Securatisation Matter requires alertness from begining i.e. u are required to raise all the objections from receipt of notice u/s 13(2) and bank replies it within 7 days . The case is required to be developed from stage of notice . You must have taken objections . Further within 45 days of possession your DRT Application u/s 17 is required to be filed . The limitation is crucial part . Further in Application u/s 17 u are required to convince the DRT the irregualrities and illegalities caused by bank . If DRT is convinced it quashes the poroceedings . If not DRT dismisses your application . in such an event you can file appeal and seek time to pay the mandatory deposit amount and stay recovery measures . But ultimately banks many mistakes are waived and the borrower is made victim. In my opinion when you decide to contest the matter you should propose the bank for settlement simultanesly as the concession can only be given by banks and not by court or law