Legal Question in Banking Law in India

can i get a stay order on possession notice under sec13(2) and 13(4) of sarfaesi act?if i want make a settlement what is the procedure?as my husband has died who has taken loan of 4 lac from icici bank and i am a house wife.which they have transferred to arcil,now they asking to give 16 lac,which is impossible to give, for me it is huge amount,i can only manage upto 5 lac,original deed is in my hand,they even do not know that my husband is dead,i have already informed it to icici bank on 2003,they have given notice in the name of my husband.which i haven't received it from them they only given it to my hand.plz help me?

Asked on 7/12/12, 3:53 am

3 Answers from Attorneys

RAJIV GUPTA (Cell: +91 9811284735) [email protected]

0 users found helpful

0 attorneys agreed

as suggested earlier, you may file a petition in Debt Recovery Tribunal and before that you may approach the bank.

Answered on 7/12/12, 4:16 am

Mark as helpful

Vivek Mapara Vivek N. Mapara

0 users found helpful

0 attorneys agreed

From the facts you just describe, under Securitization Act, bank can only take possession of property, which was given as collateral security for loan and not any other property. Also, if the notice is given in name of your husband, then the same is illegal, on that basis they cannot go further, as person is already dead.

Madem, Please consult any local lawyer, practicing banking law, or at DRT in person. Online legal advise may not be of any help to you in fighting case. Cases have very chequered facts, so each small fact will change the outcome and course of action. So better, consult lawyer with all papers.

Answered on 7/12/12, 8:55 am

Mark as helpful