Legal Question in Credit and Debt Law in India

about sarfaesi act
hi Team,

i am staying in a leased house which is attached to a bank for a business account and the owner of the property is not paying the dues. it may come under bank possession. what should i do? can i take any prevention by filing a case in civil court not to vacate me without my knowledge even the bank? what is the procedure of discharging the duties of bank officials if they i have to vacate? is there any procedure? or can i file a civil suit over the property and it attaches that property instead of bank? the owner is ready to register the document also as he wants to cheat the bank. if i get it registered now can the bank pay my money and then do action or the purchaser will pay the money and then he has to ask the amount based on this? is it a valid one? what about the materials like door, windows those can be removed with permission of owner before banks possession? can you give me the possible remedies how to prevent the bank from taking possession and also to collect my money from party or bank or the future purchaser?

Asked on 12/02/08, 7:12 am

2 Answers from Attorneys

Sudershan Goel India Law Offices of Sudershan Goel - Advocate

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Re: about sarfaesi act

It may not be appropriate to help the owner to cheat the Bank. However, you may like to safeguard your interests. Therefore, firstly, you should not be seen as colluding with the owner.

Independent of the owner, you may need examine your rights vis-a-vis that of the Bank. If your possession is prior to the Bank's loan, you may file a suit against the owner and the Bank for a declaration that your possession be protected.

You may require services of a local lawyer handling TPA cases.

Answered on 12/02/08, 9:41 am

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