Possession under sarfesi under section 14 by district magistrate
What is the present judgment and guideline in covid scenario for sarfesi recovery cases by taking possession under section 14 ?
Sidhaarth
Responded 2 years ago
A.For six months such coercive methods stand suspended.
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A.In the event of going to DM or District court a financial institution will get order of possession under section 14 as it is administrative or ministerial work which such court performs if u want relief u can go to DRT.
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A.Dear Sir,
Rules never change inspite of Covid situation but you may take benefit by approaching DRT (Debt Recovery Tribunal).
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Rules never change inspite of Covid situation but you may take benefit by approaching DRT (Debt Recovery Tribunal).
Rate me Five Star *
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Sidhaarth
Responded 2 years ago
A.Under SARFAESI banks and financial institutions after serving notice under section 13(2) and 13(7) can initiate proceedings of attachment etc under section 14 including taking possession of the mortgaged property. Bank in order to be safe take warrant/order issued by CMM or CJM as case may be take possession with the help/assistance of local police. Under SARFAESI banks are not required mandatorly to take order.
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A.As per circular of RBI in March 2020 all banks were requested and advised to give moratoriums period upyog 31 may which further extended by 31st Aur 2020. So in case any bank has applied under section 14 sarfaesi u can show it to concerned DM office and can go to DRT for stay under section 17.
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DIYAVARHUSSAIN SHAIK
Responded 2 years ago
A.Dear Client
As per your inputs you have got notice under SARFASI Act by the banker,
You need to get a Stay from the High court
As per your inputs you have got notice under SARFASI Act by the banker,
You need to get a Stay from the High court
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