SARFAESIaCT
5 years ago
Got notice of application for SARFAESI Act because I could not pay last three months education loan installments and the UNITED BANK OF INDIA authorities have sent me turning my account N.P.A. and sent me a letter today by speed post to use SARFAESI Act. Since I want some time to arrange for the money to pay the installments and have informed the Banker about the same but they are adament so what can I do now? Please reply asap.
VIMAL K MISHRA
Responded 5 years ago
A.Dear client! Please contact a lawyer of the DRT and if you need it, talk to me, I advocate in the DRT/DART.
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Mohd Imran
Responded 5 years ago
A.You must file a reply of that legal notice if it is a demand notice.
Plz share a copy of notice you had received
Plz share a copy of notice you had received
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Manjula Shanmugasundaram
Responded 5 years ago
A.First we have to know what notice you have received. Is it the demand notice under Section 13(2) or possession notice under Section 13(4). An it is also necessary to see how your account was declared NPA, whether all rules have been followed in declaring NPA. If you can negotiate some kind of a settlement that will be best. If not, you can file a SARFAESI Appeal before DRT after receiving the notices under Section13(4) of the Act if there are irregularities committed by the Bank.
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