Notice under Sarfaesi Act
1 year ago
I had borrowed from DHFL for buy a flat in Faridabad in 2012. Within 2 years the project went off the rails and virtually nothing is constructed apart basement. The builder was sent to jail and now the project is in nclt.
Later there were allegations of fraud and collusion. Dhfl anyways collapsed due to other fraudulent activities.
Now , I bought it under no emi till possession scheme. Financier disbursed the full amount. I didn't start emi payment since neither there is any possession nor is the project active since 2013 . Now Piramal who acquired dhfl is sending notices under sec 13(2) of Sarfaesi Act.
My question is that no asset exists since no work was done.
Can they extend to other personal assets? Isn't that total injustice for retail customers. Or will it be restricted to the asset financed? Please advise my course of action
There might be co obligant and the Bankers can move to take action against the assets of co obligant if the assets of borrower are insufficient.
Regarding surity and stay of execution
Recovering Loan given to a Friend
Credit card payment
Joint account Chaque with minor signature only
Cheque and pronote
