I received a notice for my mortgage loan in NBFC Bank
11 months ago
Hello Respected Sir / Madam ,I received a notice for my mortgage loan in NBFC Bank 13 (2) now main question is they have already issue this notice in 2020 that time we have already reply now again they have issue by saying that we are cancelling our previoues notice so what can be done can they issue new and can they cancel previoues your help and advice in this will be highly appreciated
A.Dear Client,
The notice u/s 13 (2) of the SARFAESI Act, 2002 issued by the Bank where any borrower, who is under a liability to a secured creditor/Bank under a security agreement, makes any default in repayment of secured debt or any installment thereof, and his account in respect of such debt is classified by the secured creditor as a non-performing asset(NPA), then, the secured creditor may require the borrower by notice in writing to discharge in full his liabilities to the secured creditor within sixty days from the date of notice failing which the secured creditor shall be entitled to exercise all or any of the rights under sub-section (4) of the Act for recovery of date. The notice u/s 13 (2) itself does not affect any right or liability of the borrower. Hence, a challenge to the notice u/s. 13 (2) of the Act is premature, since it is possible that the Bank may be satisfied with the reply of the borrower to the aforesaid notice and drop the proceedings.
So, verify the status from the concerned Bank in reference to your 2nd notice whether it is enforceable afresh on cancellation of earlier notice or 2020 and take steps accordingly in consultation with an Advocate.
The notice u/s 13 (2) of the SARFAESI Act, 2002 issued by the Bank where any borrower, who is under a liability to a secured creditor/Bank under a security agreement, makes any default in repayment of secured debt or any installment thereof, and his account in respect of such debt is classified by the secured creditor as a non-performing asset(NPA), then, the secured creditor may require the borrower by notice in writing to discharge in full his liabilities to the secured creditor within sixty days from the date of notice failing which the secured creditor shall be entitled to exercise all or any of the rights under sub-section (4) of the Act for recovery of date. The notice u/s 13 (2) itself does not affect any right or liability of the borrower. Hence, a challenge to the notice u/s. 13 (2) of the Act is premature, since it is possible that the Bank may be satisfied with the reply of the borrower to the aforesaid notice and drop the proceedings.
So, verify the status from the concerned Bank in reference to your 2nd notice whether it is enforceable afresh on cancellation of earlier notice or 2020 and take steps accordingly in consultation with an Advocate.
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A.Dear Sir,
To gain the time they are doing like that. You can challenge the said notice before Debt Recovery Tribunal and get a stay on such notice.
To gain the time they are doing like that. You can challenge the said notice before Debt Recovery Tribunal and get a stay on such notice.
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