bank taking possession of agriculture land in sarfaesi act
10 months ago
Please guide. bank taking possession of agriculture land in sarfaesi act on agriculture land which is in dispute in DRT court case
A.Dear Client,
Section 19 of the Debt Recovery Tribunal Act enables a bank or a financial institution to recover any debt from any person by making an application under the aforesaid section before the appropriate Debt Recovery Tribunal having jurisdiction. A secured creditor may also simultaneously pursue its remedies under the SARFAESI Act 2002 as well as the DRT. For the application under the SARFAESI Act, the account of the borrower must be classified as Non-Performing Asset (NPA) by the secured creditor and must have an outstanding balance of INR 100,000 or above. A time limit of 45 days for filing an application under Section 17 of SARFAESI Act is provided for quick enforcement of the security. Reach out to an Advocate for guidance and steps.
Section 19 of the Debt Recovery Tribunal Act enables a bank or a financial institution to recover any debt from any person by making an application under the aforesaid section before the appropriate Debt Recovery Tribunal having jurisdiction. A secured creditor may also simultaneously pursue its remedies under the SARFAESI Act 2002 as well as the DRT. For the application under the SARFAESI Act, the account of the borrower must be classified as Non-Performing Asset (NPA) by the secured creditor and must have an outstanding balance of INR 100,000 or above. A time limit of 45 days for filing an application under Section 17 of SARFAESI Act is provided for quick enforcement of the security. Reach out to an Advocate for guidance and steps.
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