NPA and cheque bounce case
10 months ago
Is it possible to delay the whole process of Sarfaesi for 2 years. Bank is unable to sell the property and because of this they have bounced my cheque and got a warrant issued. I tried handing over the property but they are not interested in it
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. So, proceeding under Section 17 of SARFAESI Act can not be deferred or stalled for two years. 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. So, proceeding under Section 17 of SARFAESI Act can not be deferred or stalled for two years. Reach out to an Advocate for guidance and steps.
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