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.
Helpful
Helpful
Share
Read Related Answers
Loan
Dear Client,
A co-applicant/borrower is equally liable for repayment of the debt if the principal Borrower fails to repay it and if after exercising all the steps for recovery of debt against the Bor...
Compassionate appointment
Dear Client,
The SBI rules can not be breached. it could be the policy of the bank to not hire anyone. Please check with the rules and guidelines for heiring employees
Education Loan OTS
Dear Client,
Try to go to the online portal of the said bank and complaint about grievance through the same. it is advisable to repay the loan amount within the stipulated time or you may face seizur...
Sbi account put on stop by cyber security
Dear Sir/Madam,
Under the following provisions the Hon’ble Magistrate Court having ample powers to unfreeze the Bank accounts. Further, the Hon’ble Court has vast powers to hand over the properties/v...
My bank account got freezed
Dear Client,
Once a cybercrime scam or fraudulent transaction is reported online to the National Cyber Crime Reporting Portal(NCCRP), on the instruction of the Cyber Crime Cell, the investigating tea...
Read Blogs on Banking
Banking Lawyers
Find Lawyers by Location
