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Case related to sarfacy act 2002
Case related to sarfacy act 2002
10 months ago
I have purchased a flat in Nagpur from builders. Builders mortgage same building to bank and got a loan.Even after selling all flats and shop, builders have not returned loan, therefore banks obtained order from CJM nagpur,and now bank have taken partial possession of building.mean time we filed case for stay in DRT nagpur.but we have not got
stay.please advice what we should do.
A.Dear client,
according to section 55 of the transfer of property act, the builder has to disclose all material facts before selling the property. Hence, the builder had a duty to disclose any defect in title to the property at the time of selling it which he hasn't done in this case. Hence we would advise you to file a complaint under section 420 of the Indian Penal code for cheating
according to section 55 of the transfer of property act, the builder has to disclose all material facts before selling the property. Hence, the builder had a duty to disclose any defect in title to the property at the time of selling it which he hasn't done in this case. Hence we would advise you to file a complaint under section 420 of the Indian Penal code for cheating
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A.Dear Client,
Section 13(2) of the Sarfaesi Act,2002 provides that if a borrower who is under liability to a secured creditor/Bank, makes any default in repayment of secured debt and his loan account in respect of such debt is classified as a non-performing asset(NPA), then a secured creditor i.e, Bank may require the borrower by notice in writing to discharge his liability within sixty days from the date of notice with an indication that if he fails to do so, the secured creditor shall be entitled to exercise all or any of its rights in terms of section 13(4) of the Act. The borrower can challenge the notice u/s. 13(2) of Act in the Civil Court as well as in the High Courts by way of writ jurisdiction to defend his case. However, that is hardly sustainable as because the borrower cannot approach the court or any other forum at the interlocutory stage of the proceedings that is from the issue of notice u/s. 13(2) till the final action taken u/s. 13(4) of the Act. On receipt of possession notice u/s. 13(4) the borrower can prefer to appeal before DRT u/s. 17 within 45 days, seeking a stay of proceedings and setting aside the action initiated. So as a Buyer, you may collectively approach the Builder to take the steps accordingly to stall the possession of property by Bank in terms of notice u/s.13(4) of the Act. If no cooperation is available for Builder, you may collectively approach the RERA who can entertain your complaint, and adjudicate the matter based on the merit in the complaint. Reach out to an Advocate for guidance and steps.
Section 13(2) of the Sarfaesi Act,2002 provides that if a borrower who is under liability to a secured creditor/Bank, makes any default in repayment of secured debt and his loan account in respect of such debt is classified as a non-performing asset(NPA), then a secured creditor i.e, Bank may require the borrower by notice in writing to discharge his liability within sixty days from the date of notice with an indication that if he fails to do so, the secured creditor shall be entitled to exercise all or any of its rights in terms of section 13(4) of the Act. The borrower can challenge the notice u/s. 13(2) of Act in the Civil Court as well as in the High Courts by way of writ jurisdiction to defend his case. However, that is hardly sustainable as because the borrower cannot approach the court or any other forum at the interlocutory stage of the proceedings that is from the issue of notice u/s. 13(2) till the final action taken u/s. 13(4) of the Act. On receipt of possession notice u/s. 13(4) the borrower can prefer to appeal before DRT u/s. 17 within 45 days, seeking a stay of proceedings and setting aside the action initiated. So as a Buyer, you may collectively approach the Builder to take the steps accordingly to stall the possession of property by Bank in terms of notice u/s.13(4) of the Act. If no cooperation is available for Builder, you may collectively approach the RERA who can entertain your complaint, and adjudicate the matter based on the merit in the complaint. Reach out to an Advocate for guidance and steps.
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