Debt recovery

4 years ago

What is the process to fight with , i had given an amount of around 3 crores in several instalments to a company directors by taking several promissory notes cheques and declaration on judicial stamp papers and their property documents photocopies. Now that company went into NPA with their funding bank and banker had issues sarfaesi act section 12 (2) notice to that company directors. Now my concern is if bank sells their properties i cannot get my money back. Can i stop or halt bank auction. Kindly guide me with procedure. Please help.

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Rameshwar Dadhe

Responded 4 years ago

A.You will need to file recovery suit against them immediately

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Prashant Mane

Responded 4 years ago

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A.As per your documents promissory note, cheques and declaration on stamp paper can initiate legal action in court. But as far as xerox for properties has no use in anyway. Lastly, actions taken in SARFESAI cannot be halted but you can claim if you are secure creditor.

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Kishan Dutt Kalaskar

Responded 4 years ago

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A.Dear Sir,
You can bring parallel litigations against them and also file cheque bounce and money recovery suits and go against their personal properties etc.

Please take PAID phone call with me through VIDHIKARYA and get more legal guidance.

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Siddharth Pimpale

Responded 4 years ago

A.Simultenously you file criminal case against the director for cheating and criminal berach of trust.

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Siddharth Pimpale

Responded 4 years ago

A.You can become a party into the SARFESI proceeding initated by bank into DRT and pray to get back your money or atleast stay on the proceeding.

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