I am running a private limited company and was into losses for last 3 years because of several problems like demonetization and GST act, most of my creditors are at default and my payments were also affected with this. I took a CC facility from south Indian bank for a tune of 9cr with mortgage of my properties worth 9 cr, last 1 year we had not serviced interest and it became NPA, now bank initiated sarfaesi act issued 13(2) notices and now got section 14 orders also from District magistrate. Is there any way to safe guard my properties, I tried for OTS with banker but they are not interested. I don’t have immediate source of funds to resolve the issue.
I have a few stamp papers old dated in which my father had signed, with which i had asked my sisters to file a civil case against me claiming for partition in my properties.
A civil petition been filed and adjourned to June 10th but now banker is ready with section 14 orders
How can I overcome this situation?
What are the chances of civil case creating a disturbance for property auction or salability?
I am asking my tenants to file a petition against section 14 with the rental agreement pleading sometime to search another property. How far can this succeed?
Kindly help me with these two issues
A.File for a partition suit and ask your sister to obtain an injunction over the property. Your tenants can also file for an injunction.
Helpful
Helpful
Share
satej Chandrakant more
Responded 4 years ago
A.Dear Sir,
There is various legal ways for taking time. For which need all the papers first. Request you to share the details first for further advice.
Thanks
Adv. Satej More
Helpful
Helpful
Share
Devashish Wani
Responded 4 years ago
A.Dear Client, you can file Writ Petition before the Hon'ble High Court under Article 227 of the Constitution of India for granting stay orders in respect of the auction of the mortgaged property. If the Writ Petition is allowed, you will be granted a cushion period for paying off the Bank dues (but that totally depends on the discretion of the Court). Multiplicity of litigation proceedings will not help your cause, as you will have to comply with your liabilities towards the Bank
Helpful
Helpful
Share
Sidhaarth
Responded 4 years ago
A.Details are required to be examined to suggest any remedy. Your sisters can move necessary application seeking stay of auction? In both civil cases you may get some more time in deferring bank action but ultimately you have to pay bank liability. Try for OTS through mediation. If required consult with details.
Dear Sir,
You may get issue a legal notice to the concerned Bankers and the Head office and initiate legal action and claim huge compensation for not securing your account details which are private de...
Dear Client,
Your query requires more details to address it suitably. You expressed your concern but not a cause of action behind that concern that attracts a legal remedy. It is a virtual platform w...
Dear Client,
You need to adhere to the payment of EMI and interest rates as provided by the financial corporations to settle the loan amount. In case of a financial crisis, you can contact the manager...
Dear Client,
Once a donor or owner of the property gifted the property to the donor through a registered deed of gift, the property becomes the self-acquired property in the hand of the donee who beco...
Dear Client,
Once a borrower fails to repay his debt, the Lenders/FIs initiate a routine course of action for recovery of the loan/debt from the borrower. You may negotiate or settle your dues agains...
You have selected a Lawyer whose location is different from your Location , if you wish to take phone consultation kindly pay and get the details of the Lawyers.
Type of Consultation
Fees
Phone Consultation
₹
Meeting Consultation
₹
Email Consultation
₹
Video Conference
₹
Request for quotation from the Lawyer.
You are a new user, please validate for security reasons
❶ Client Posts a Question by paying some amount
❷ All Paid Answers will be shown in N-Indicator (Open to Answer)
❸ You can reply and respond to the question
❹ Answer will be Approved by Admin based on content and on first come first serve basis.
❺ If answer is Approved then you will get your share. Status will be A-Indicator (Approved).
❻ If there are many Answers Posted then your Answer may get approved with a Lock. That means Client can view your response only if Client Unlocks by Paying Extra Amount. Status will be AL-Indicator ( Approved and Locked).
❼ If there are many Answers Posted you will Waitlisting tag. Waitlisting Answers may get Approved with a Lock or may not get Approved. It will be decision made by the Admin.
❽ Your share will depened on the number of Answers received and weightage given to your answer based on promtness and content.
➒ All amount will be accumulated and will be shared once in a month.
Your question is posted successfully. You will get your responses soon. You will be notified by mail and sms once Lawyer responds. THANK YOU! For any query drop a mail at [email protected] or call at 7604047601
Your question is posted successfully on the open forum. You will get your responses soon. You will be notified by mail and sms once Lawyer responds. THANK YOU! For any query drop a mail at [email protected] or call at 7604047601
Sarfaesi act , relief for borrower
Sharing bank statement of Defence Salary Account to third person wo informing
