SARFAESIaCT

5 years ago

Got notice of application for SARFAESI Act because I could not pay last three months education loan installments and the UNITED BANK OF INDIA authorities have sent me turning my account N.P.A. and sent me a letter today by speed post to use SARFAESI Act. Since I want some time to arrange for the money to pay the installments and have informed the Banker about the same but they are adament so what can I do now? Please reply asap.

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VIMAL K MISHRA

Responded 5 years ago

A.Dear client! Please contact a lawyer of the DRT and if you need it, talk to me, I advocate in the DRT/DART.

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Mohd Imran

Responded 5 years ago

A.You must file a reply of that legal notice if it is a demand notice.
Plz share a copy of notice you had received

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Manjula Shanmugasundaram

Responded 5 years ago

A.First we have to know what notice you have received. Is it the demand notice under Section 13(2) or possession notice under Section 13(4). An it is also necessary to see how your account was declared NPA, whether all rules have been followed in declaring NPA. If you can negotiate some kind of a settlement that will be best. If not, you can file a SARFAESI Appeal before DRT after receiving the notices under Section13(4) of the Act if there are irregularities committed by the Bank.

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GANESH SHARMA

Responded 5 years ago

A.Pls share a copy of notice

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Mayuresh Vijaykumar Shirsat

Replied 5 years ago

Im not a lawyer iam a banker working in recovery department only , it will be a 13 (2) demand notice, i will suggest you to kindly meet the regional office of the bank and request for some time as bank manager will be in pressure of recovery and will be strict about the recovery due to pressure from higher authority. Regional office person can definetly help u for some time. And dont go for any legal action against the bank, trust me bank use other people money for lending and all the calculation will be 99 percent perfect before declaring your account as Npa, any action against the bank and bank will not help you further, so please trust your lending bank and sort out the issue

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