I have taken mortgage loan from cooperative bank, bank not disbursed s

946 votes

From the facts shared, the bank’s action appears excessive, especially considering the high value of secured assets against the outstanding dues. Since your matter is already pending before the DRT, Pune, you should strongly challenge the bank’s measures under the SARFAESI Act on grounds of disproportionate action, improper valuation, and partial disbursement of the loan. You can also seek relief for de-sealing of your factory to resume operations and request a fresh independent valuation of the property. The focus should be on proving that the bank’s recovery steps are arbitrary and beyond what is legally permissible.

Advocate Pragati Patil LawRato

873 votes

Challenge the bank's action under Section 17 of the SARFAESI Act in DRT Pune. Argue that the seizure is disproportionate and partial disbursement is a breach of contract. Seek an interim stay on the auction, highlighting the property value of ₹14cr against a demand of only ₹2.6 crore.

Advocate Pankaj Bajaj LawRato

893 votes

Dear Sir/Madam, From the facts shared, it appears that the Bank has acted disproportionately by taking possession/sealing of assets whose value is substantially higher than the alleged outstanding amount. If the secured assets are worth approximately ₹13–14 crore against a claim of around ₹2.6 crore, the action of the Bank can be legally examined on the grounds of arbitrariness, procedural irregularity, valuation issues, and non-compliance with mandatory provisions under the SARFAESI Act and related Rules. Further, since your factory was a running concern and you had already been paying EMI/interest prior to classification as NPA, the legality of the NPA declaration, possession process, notices issued, and conduct of the Bank before the DRT, Pune becomes very important. In many matters, Courts and Tribunals have protected borrowers where due procedure was not followed or where the action of the Bank caused excessive prejudice. Your matter requires immediate strategic handling before the DRT to safeguard the property and challenge the Bank’s measures effectively. I would be glad to discuss the documents and guide you on the strongest possible legal remedy and defence available in your case.

Advocate Mrugen Dhage LawRato