Legal procedure to obtain stay order on auction of property by bank

My father took loan on house property in 2008 of 3.4cr and he has paid all emi till 2014 and after that dur to aome reasons we couldn't pay the rest. Now bank has issued notice of auctioning our property. How can we get a stay from the court and what are the chances of getting it?

Answers (1)

277 votes

Dear Reader,
In reference to your query, I am of the opinion that under such circumstances, you may file an Appeal before the Debt Recovery Tribunal ("DRT") under Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ("SARFAESI Act"). The court fees in case of filing of an Appeal will be a maximum of Rs. 1,00,000/-

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