Paid more amount than loan taken, still notice issued under SARFAESI
09-Mar-2023 (In Banking / Finance Law)
Hello sir, Actually we had started a paper carrybag company. We took loan mortgaging house property for 12lakhs. We paid almost 20lakh in return but still they issued posession notice u/s 13(2) of SARFESI which was once appealed against and DRT issued verdict but still bank didnt follow the verdict and again issued notice under SARFAESI act. What is the solution. Please help.
Please note that notice under Sec 13(2) is demand notice and possession notice is issued u/s 13(4). Manufacturing of carry bags is an industrial activity. Collateral security is a house property against which SARFAESI act can be enforced. You may please furnish more details as date of availing of the loan, Balance outstanding as on date, etc. per section 31 of SARFAESI Act, exceptions are given where the balance is either less than Rs 1.00 lakh, (Sec 31 h) or is less than 20% of the amount originally availed as advance (Sec 31j) . Also please inform the details of the earlier order pronounced by DRT. Other deviations in the SARFAESI proceedings carried out by the creditor is also to be looked into.
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