648+ Lawyers are online 
How to get a stay from bank against SARFAESI act
09-Jul-2023 (In Property Law)
I recently got a notice from SBI bank under section 13(2) SARFAESI act.
This is jointly owned property (me and my husband) and in a process of getting divorced. I am ready to pay to the bank if my husband relinquishes the rights over the property.
Kindly let me know what action needs to be taken to get a stay from the bank.
Please do not take a Section 13(2) notice lightly. You will need to get a stay of the order or settle the matter at the earliest. The bank may not be willing to wait for you to sort out the dispute between yourself and your husband.
Secondly, if it's a joint property then the notice would be addressed to your husband as well. What is his plan? Is he also asking you to relinquish your share to pay off the debt?
Thirdly if there is already a divorce case pending, it'll be good to settle it at the earliest and include a clause regarding treatment of the joint property.
Secondly, if it's a joint property then the notice would be addressed to your husband as well. What is his plan? Is he also asking you to relinquish your share to pay off the debt?
Thirdly if there is already a divorce case pending, it'll be good to settle it at the earliest and include a clause regarding treatment of the joint property.
Helpful?
39+
39+
Can a tenant be evicted under Sarfaesi Act?
The SARFAESI Act does not allow a tenant to be evicted arbitrarily, as this would stifle the rights to protection that the law gives to tenants. 21-Apr-2023
Which court can issue a stay order against the sarfaesi action initiated by any bank?
Order of Judgement Staying the SARFAESI Act
Mardia Chemicals Ltd. V. Union of India (2004) : The Supreme Court held in this case that a borrower could challenge the action of a bank under the SARFAESI Act and seek a stay against the bank's actions. 07-Apr-2023
How do you fight against the Sarfaesi act?
A debtor/borrower who is aggrieved by the actions of a secured creditor/financial institutions can file a Securitisation application with the Debts Recovery Tribunal. The Debts Recovery Appellate Tribunal can challenge the decision of DRT. 26-Sept-2023
What is the time limit for sarfaesi possession notice?
In India, the time limit to issue a possession notification under the Securitization of Financial Assets (SARFAESI Act) of 2002 is usually 60 days after the date the notice was issued demanding repayment of the loan. 10-Oct-2023
A stay order is an official measure that stops or prevents a particular action until a tribunal or court reviews the matter and makes a decision. A stay order is used in relation to the SARFAESI Act to prevent lenders from seizing secured assets of the borrower or auctioning them to recover unpaid debts.
Helpful?
Adv. Chikirsha Mohanty
Delhi | 200+ AnswersCONTACT NOW
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Property lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
