Procedure to get stay order against possession of property by bank

725 votes

See the route of OTS to escape any legal liability is available only until the property has not been attached. At this stage you can file a suit for temporary and mandatory injunction under Order XXXIX rule 1 and 2 of CPC for restraining the sale of property, however the grounds have to be very strong and genuine at this stage.

Advocate Samyak Raj LawRato

912 votes

In this case where you have taken a loan from bank and now you are not paying bank dues but bank has not going to ots you can get the stay order by the court. From the court you can get the stay order.

Advocate Raunak Gupta LawRato

327 votes

To obtain a stay order against the possession of property by a bank, especially under the SARFAESI Act (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002), you typically need to follow these steps:

• Consult with an Attorney: It's advisable to consult with a qualified property lawyer who specializes in banking and property matters. They can assess your case and provide guidance on the best course of action.
• Review Legal Grounds: Your lawyer will review the legal grounds for seeking a stay order. This may include examining whether the bank's actions are in compliance with the SARFAESI Act and other relevant laws.
• File a Petition: Your lawyer will help you draft and file a petition for a stay order in the appropriate court. The petition should outline the reasons for seeking the stay and any legal arguments in your favor.
• Notice to the Bank: The court will issue notice to the bank, informing them of your petition and the scheduled hearing date.
• Court Hearing: A court hearing will take place where both parties present their arguments. Your lawyer will represent your interests and present evidence in support of the stay order.
• Court Decision: The court will consider the arguments and evidence presented by both parties and make a decision regarding the stay order. If granted, the bank may be temporarily barred from taking possession of the property.
• Compliance with Court Orders: It's essential to comply with any court orders issued during the legal proceedings.

Please note that the specific procedures and requirements for obtaining a stay order may vary based on the jurisdiction and the circumstances of your case. Consulting with a legal expert is crucial to ensure you follow the correct legal procedures and protect your interests.

Advocate Chikirsha Mohanty LawRato