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Bank seizure notice giving just 7 days time


08-Mar-2026 (In Recovery Law)
I availed loan under CGTMS from a bank which turned NPA since 2022. Bank has filed a case in DRT which is still in progress. Yesterday bank suddenly posted notice on my plant to pay entire dues in 7 days else they will seize my machines. Is it legal? What should I do now?
Answers (4)

Answer #1
787 votes
you need to file an urgent praecipe for hearing and pay at least 10-20 percent of your due and give good reason for non payment point out their mistakes that they have not given any notice for the possession before filing anything or at the time of filing in DRT, next give Clarification on the case in DRT, also give them one time settlement offer for settlement.
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Advocate Moksh Jain

Adv. Moksh Jain

LawRato Mumbai | 100+ Answers
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Answer #2
768 votes
If the loan is secured, the bank can act under the SARFAESI Act even if a DRT case is pending, but only after issuing a proper Sec. 13(2) demand notice. Check if such notice was served. If not, you may challenge the action before DRT.
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Advocate Pankaj Bajaj

Adv. Pankaj Bajaj

LawRatoMumbai | 1000+ Answers
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Answer #3
573 votes
Thank you for your response. Before providing a proper reply, I kindly request that you share the complete details of the matter for clarity. To ensure a thorough discussion and provide appropriate guidance, a phone call is necessary.
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Advocate Swapna Kanade

Adv. Swapna Kanade

LawRatoMumbai | 25+ Answers
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Answer #4
681 votes
you have to immediately in the drt the that you have received . please file reply for the particular case in the drt at the appropriate bench . this will help you to stop the process of the bank acquire your property
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Advocate Mrudul Bhusari

Adv. Mrudul Bhusari

LawRatoNagpur | 25+ Answers
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