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CAN I TAKE STAY ON AUCTION FROM DRT ?
12-Dec-2023 (In Recovery Law)
I took a loan of 2.5 crores from central bank of India. My account became NPA and bank issued 13/4 notice and took symbolic possession of property on 2.8.2016 and i moved to DRT Within 45 days of the notice and got the order date on 7.9.2016 for the same that i am not a wilful defaulter .DRT gave first date of hearing on 23.11.2016 and on appearing it gave second date of 22.2.2017 but yet bank has published e-auction notice with date of 6.1.2017 .Moreover Bank also applied to DM on 27.8.2016 and DM on 23.11.2016 which was the date i appeared before DRT issued me to appear before him on 22.12.2016 .Now i am confused i applied to DRT within 45 days of 13/4 yet bank applied to DM and my case is in DRT and yet bank without having any order from bank or the DM published e-auction advertisement today for e-auction on 6.1.2017 and my second hearing date before DRT is 22.2.2017 .can i get stay from drt with no deposit up to 22.2.2017 ?if drt poses a deposit clause can i go to high court?
It may be possible to seek a stay from DRT with no deposit up to the second hearing date of 22.2.2017. However, this will depend on the specific circumstances of your case and the discretion of the DRT. It is also possible to approach the High Court if the DRT poses a deposit clause, but again, this will depend on the specific circumstances of your case.
It is important to note these legal proceedings can be complicated and may require careful consideration. It is advisable to seek legal counsel from a qualified lawyer with proper disclosure of facts and related documents to fully understand your legal options and potential outcomes.
Please let us know if you have any further questions or concerns.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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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
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
File an Stay Application alongwith application for amendment and application for urgent hearing hearing before DRT in your pending Securitization Application. In the Stay Application challenge the auction notice which has been published by the bank in the newspaper.
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Adv. Mujtaba Kamal Sherwani
Lucknow | 25+ Answers
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Yes you can file a interim relief application before DRT for stay on auction proceedings further you can challenge the DM order before DRT. The statutory fees for each application in your case will be rs. 250/-. For more details i need your papers for best possible suggestions.
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Dr. Azhar Ikram
Lucknow | 25+ Answers
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Hello,
If this is the case that the bank is flouting the order of the DRT whereas DRT has given a stay order in your favour. Then you have the liberty to approach the High Court to get a stay order till next date of listing before DRT.
REGARDS
If this is the case that the bank is flouting the order of the DRT whereas DRT has given a stay order in your favour. Then you have the liberty to approach the High Court to get a stay order till next date of listing before DRT.
REGARDS
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Seeking a Stay Order on Auction from Debt Recovery Tribunal (DRT)
When a borrower is facing the prospect of their property being auctioned by a bank or financial institution due to default on a loan, they may explore the option of obtaining a stay order from the Debt Recovery Tribunal (DRT). A stay order temporarily halts the auction process, providing the borrower with some time to address the underlying issues or negotiate with the lending institution. Here's a step-by-step guide on seeking a stay order from DRT:
When a borrower is facing the prospect of their property being auctioned by a bank or financial institution due to default on a loan, they may explore the option of obtaining a stay order from the Debt Recovery Tribunal (DRT). A stay order temporarily halts the auction process, providing the borrower with some time to address the underlying issues or negotiate with the lending institution. Here's a step-by-step guide on seeking a stay order from DRT:
- Consultation with Legal Counsel: The first step is to consult with a legal expert or lawyer experienced in DRT matters. They can assess your case, advise on the viability of obtaining a stay order, and guide you through the legal process.
- Review of Loan Agreement: Your lawyer will review the loan agreement and assess whether there are any legal grounds on which a stay order can be sought. Common grounds may include disputes over loan terms, discrepancies in the auction notice, or irregularities in the loan recovery process.
- Filing of Application: If there are valid grounds, your lawyer will help you prepare and file an application for a stay order with the relevant DRT. This application should be supported by documents and evidence substantiating your claims.
- Court Proceedings: The DRT will conduct hearings to evaluate the application and the lender's response. Both parties will have the opportunity to present their arguments and evidence.
- Decision: The DRT will consider all relevant factors, including the merits of your case, and will decide whether to grant the stay order. If granted, the auction process will be temporarily halted.
- Duration of Stay Order: The duration of the stay order will be determined by the DRT, and it may vary depending on the circumstances of the case. It is typically granted to provide the borrower with a reasonable opportunity to resolve the issues with the lender.
- Negotiation and Resolution: During the period of the stay order, you may use the time to negotiate with the lending institution to find a mutually acceptable solution, such as a loan restructuring or settlement.
- Compliance with DRT Orders: It's crucial to comply with all orders and directions issued by the DRT promptly.
- Legal Representation: Throughout this process, having legal representation is essential to navigate the complexities of DRT proceedings and ensure that your rights and interests are protected.
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Adv. Chikirsha Mohanty
Delhi | 200+ AnswersCONTACT NOW
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