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Loan recovery notice received from bank
03-Jan-2023 (In Recovery Law)
Our loan account has gone in NPA, and bank has served notice of possession notice on 18/03/2020 through recovery agent, as per RBI GUIDELINES, while serving this notice on 18/03/2020 the recovery agent was not having any kind of legal documents or any ID card proof provided by bank with him and before serving this notic bank has not informed us about details of recovery agency firms / companies while forwarding default cases to the recovery agency. So will this notic be treated as illegal because bank has not followed RBI GUIDELINES, and with the help of this notice bank has served notice of E Auction of property 2 days ago. So is it possible to stop the process of E Auction
Yes E auction can be stopped if you get the stay order from the concerned court... whether the notice served to you is u/s. 13(4) of SARFASI ACt?
If the bank has not followed the RBI guidelines you will get the stay order on the basis of the notice served to you..
Need to check papers... for more consultation.
If the bank has not followed the RBI guidelines you will get the stay order on the basis of the notice served to you..
Need to check papers... for more consultation.
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Adv. Ruchi Singh
Navi Mumbai | 100+ Answers
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What are the rules for recovery agents?
The agent must bring the notice from the bank and the letter of authorisation with them when they visit the defaulter. If a borrower files a complaint, the bank cannot refer the case to a collection agency until that complaint is resolved or dismissed. 16-Jun-2023
Can recovery agent harass you?
It is not considered harassment if the recovery agent sends updates or demands in advance, calls at home or starts court proceedings at a reasonable hour or initiates a court case. These are the measures that the creditor can take to recover debts from the borrower.
What to do if recovery agent comes to your house?
You can lodge a formal complaint with the police against the bank, or third-party agent. ...
Injunctive action against recovery agents -
Filing a defamation suit- ...
Trespassing- ...
Extortion grievance- ...
Bank complaint
Can debt collectors come to your house in India?
You can be visited by a debt collector if you owe money. They usually contact you by phone or email first. A debt collector does not have the right to remove goods and you do not need them to come in. Learn more about the differences between bailiffs and debt collectors.
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