1. Somehow arrange atleast 30% of the outstanding due amounts, and file application for re-structuring of the Loan. Typically this is granted. Otherwise there is no other solution, in view of the strict laws.
DRT case
I am having 2 Home Loans (One is for Land and another is for Mortage) and CC Accounts in SBI Bank with the collateral of my land document. Due to business losses i cant able pay by dues in all the three accounts now bank has been call for Bidding after that i am filed DRT for Stay in Court. The court has given 2 months time to pay 2 installments in Rs. 6,39,000/- but i cant able to pay on time. I paid Rs. 6,39,000/- after the 2 months period now what will happen. I approached bank but they are telling to vacate my home but i am not got a any letter from SBI for sale or agreement, they are simply telling in oral. For this loan i have saled my workshop land and ready to pay my balance dues. In this case please help us.
Asked 4 years ago in Property Law
Religion: Hindu
16 Answers
Seek extension of time for making payment
2) court would extend time as you ha e made some payment
Please tell us after bidding is over what letter will come to us, i have not received any letter from bank..
Asked 4 years ago
1. WHEN you have DRT stay order and when you have paid the amount as directed by DRT, THEN Bank cannot proceed with the bidding.
2. File plea before DRT, giving the facts and pray for restraining the Bank for bidding process. Do this thru an experienced lawyer.
You can make an application in court for stay of vacation notice from bank and ask for some time for payment of second Installment ordered by court.
After court order pay the second installment and clear the dues.
Bank will withdraw the case after clearing of dues.
I have paid the Court said amount in single short itself but after court given 2 months only. Is it ok sir.
Asked 4 years ago
even if even if there is some delay in making payment it would not prove fatal to your case
visit bank manager personally and find out the details
YES. The delay can be condoned. File plea before DRT, giving the facts and pray for restraining the Bank for bidding process. Do this thru an experienced lawyer.
You have to file a statement with the DRT informing the Tribunal of the payment made by you though belatedly. In all fairness, the Tribunal may condone the delay. Pray for an order restraining the bank from taking any further action.
They will attach the property and auction the same to recover debt
Can't you get more time from DRT?
What is your counsel's stance?
Regards
G.Rajaganapathy
1. since you failed to repay the loan on time, the bank initiated SARFAESI proceedings against you and put your property which you had mortgaged with the bank for public auction
2. in that auction the highest bidder will be transferred the property by issuing a sale certificate
3. the bidder would have to deposit the sale proceeds with the bank out of which the bank will realise its unpaid dues with interest and auction expenses and balance will be returned to you
You may not be able to make payment in 2 months but it`s has been made. Your property is safe. Now bank cannot proceed against the property. File application in court and offer One time settlement.
Yes it is OK if court have passed the order but still you can make another application for getting some more time.
Since you have complied with the conditions imposed by the DRT in this regard, you may issue a letter or notice to the bank stating that as you have paid the amount as stipulated by court, they should not illegally dispossess you.
Failing to respond to your request and t=if they are still trying to initiate action to evict you then you my approach DRT once again with a petition seeking an order of injunction against the bank restraining them from indulging in such acts which may ruin your status and hamper your peaceful possession of the property.
You will get notice from bank to vacate the property since the property hs been sold to the highest bidder.
You my then obtain an order of injunction against this sale especially in the light of having paid the upfront amount as directed by court.
No doubt you cannot claim exemption when you have not complied with the condition on time, but you still can fight by filing an affidavit with the reasons for delay in payment.