The answer is quite simple
REDEEM YOUR PROPERTY BY PAYING THE BANK'S DUES
I have a taken loan in 2012 and in 2016 the loan became an NPA. Bank went to sell the property and I filed the case in DRT and paid 25% of the loan and the case is going on. And 2017 bank filed case in DRT against me to pay the loan which is also going on. In 2017 bank went to district collector to take possession of the property which was heard by the collector las month and I heard that the collector will give the permission to take over the property. What shall I do? Paran
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For the purpose of taking possession of secured assets the lender has to file a comprehensive affidavit under Section 14 of the Act detailing …
Either you can request collector or take the injunction that property possession should not handover to the Bank and defend with the help of your all payments details and agreement between bank for how much interest they're going to charge against loan for specific loan period.
It's totally depends upon how much is the loan amount and how much is paid as EMI installments amount for specific period and today's property cost.
You first obtain a stay order from DRT against the bank restraining the bank from proceeding with the auction sale of property or even taking physical possession of the property through District magistrate.
You can produce the stay order befor the district magistrate in the case that is pending before him filed by the bank seeking physical possession.
The proceedings can be stalled by the district magistrate on the basis of the stay order.
Apply for stay of the order in the DRT at the earliest as these run with limitation.
Have you not been served any documents in the case yet?
Dear Sir/Ma'am
In our knowledge, an appeal can be filed against the order passed by the collector for taking back the possession of the property by bank or else a stay order can be obtained from DRT challenging the bank for auction of sale of property and the same can be produced before the court. Thank You.
1. The SARFAISI Application filed by you before the DRT is still pending.
2. File a put ip application and an I.A. preying for a stay order upon the Bank to take any coercive action against yo till the S.A. is disposed of.
3. The Bank is required to file an affidavit before the DM/Collector affirming that there is no case pending before DRT in connection with the mortgaged property which, it appears. the Bank has suppressed.
4. You can also write directly to the Collector informing the said fact to him.