DRT case file against me, when EMI`s not paid for last 7 months
1. I took a loan for amount of Rs - 30,80000/-. I received a notice from Bank stating - Notice under section 13(2) of the secularization and reconstruction of financial Assets and enforcement of security interest Act 2002.
2. I have another property under my name as applicant and my wife`s name as co-applicant, what worse can happen to my other property, where I am already living?
The Notice says:
a. take over of secured assets of the borrower including the right to transfer by way of lease, assignment or sale for realizing the secured assets.
b. take over the management of the business of the borrower including the right to transfer by way of lease, assignment or sale for realizing the secured assets.
c. appoint any person(herein referred as manager) to mange secured assets the possession of which has been taken over by the secured creditor.
d. require at any time by notice in writing, any person who has acquired any of the secured assets from the borrower and from whom any money is due or may become due to the borrower, to pay the secured creditor, so much of the money as is sufficient to pay the secured debt.
3. Please take note that this notice is issued to you under section 13 (2) of the securitasion and reconstruction of financial Assets and enforcement of security interest Act 2002 an dis being without prejudice to the bank right and remedies including the appropriate legal proceedings (civil and criminal) to be initiated before the appropriate court and or tribunal for recovery of the aforesaid outstanding amount.
4. You are therefore advised to comply with the demand notice under this notice and to avoid further action under the aforesaid act, which shall of course be at your costs and consequences.
5. Pleas also take note as per section 13(13) of the aforesaid act, after receipt of this notice, you shall not transfer/assign/surrender/sale/lease or otherwise (other than in the ordinary course of your business) any of your secured assets, without prior written consent of the bank and violation of this will attract serious consequences.
Q1. If builder has not yet given possession of the property, what action can the bank take if EMI`s are not paid, as I cannot pay EMI due to financial constraints?
Q2. the point no. 5 does that mean that if I want to sale my already occupied second property, I cannot do so? and I if I decide to do so, what could happen in that case?
Q3. And, if few months down the line if Builder gives the possession, then what course will this whole scenario will take?
Q4 what consequence would I have to face on my mortgaged property for which I cannot pay the EMI and the property that I already live in with my family, for which I am paying the EMI`s.
Please help, as I only have been give 60 days to repay.