Your house business or money can be at stake when a bank issues you with a recovery letter. There needs to be some legal scrutiny made on any recovery action taken against you. At DRT-I Chandigarh Lawyers we represent people who are either borrower, guarantor and any other person involved. Whether it be information on how tribanals work. Questioning wrong recoveries made and responding to them within due time. Our goal is to allow you to have a chance to defend yourself with valid arguments.
Facing Bank Recovery Action? Know Your Forum
Tribunal I Chandigarh will deal with cases which fall under its jurisdiction. If any bank or financial institution want to file an application for recovery under RDB Act 1993 they can do so. In case someone wants to file an objection against action taken by qualifying secured creditor as per SARFAESI Act 2002 then he can also file the same here. Depending upon what action has been taken where the property is located and which act applies you can file the case here.
What Can a DRT Lawyer Do for You?
The bank recovery advocate at Chandigarh will go through your loan documents account details notice of demand possession details auction papers etc. Reply may be drafted against original or you can file a securitization application. Interim relief may be applied for and you can appear before court on these matters. Each solution depends on your documents and how risky the situation looks.
Can You Challenge a Possession or Auction Notice?
In most cases after Section 13(2) of SARFAESI secured credit will give you a notice period of 60 days to comply with the certain steps as listed under section 13(4). After the steps listed under section 13(4) have been performed typically the aggrieved person will have 45 days to make an application under section 17 to the appropriate DRT. Notice will not in itself grant you a stay. Documents need to be examined quickly.
Which Documents Should You Preserve?
Hold on to all Sanction letters, Repayments receipts, bank statements, letters, mortgage documents, valuations, possession letters, sale letter and any previous decisions from the Tribunal. Note the dates you received these letters. If you fail to keep certain dates it may hinder your case. Do not believe that settlement will allow more time than the statute allows.
Frequently Asked Questions
1. At what time should i consult DRT-I Chandigarh Lawyers ?
As soon as you have received recovery letter, Tribunal notice, possession letter or auction notice you can seek legal advice. This will allow your lawyer to guide you which court to approach. Also calculate limitation period, collect evidences and ask for urgent injunctions if required.
2. Will my Lawyer be able to stay the auction of my property?
Your lawyer can go through the steps of auction. From serving of notice to auction sale price etc. If the conditions are fulfilled they can file an application seeking for Injunctions. Whether injunctions will be granted or not is upto the Tribunal.
3. What is Securitization Application?
Securitization Application (SA) is filed when you want to question the Eligible action done by secured Creditor under SARFAESI. It contains details about what went wrong with the secured creditors actions and reasons why the court should intervene in this matter. You can attach relevant documents to support your cause.
4. Can i defend a claim from Bank if i am guarantor?
Yes you can use your Guaranty deed to fight your case against the Bank. You can also use documents that show how much you have already repaid and defences available under the law. It is wise to reply in writing as opposed to not responding to proceedings.
5. What if the Bank has wrongly calculated the amount due from me?
You should ask for your statement and verify all interest charges and amount you have paid. Once you have verified you can bring this to the attention of your Lawyer who can point out where the error is. Just claiming that Bank is charging more interest may not help your case.
6. Can i file a petition to DRT once i receive demand letter?
Section 13(2) allows you to make a representation to your lender. Once there is a valid section 13(4) action then you can challenge them under Section 17. Make sure your lawyer knows what action you want to take.
7. Once i file a case will my property be safe from seizure?
No. Once you file a petition to the Tribunal you must ask for Injunctions to keep your property safe. Your lawyer will have to prove to the court that an Injunction should be granted. Always abide by Tribunal orders till your property is safe.
8. Can a business owner dispute recovery action from a Bank?
Business can file cases against banks who want to recover money from working capital loans. Provide your lawyer with as much documentation as possible regarding the facility. Make sure your defense targets what the Bank has stated against you.
9. Can I appeal a DRT order?
Most orders passed by DRT are appealable in the appropriate Debts Recovery Appellate Tribunal. Some appeals will require a deposit before you can file them. Speak to your lawyer as soon as possible to know what steps to take if you wish to appeal.
10. Can I still settle my loan while a case is going on?
If your Bank is willing to accept a settlement you can continue to negotiate. Just make sure you understand the terms you are agreeing to. Make sure you comply with any current orders passed by the court.
Conclusion:
As these matters need to be decided within time period. Proper documentation and legal knowledge is required. DRT-I Chandigarh Lawyers In case of DRT/SARFAESI and bank auction you can consult DRAT Lawyer for your case. You can also consult Advocate BK Singh by providing us with your document.
Website- https://www.drtadvocates.com/
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