Legal Question in Banking Law in India

sir,

Indian bank sticked a notice of possession of immovable property 2 days before.The bank authorities saying that they cant do anything and we have to pay a sum of Rs 3 lakhs immediately. We need some #3or 4 months time sir.So what we can do in this situation .Can I move legally whether I could get any stay order from courts.Is it a right decision. Please give me a suggestion.

Gopal Kumar

Kerala


Asked on 2/04/11, 11:34 pm

3 Answers from Attorneys
J. Radhakrishnan independent Practice

check the accounts and documentation. If u find some ground to attack the bank's proceeding, file an application under Sec.17 of the SARFAESI Act and get stay of further proceedings. Pending the same, negotiate with the Bank for a possible one time settlement. Take the assistance of a local lawyer.

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Answered on 2/05/11, 3:37 am

yes you can file a stay in the local civil court - if nothing but on compassionate grounds

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Answered on 2/05/11, 7:50 am
J. Radhakrishnan independent Practice

jeevesh Mehta's suggestion is not correct. No civil court can entertain a suit on SARFAESI proceedings. Better file an application as suggested by me earlier.

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Answered on 2/06/11, 7:13 am


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