Counsel
Ask an expert!
Legal, accounting and compliance advice from qualified professionals.
As per the information you have given here, you have a very good case and you should win against SBI in DRT. SBI cannot overrule the stay and should not conduct the auction. You can also file a contempt of court case as well against SBI if they are doing so. The contempt cases are taken very seriously by courts and the bank will be in a serious troubl...
Wazzeer Professional Network
ProfessionalWe started a company, currently, it is 4 years old. To the run the company, for the initial capital investment purposes, we had taken a loan from SBI. The company was sold in 2 years of its inception, and the payments for the loan is done by current owners since last 2 years. And company went to NPA. Collaterals are still not replaced by Bank as past 2 years bank made sure it did not change their papers to new ownership and kept on keeping conditions.
Now bank proceeded with SARFASI. In fact, many times they threaten our collateral so we approach the current owners and settle their pending payments. Multiple meetings were held with current owners, us, and the bank. Current owners provided alternate collateral's but Bank kept on rejecting their properties after legal evaluation and dragged it for 2 years. Current owners lost interest as it was draining their cash and the bank did not cooperate with them and simply walking away. Our bank sent the file to recovery branch. AGM/DGM of the banks had signed tri-party meetings asking to work with current owners and settle the things. Also collected some money towards pending payments from the current owners. Then continued not supporting us or releasing our collateral. We filed in DRT and got the stay. Still, we keep submitting documents as the bank did not submit those discussions and collections done by the current owners. And Bank now acting as if they do not know current owners and they are considering us as the owners of their documents. They file another possession petition in magistrate court and send agents to take possession. We got a stay from the court also. Now they send us to notice for online auction while the stay is granted and the case is in progress in DRT. What is SBI doing? is this legal? why are they letting go current owners? why they did collect payments of over 5 Cr from them. and not replace collateral and hanging on to us. Pretending as if we are the owners. How we can effectively win over this bank in DRT. My advocate is very proactive and is informing me the status but am growing curious as to this tricky situation. And if DRT will support our argument.
-
Wazzeer Professional Network
ProfessionalAs per the information you have given here, you have a very good case and you should win against SBI in DRT. SBI cannot overrule the stay and should not conduct the auction. You can also file a contempt of court case as well against SBI if they are doing so. The contempt cases are taken very seriously by courts and the bank will be in a serious trouble if the contempt case is also admitted.
In case you need a support in this matter, things can be consulted and delivered seamlessly on Wazzeer platform -> "Get Started!"
over 4 years ago
View answer
We started a company, currently, it is 4 years old. To the run the company, for the initial capital investment purposes, we had taken a loan from SBI. The company was sold in 2 years of its inception, and the payments for the loan is done by current owners since last 2 years. And company went to NPA. Collaterals are still not replaced by Bank as past 2 years bank made sure it did not change their papers to new ownership and kept on keeping conditions.
Now bank proceeded with SARFASI. In fact, many times they threaten our collateral so we approach the current owners and settle their pending payments. Multiple meetings were held with current owners, us, and the bank. Current owners provided alternate collateral's but Bank kept on rejecting their properties after legal evaluation and dragged it for 2 years. Current owners lost interest as it was draining their cash and the bank did not cooperate with them and simply walking away. Our bank sent the file to recovery branch. AGM/DGM of the banks had signed tri-party meetings asking to work with current owners and settle the things. Also collected some money towards pending payments from the current owners. Then continued not supporting us or releasing our collateral. We filed in DRT and got the stay. Still, we keep submitting documents as the bank did not submit those discussions and collections done by the current owners. And Bank now acting as if they do not know current owners and they are considering us as the owners of their documents. They file another possession petition in magistrate court and send agents to take possession. We got a stay from the court also. Now they send us to notice for online auction while the stay is granted and the case is in progress in DRT. What is SBI doing? is this legal? why are they letting go current owners? why they did collect payments of over 5 Cr from them. and not replace collateral and hanging on to us. Pretending as if we are the owners. How we can effectively win over this bank in DRT. My advocate is very proactive and is informing me the status but am growing curious as to this tricky situation. And if DRT will support our argument.
-
Wazzeer Professional Network
ProfessionalAs per the information you have given here, you have a very good case and you should win against SBI in DRT. SBI cannot overrule the stay and should not conduct the auction. You can also file a contempt of court case as well against SBI if they are doing so. The contempt cases are taken very seriously by courts and the bank will be in a serious trouble if the contempt case is also admitted.
In case you need a support in this matter, things can be consulted and delivered seamlessly on Wazzeer platform -> "Get Started!"
over 4 years ago
Looking to hire a professional from our handpicked community?
Explore our services, submit your request and let us do the rest for you.