It appears from your question that the property in question is yet to be auctioned. Since the amount remaining to be unpaid appears to be comparatively small when compared with the total amount, it may perhaps be advisable for you to make the remaining payment (as per notice or as per the actual amount due including charges, costs, expenses) to the company to prevent auction of the property; in this regard, Section 13(8) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, is reproduced below:
“(8) Where the amount of dues of the secured creditor together with all costs, charges and expenses incurred by him is tendered to the secured creditor at any time before the date of publication of notice for public auction or inviting quotations or tender from public or private treaty for transfer by way of lease, assignment or sale of the secured assets,—
(i) the secured assets shall not be transferred by way of lease assignment or sale by the secured creditor; and
(ii) in case, any step has been taken by the secured creditor for transfer by way of lease or assignment or sale of the assets before tendering of such amount under this sub-section, no further step shall be taken by such secured creditor for transfer by way of lease or assignment or sale of such secured assets.”
Otherwise, you may make an application to the Debt Recovery Tribunal (DRT) under the provisions of Section 17 of the above Act.
If your application has already been dismissed by the DRT, as it appears from your question, you may file an appeal (under Section 18 of the said Act) before the Debt Recovery Appellate Tribunal (DRAT) against such decision of the DRT.
Dr. Ashok Dhamija is a New Delhi based Supreme Court Advocate and author of law books. Read more about him by clicking here. List of his Forum Replies. List of his other articles. List of his Quora Answers. List of his YouTube Videos.
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