I taken loan from Magma Housing Finance in 2007 with EMI of Rs. 5409 (120 Nos.) but they increased rate of interest in 2013 made 135 EMIs. I paid total 110 EMI till August 2016. I said them to take 54000/- (5409 x 10) amount in September 2016 and close this Loan. Magma refused to do it and I stopped paying them EMI. Now they sent me notice to take possession of my property in 14 days under SARFASI ACT
No any court listened my point and passed order taking possession of my property.
What can i do in this situation.
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.
I filed a case in DRT on dt. 6-10-2017 through my lawyer. Please let me know, how many days it takes to hear me in DRT Court.
thanks for your reply Ashok Dhamija ji.
Please ask this question to your local lawyer, since it depends on pendency level in the DRT concerned.
Thanks for reply.
You have good knowledge and experience about laws and judgement. Can you please predict something about this case, if possible. I’ll be ready to face that situation in advance.
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