Rajendra DRT Law Firm is an esteemed firm of dedicated advocates based in Chennai, Tamil Nadu, India. We specialize in Debt Recovery Tribunal (DRT) litigation for Non-Performing Assets (NPA) recovery and Sarfaesi Act notices. Our team of experienced DRT Advocates and DRAT Attorneys are experts in finance disputes, having a thorough knowledge of the various statutory provisions related to debt recovery proceedings.
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act)
Banks and Financial Institutions have a number of methods of recovering dues. One of the most effective methods is the enforcement of security interest. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) is an act which provides different remedies to banks for recovery of their dues under existing laws, without having to approach Courts or Tribunals.
Rajendra DRT Law Firm is an expert legal service in
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The main objective of the NPA Act is to recover debts of borrowers who have not repaid their loans in full or on time. The Act comes into force when the borrower’s account in the books of the bank or financial institution is classified as sub-standard, doubtful or loss.
houses, flats and other residential property that are held as collateral by the borrower
It also covers assets like houses, flats and other residential property that are held as collateral by the borrower. In such cases, the secured creditor may initiate proceedings against the property by way of a public notice under section 13(4) of the Act to take possession of the property and recover the dues from the borrower.
Rajendra DRT Law Firm is a leading firm in providing legal services for debt recovery and litigation matters related to financial disputes. Our team of expert lawyers specializes in litigation under the Debt Recovery Tribunal (DRT) and Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI). With over two decades of experience, we provide quality service to our clients who are based all over Chennai, Tamil Nadu, India.
Alternatively, the secure creditor may issue a demand notice to all the guarantors under section 13(2) of the Act, asking them to discharge their dues within 60 days from the date of the demand notice. In case of a failure to discharge the dues by the borrower or a failure on the part of the guarantors, the secured creditor may proceed against the borrowers and guarantors by holding a public auction.
Are you looking for DRT Advocates or DRAT Attorneys who specialize in handling finance disputes? Look no further than Rajendra DRT Law Firm, Debt Recovery Tribunal Lawyers for NPA Recovery & SARFAESI Act Reply Notice located in Chennai, Tamil Nadu, India. Our team of experts is well versed in the Indian legal system and offers decades of experience and knowledge to provide superior legal services.
In this regard, the secured creditor should ensure that it considers the representations and objections of the borrowers and guarantors before proceeding against them under section 13(4) of the Act. In the event of non-acceptance of the borrower’s representations and objections, the secured creditor should communicate its reasons for such refusal in writing to the borrower/s within fifteen days from the date of receipt of such representations or objections.
The secured creditor should also consider whether the borrower has complied with the conditions set out in the demand notice u/s 13(2) of the Act. If the borrower has not complied with the conditions, then the bank should point out this to the Magistrate and seek an order restraining the borrower from breaching the terms of the demand notice u/s 13(2).
Once the bank has served a demand notice under section 13(2) of the Act, it can issue an ex-parte court order for taking symbolic possession of the property and if the borrower does not pay off the outstanding amount by the end of the period mentioned in the notice, then the secured creditor can take physical possession. This is done by appointing an officer, known as a ‘Court Receiver’ to take possession of the property and sell it in an auction.
DRT Lawyers legal services in Chennai for NPA Recovery & SARFAESI Act reply notice
Rajendra DRT law Firms, DRT Lawyers legal services in Chennai for NPA Recovery & SARFAESI Act reply notice are excellent and offer top class services. Their lawyers have a very high success rate in Debt Recovery Tribunal cases and can help you resolve your issue legally.
In conclusion,the dedicated team of lawyers at Rajendra DRT Law Firm are experienced in debt recovery tribunal and NPA recovery. They provide reliable legal services, professional advice and take proactive steps to ensure all their clients' needs are met. The firm specialises in SARFAESI Act reply notice, efficiently handling disputes and finding solutions tailored to each case. Rajendra DRT Law Firm is committed to providing a high level of service and timely results for all their clients in Chennai Tamil Nadu India.
Other Legal Information: NPA Recovery & SARFAESI Act Vetting of Notice
