Understanding Banking and Finance Law in Kolkata
Banking and finance disputes are increasingly common in Kolkata courts. This guide covers legal remedies for bank fraud loan disputes recovery proceedings and creditor rights under various laws.
Frequently Asked Questions
What is SARFAESI Act?
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 allows banks to enforce security without court intervention.
What is procedure under Section 13 SARFAESI?
Account classified NPA bank issues 60 days notice to borrower. If borrower fails to repay bank takes possession of secured asset.
What are borrower rights under SARFAESI?
Right to repay during 60 days notice period. Right to object to classified NPA. Right to challenge illegal possession before DRT.
Can borrower approach court after SARFAESI notice?
Yes file SLP under Section 17 before DRT within 45 days of possession notice. DRT can quash illegal proceedings.
What happens after bank takes possession?
Bank issues possession notice publishes in newspaper obtains valuation and sells property through public auction. Sale proceeds applied to debt.
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