It is observed that the Financial institutions easily obtain orders under various acts for the recoveries from CMM, DM, Co-operative courts, DRT etc. It is important to put up your case strongly in writing right from the beginning of the recovery proceedings by replying to the notices in time, giving rejoinders, sending written communications to the financial institutions. In case of being aggrieved the borrower may file case against the financial institution before the competent forum as the case may be much before any legal action is taken by Financial institution.
It is necessary that you fight for your rights and for any illegal actions taken against you calling for the breach of constructive trust, misuse of fiduciary relationship, unlawful gain for adopting unfair trade practices, mental pressure & harassment.
- Guide the client on how to deal with coercive recovery process adopted by the Financial Institutions. It is observed that the financial Institutions are not observing RBI guidelines and statutory provisions in a rightful manner.
- Educate the client about the legal actions taken by the financial institutions for recovery of the dues.
- Educate the client about their rights as a borrower. Suggest ways to defend & safeguard the mortgaged assets.
- Help the client in borrowing time legally.
- We specialize in SARFAESI matters, thereby challenging the wrongful act of classification of the Account as NPA. We minutely scrutinize the notices issued more specifically under section 13(2) of SARFAESI Act, 2002.
- Making representation / raising objections against the 13(2) notice issued by the Bank. The reply is quite exhaustive comprising of observations on the detailed study of the account, latest RBI guidelines, internal Bank circulars, case studies and judgments with citations passed by the Honorable Supreme Court, Honorable High Court, DRT, The Co-operative courts etc. rendering difficulty for the financial institution to proceed further legal action.
- How to deal with 13(4) notice and the process of possession of the mortgaged asset. Taking action against the financial institution for any illegal steps taken, or not following the procedures laid down in the ACTS.
- Information and guidance on the CMM Court / District Magistrate court proceedings w.r.t. the application made by the financial institution to obtain forceful possession of the mortgaged assets.
- Guidance on restoring the possession of the assets wrongly taken by the financial institution.
- Guidance on challenging the process of possession, process of auction, process of confirmation of sale etc.
- Specific guidance on the stages after taking the possession of the asset