DRT Lawyer in Chandigarh: Protecting Your Assets – All You Need To Know?

Your bank notice may have you worrying if your home or business premises or security will soon vanish. Maybe you missed repayments, but you don’t think they can ask for so much money. A DRT lawyer in Chandigarh may help review the paperwork and prioritise what needs doing.

Firstly, it helps to know what type of notice you have received. A repayment demand, possession notice, and tribunal summons lead to different questions and need separate answers.

What Happens If You Delay? 

Delaying for another call from the bank branch could leave you with less time to respond properly. Even if the discussion is ongoing, legal time limits don’t wait.

Getting advice earlier allows identification of what has happened, verification of account totals and gathering of information. It also ensures the Chandigarh tribunal has power over the matter. Just because your home or office is local does not mean you must deal with that tribunal.

Can You Challenge What They Claim You Owe?

Yes, if your paperwork is correct. Payments you made they did not credit, unexpected charges, or if the total demanded is more than they previously quoted when you closed the account should be investigated.

Ask for a full statement of account and a detailed list of principal, interest, and charges as of a certain date. Compare these to your copy of receipts and transaction references. A letter of objection is stronger when it refers to a specific number and explains how that number is incorrect.

Beware only checking the balance on your bank mobile app. It may hide individual details the lender includes.

When Should You Object to SARFAESI? 

Before the appropriate Debts Recovery Tribunal you have 45 days to object to certain actions taken under Section 13(4) of the SARFAESI Act. Extension of time is possible, but do not rely on this without checking.

The time begins from the date of the action you disagree with, which may not always be the sending of a notice. Contact by the bank does not automatically restart the clock. A lawyer should review all events to determine if your objection is time barred.

Successful objections will usually have evidence to support them. Being told the notice was wrongly sent to you, that your property was described incorrectly, or that the bank sold something illegally will not be enough. You need to include copies of what was received as part of your application to the tribunal.

How Do You Stop Them Auctioning? 

You must ask the tribunal to prevent the bank from selling (auctioning) what you own. Identify the auction date, provide legal reasons to justify stopping it, and support these reasons with evidence. If you think the property was valued too low, it may be worth asking someone else to provide a valued report first.

Requesting this does not mean the bank cannot auction immediately. You must also ask the tribunal to make an interim order and follow the order’s instructions. It may say to restrain them from taking possession of your property, selling it, or may allow them to do something else. As long as you stick to any conditions in the order, the bank should not proceed.

Avoid assuming the person contacting you about recovery has the power to change the order orally.

Can You Still Make a Repayment Offer? 

You can always try and make a repayment offer if it looks like you will be able to stick to it. Whether the bank accepts your offer will depend on many things including the history of your account.

If they do accept, get the terms in writing showing you agreed to make payments by certain dates, will not be charged any more interest or fees, and what will happen if you default. Once you have met these terms, get in writing that the bank considers the account settled and ask for the release of any securities if applicable.

Frequently Asked Questions 

1. Who needs to consult a DRT lawyer in Chandigarh?

If you have borrowed money from the bank, guaranteed someone’s loan, or own property which the bank is taking against then you can speak to a lawyer. For guarantees and property matters there may be additional considerations with regards to who can apply and what the tribunal can do.

2. Can an action by the bank be stayed despite having defaulted on repayments?

Just because you have defaulted on your loan, the bank still has to follow proper procedure and treat you fairly. Have a lawyer examine the banks claim and action taken against you.

3. What documents shall I carry when meeting the lawyer for the first time?

Take your loan agreement, latest statements, proof of payment, any notices you have been sent and previous orders (if any). A summary of events will help speed up the process.

4. Will a lawyer guarantee I will not lose my possession?

No lawyer can guarantee an outcome. All they can do is provide you with their legal opinion based on facts. Once they have reviewed your information, they will advise you on grounds to defend your case and the chances of success.

5. Can action be initiated against property of a guarantor?

Just because you have guaranteed someone does not mean your property is safe from attachment. The bank will rely on your guarantee and any collateral you have provided. Have a lawyer review your guarantor paperwork. 

6. What should I do if I receive a wrong demand?

The first thing you should do is notify the bank in writing. Send them a copy of what you received with your phone number or email ID highlighted. Ask for a clarification notice. Contact a lawyer to know if you should reply to the notice or go forward with a tribunal proceeding.

7. If I request for a settlement, does it mean the auction will be stayed?

Requesting for a settlement will not stop the bank from sending a sale auction notice. You will need written confirmation from the bank that they have agreed to suspend the auction. Keep an eye on the statutory timelines until you have a response from the bank.

8. Does an independent valuation report work every time?

An independent valuation report is only as good as the valuer. Ensure the report specifies the method used in valuing the property. Just because your property was valued higher than what the bank says, it does not mean you can use that as evidence. The valuation report needs to specify why the bank’s valuation was inaccurate.

9. Can an order passed against me by the DRT be challenged?

The SARFAESI Act provides an appellate mechanism. Get a lawyer to determine the provision under which you can file an appeal, the timeline within which you must file and how much needs to be deposited.

10. Why do you need to know about previous cases/legal promises made to me?

An application and supporting affidavit will need to be filed by your lawyer. Informing them of past events including orders, applications and promises will help you avoid making contradictory statements.

Conclusion 

Speak to a DRT lawyer in Chandigarh  to find out what you can do. Acting without knowing will only waste time. DRAT lawyer represent creditors and borrowers alike with their recovery related disputes. You may contact Advocate BK Singh. 

Website - https://www.drtlawyer.com/ 

GMB , LINKEDIN 

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