The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, is a potent tool for banks and financial institutions to recover non-performing assets (NPAs) without the intervention of the court. However, borrowers also have substantial rights that need to be protected.
The 60-Day Notice Period (Section 13(2))
When a loan account is classified as an NPA, the bank will issue a notice under Section 13(2) of the SARFAESI Act. This gives the borrower 60 days to clear their dues. Action point: You have the right to reply to this notice within the 60 days, raising your objections. The bank is legally bound to reply to your objections within 15 days.
Symbolic vs. Physical Possession (Section 13(4))
If the borrower fails to pay within 60 days, the bank can take "symbolic possession" of the secured asset by publishing a notice in newspapers. Later, they may approach the District Magistrate (DM) or Chief Metropolitan Magistrate (CMM) for physical possession. It is critical to engage legal counsel at this stage before physical possession is lost.
Your Right to Appeal (Section 17)
Under Section 17 of the Act, a borrower or any aggrieved person can approach the Debt Recovery Tribunal (DRT) by filing a Securitisation Application (S.A.) within 45 days of any action taken by the bank under Section 13(4). The DRT has the power to restore possession to the borrower if the bank's actions are found to be legally flawed.
Disclaimer: This article is for informational purposes only and does not constitute formal legal advice. Please consult Advocate Rehman Khan for matters pertaining to your specific case.
Filing for divorce can be a mentally and emotionally exhausting process. However, if both spouses mutually agree that the marriage has broken down irretrievably, a Mutual Consent Divorce under Section 13B of the Hindu Marriage Act, 1955, is the most peaceful and expedited way to part ways in India.
Prerequisites for Mutual Consent
- The parties must have lived separately for at least one year.
- Both parties must mutually agree that they cannot live together.
- Both parties must consent to the dissolution of the marriage without any coercion or undue influence.
- Issues regarding alimony, child custody, and property division must be settled mutually before filing.
The "First Motion"
The process begins by filing a joint petition (the First Motion) in the Family Court. Both parties must be present to record their statements before the judge. After hearing both spouses and scrutinizing the petition, the court passes an order on the First Motion.
The Cooling-Off Period and "Second Motion"
The law mandates a 6-month "cooling-off" period between the First and Second Motion to allow the couple time to reconsider their decision. However, the Supreme Court has ruled that this period can be waived off in exceptional circumstances. After the cooling-off period (or its waiver), the parties file the Second Motion, leading to the final decree of divorce.
Disclaimer: This article is for informational purposes only and does not constitute formal legal advice. Please consult Advocate Rehman Khan for matters pertaining to your specific case.
Real estate investments involve a significant amount of capital, making it imperative to exercise extreme caution. Property disputes in West Bengal and Howrah often arise due to forged documents, double selling, or inheritance conflicts. The most vital safeguard against such disputes is conducting a thorough Title Search.
What is a Title Search?
A Title Search is a comprehensive examination of public records to determine and confirm a property's legal ownership and discover any encumbrances, liens, or claims attached to it. It establishes the "Chain of Title"—the historical sequence of historical transfers from the original owner to the current seller.
Key Documents to Verify
- Sale Deeds / Conveyance Deeds: To verify the current seller's rightful ownership.
- Encumbrance Certificate (EC): Issued by the Sub-Registrar's office, an EC confirms whether the property is free from legal or financial dues.
- Mutation Extracts: Ensuring the property is mutated in the municipal or panchayat records in the name of the seller.
- Approved Layout Plans: Ensuring the property complies with local land use zones.
Why You Need a Legal Expert
Interpreting revenue records, understanding local land laws, and identifying hidden legal defects require specialized expertise. An experienced property advocate can draft a comprehensive Due Diligence Report, safeguarding you from future litigation and financial ruin.
Disclaimer: This article is for informational purposes only and does not constitute formal legal advice. Please consult Advocate Rehman Khan for matters pertaining to your specific case.
