Banking Dispute Lawyer Chandigarh | DRT & SARFAESI

Key Services & Expertise

• Debt Recovery Tribunal DRT Advocate: Representation in Original Applications (OA) filed by banks for recovery and Securitisation Applications (SA) filed by borrowers against enforcement actions.
• SARFAESI Act Lawyer in Chandigarh: Legal remedies under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, including challenging possession notices and auction notices under Section 17 SARFAESI Application DRT.
• Loan Settlement One Time Payment: Negotiating One Time Settlement OTS Negotiation proposals and restructuring of non-performing assets (NPA) to provide financial relief.
• Bank Fraud Defense: Legal defense and prosecution in cases related to financial fraud, unauthorized transactions, identity theft, and ED CBI Banking Fraud Cases
• Possession Notice Challenge: Filing stay applications against physical possession of residential or commercial property by bank officials or receivers.
• Auction Stay DRT: Urgent legal intervention to stay the auction of mortgaged properties due to procedural irregularities.
• Willful Defaulter Tag Removal: Challenging the declaration of willful defaulter by banks and financial institutions.
• Borrower Rights Advocate: Ensuring compliance with the Fair Practices Code and protecting borrowers from harassment by recovery agents.
• Securitisation Appeal: Filing appeals against DRT orders in the Debt Recovery Appellate Tribunal (DRAT).

How to challenge a bank's possession notice?

Receiving a possession notice under Section 13(4) of the SARFAESI Act can be distressing. We will guide you through the process:

1. Analyze the Notice: We scrutinize the notice for procedural lapses, such as incorrect outstanding amounts, non-compliance with notice periods (60 days under Section 13(2)), or failure to reply to your representation (Section 13(3A)).
2. File Securitisation Application (SA): We file an SA under Section 17 of the SARFAESI Act before the Debt Recovery Tribunal (DRT) Chandigarh within 45 days of the possession notice.
3. Seek Stay: Along with the SA, we move an urgent application for a stay on further enforcement actions, including physical possession or auction of the property.
4. Arguments: We argue on grounds of violation of RBI guidelines, incorrect NPA classification, or undervaluation of assets to get the bank's action set aside.

How to negotiate one time settlement with bank?

If you are unable to repay the full loan amount, a One Time Settlement (OTS) can be a viable solution. We assist in drafting a persuasive OTS proposal to the bank, highlighting your genuine financial hardship and intent to settle.

Banks often agree to settle for a reduced amount (principal + partial interest) to close the NPA account. We negotiate with the bank's recovery department to waive penal interest and legal charges, ensuring the settlement terms are fair and documented to prevent future claims.

How to get stay on bank auction in Chandigarh?

If your property is put up for auction, you can seek an Auction Stay at DRT Chandigarh. Grounds for stay include:

• Undervaluation: The reserve price fixed by the bank is significantly lower than the market value.
• Notice Defect: Failure to serve the 30-day sale notice to the borrower.
• Procedural Lapses: Non-publication of the auction notice in two leading newspapers.

We file an urgent application in the DRT to stay the auction proceedings, often requiring the borrower to deposit a token amount to show bona fides.

What to do if bank declares NPA?

An account is classified as a Non-Performing Asset (NPA) if dues are unpaid for 90 days. However, banks sometimes wrongly classify accounts as NPA without following RBI norms.

We challenge wrongful NPA Classification in the DRT or High Court. If the classification is found to be arbitrary or contrary to the Master Circular on Prudential Norms, the court can direct the bank to regularize the account and reverse the NPA status, restoring your creditworthiness.

How to defend bank fraud case?

Allegations of bank fraud involving the CBI or ED are serious. We handle bail matters, quashing of FIRs, and trial defense, ensuring that your rights are protected against coercive investigation techniques. We also assist victims of cyber-banking fraud in recovering lost funds.