NPA Remedy

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2010 Case: An Assessee have taken Home Loan and was unable to pay installments on time.

Now,Bank issued a letter of NPA to the assessee and gave him the time of 60days.

Is there any remedy available to an assessee...??

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2010 No reply ?????

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2010 ???

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CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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02 August 2010 No remedy except to pay instalments.

The consequences of non-payments would be more harsh than the present difficulties being faced by the assessee.

Recovery proceedings may be started by the bank. They can sell the house also.

After introduction of DRT (Debt Recovery Tribunal) Proceedings; powers have been granted to the banks to recover their loans without referring the matter to the court.

Querist : Anonymous

Querist : Anonymous (Querist)

02 August 2010 If after receiving letter..an assessee pays all due installments...then bank have right to sell house or not ??

Querist : Anonymous

Querist : Anonymous (Querist)

02 August 2010 If after receiving letter..an assessee pays all due installments...then bank have right to sell house or not ??

VINOD ARORA

VINOD ARORA (Expert)
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03 August 2010 If the account is regular, then bank can not do such isolated moves of selling the mortgaged asset to settle their outstanding dues.

Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2010 Actually,assessee have received letter from bank and given a time period of 60days to clear all dues.

Total Loan taken : 20 Lacs
Amount to be paid: 16 Lacs

At the time, letter was received...amount to be paid is : 21 Lacs

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