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Under the SARFAESI Act, how can I get a stay on the DM's order for possession of properties? The DM passed the order after 80 days instead of the stipulated 30 days, along with several other serious grounds. Is depositing the amount essential? The bank is trying to sell the properties at 1/10th of their value, and a case is already ongoing in DRT.
To get a stay on the DM’s order, you can file an application in the Debt Recovery Tribunal, citing the 80-day delay and other serious grounds. While depositing an amount is generally required, the DRT may waive it in certain cases. If the bank is selling the property at a low price, you can challenge this in DRT. For further legal assistance contact us on our helpline number.