you can make an offer to ARC for one time settlement
2) dont wait for DRT orders
3)ARC would settle only if they dont have sufficient collateral security covering loan amount
4) you may wait for better offers
We are a sick/closed manufacturing unit. Our lender NBFC for property loans approached the collector's office in June 2018 (SARFAESI ACT) and collected the collector's order for the possession of our properties by September 2018. We approached DRT and collected stay on prima facie basis on grounds of making up to date payments of dues and regularising EMI’s upto April 2018. So, their approach to the collector's office in June 2018 (less than 2 months of non-payment) itself is not justified. DRT court has not heard the matter so far and meanwhile NBFC closed down and transferred our account to ARC in November 2019. We were not served proper notice by ARC for taking charge of our assets, as we only came to know from the ROC site. We currently have the possession of the property. In our case one of our creditors with whom we were having some pending payments and dispute for quality, approached NCLT in February 2019 and still the matter is not heard. But as soon as the NCLT resumes working, it may be heard. As per our recent discussions with ARC they may be approaching NCLT ( IBC ) for selling and recovery of dues. We have been approached by some party to buyout our unit covering approximately 60% of our dues, so shall we approach NBFC for such an offer. Also it is part of one property. Or, to wait for DRT to deliver judgement in our favour. Also it may happen that NCLT will admit our creditor’s case with the NBFC secured creditor to appoint RP. Our main concerns are: 1) On what level (discounts) generally ARC settles the loans & is it possible for part of property. 2) Shall we wait to receive more better offers as now the economy is opening up after covid time, as we are settling the amount, not the third party. Thanks,
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you can make an offer to ARC for one time settlement
2) dont wait for DRT orders
3)ARC would settle only if they dont have sufficient collateral security covering loan amount
4) you may wait for better offers
Dear Sir/ ma'am,
1. you may wait for better offers.
2. before the DRT orders come into force, get in touch with ARC.
3. in order to settle with ARC, the collateral security shall not cover the loans.
Thank You
When DRT has passed a stay order then wait for ots adjudication.
The adjudication of NCLT would also resolve the dispute in the meanwhile.
. You have already approached DRT with almost the same solution i.e., making up to date payment and regularising the EMIs as well whereas the matter has not been heard by DRT yet.
Now you have found a buyer to buy the property to cover at least 60% of your loan amount, hence along with your own payments, you can add this also and approach the lender to accept your offer or prescribe one time settlement amount so that you can make it and quit the loan.
You must keep in your mind that the involvement of ARC and the NCLT is also imminent in this which may against you if the DRT is taking too long a time to dispose your application.
Also please be aware that the DRT has not granted any stay in this matter so far, hence your side is weak in this aspect.