Legal Question in Banking Law in India

sir,

i placed this question in LawGuru.com and thank you for answering.

ACTUALLY A PARTY bought MY BANK MORTGAGED PROPERTY BY TAKING HIS OWN RESPONSIBILITY TO CLEAR BANK LOAN AND WE BOTH WRITTEN A UNDERSTANDING AGREEMENT ON BEHALF THAT. NOW HE IS NOT PAYING THE LOAN AMOUNT. NOW HOW CAN I PROCEED AGAINST HIM. THIS MATTER IS NOT CAME TO KNOW TO BANK PEOPLE.

Is there any chance to him or bank to take legal steps on me.

or just bank will go to place property action.

Please Suggest me.

NOW

Actually my confusion is, i think that Registration deed is not valid than what is the problem with Bank. and buyer also known about this property is mortgaged and he also written a understanding agreement. he not paying the loan amount as per our agreement, so this is his mistake.

so sir, in this way what is the Right or Need to the Bank or Buyer to take legal action on me.

please clarify and give me your valuable advice.

Thanking You sir

1 Answer from Attorneys

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