Legal Question in Banking Law in India
If the borrowers have taken loan on his property for Rs.2.5 crore and the value of the property is for Rs.25 to 30crore Can bank auction the property and take forceful possession?
Asked on 3/22/15, 10:24 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
23.03.2015
Dear Sir / Madam,
Yes, the Bank is legally entitled to take forceful possession and auction the mortgaged property of the borrower(s), irrespective of its present market value, for recovery of the outstanding loan amount, and the surplus, if any, arising from the auction is paid by the Bank to the borrowers.
Regards,
Answered on 3/22/15, 7:01 pm
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