Legal Question in Banking Law in

Dear Sir,

I purchased a residential property in 1998 from Mr.A and got the land registered from distict revneue officer by paying govt. stamp duty.Mr.A has valid registered deed in his name since 10yrs.I built a house in the land.Later I came to know that the land had been mortaged by Mr. B to a bank to obtain loan, who had sold to Mr.A by way of power of attorney which was given by his mother to it and and another power of attorney was deposited with bank as colletral security.Mr.B dafauted on repayment of loan.The court moved lower court in 1986 which awarde decree to bank to recover money.To implement this decree bank filed writ in DRT after 10 years whixh was dismissed becos of some technical reasons.Then bank moverd DRT chandigarh where the gave same ruling as lower court but didnot mention that they can recover money be selling the aasets.In all 24 years they never got lien marked in revnue records of local registaration authorities or municipal corp. neither I was informed about it by the bank.Now after 2years of DRT Chandigarh decision the local bank manager contacted me and told mr either to compromise and pay or bank is invoking SARFAESI to take the possession of my house.The original borrower has fled the contry long back age.I want to ask whether bank can take possesion of the land and what is legal remedy with me to save my hard earned property.

Dr.R.K.Mahindru

Jalandhar.


Asked on 8/27/10, 4:17 am

1 Answer from Attorneys
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

in case the property was mortgaged, the bank is within its power to attach the same but they will have to explain 24 years delay. however, i would like to go through the entire record to opine further.

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Answered on 8/27/10, 4:26 am


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