Legal Question in Banking Law in India

Against education loan for my son , i mortgaged property to bank. however due to oversight , bank delivered paper to another person who is not traced. bank has filed suit for recovery. i want my documents back against payment. bank has taken action against concerned officer but unable to return documents. please advise way out


Asked on 4/12/16, 5:25 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

12.04.2016

Dear Sir / Madam,

The Bank will wait for a reasonable period for repayment and settlement of the educational loan since it cannot remain unsettled without certainty and endlessly. Since you say that the Bank has actually delivered the mortgaged papers to another person, I get a strong feeling the Bank has actually auctioned your mortgaged property towards loan recovery and settlement, since repeated verbal and written follow up reminders to you to repay and settle the loan, may have been ignored or gone unnoticed by you on some pretext or the other. Anyway, you should check and confirm with the Bank whether your property has already been auctioned, and if yes, ask them to substantiate with documentary evidence thereof and act accordingly.

Regards,

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Answered on 4/12/16, 5:43 am


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