Legal Question in Credit and Debt Law in India

Sir i have borrowed cash credit from co operative bank in maharashtra. i an of the age of more than 60 years. i am having only one house property in which i reside with my family. now bank wants to take possession of the property. can bank do so


Asked on 6/30/14, 9:13 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

30.06.2014

Dear Sir / Madam,

Yes, if you have defaulted on the settlement and closure of your loan A/c and if the property has been given as a collateral security to the bank for the facility, the bank has the legal right to take possession of the property.

Regards,

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Answered on 6/30/14, 10:04 am


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