Legal Question in Banking Law in India

Auction of property by bank

Due to various reasons, my bank had auctioned my property 2 months back. There is still a due of 5 lacs, for which they are holding property worth 50 lacs. (2 properties together) I want them to release one property, which they are refusing saying that both has come under their possession. Can I fight this. They did not intimate the auction to me, but to my mom-in-law and mother only, who are guarantors.


Asked on 7/07/09, 12:51 am

3 Answers from Attorneys
Pranav Desai PD Legal & Associates

Re: Auction of property by bank

We suggest you to consult a local lawyer with all the bank agreements and mortgage papers and other information of the previous transaction.

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Answered on 7/08/09, 1:33 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Auction of property by bank

Your facts are incomplete. The Bank might have taken action under SARFARASI ACT against "securitised" properties; if that be so, the Act is a complete code and you may follow the statutory remedies provided in law.

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Answered on 7/08/09, 6:22 am
Rohini Kumar Tenneti R.K.1080 LEGAL SERVICES

Re: Auction of property by bank

The action of the bank is against law you may file a suit for separation and possession of your properties.You may also appeal in the DRT.

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Answered on 7/07/09, 4:29 am


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