Legal Question in Banking Law in India

hallo sir i am having a quarie regarding property dispute with the bank....

i purchased a share of the same property from a party who already mortaged that whole property with the a scheduled bank, i was not aware of the borrowing amount which the party already ownes from the bank on the whole property....after 12 months i aware about the forgery by the bank personnels and they either want the whole amount of the property or threatened to sieze the property because the borrowed amount is not being paid by the party who borrowed the amount...

Now the party filed for bankaruptcy and bank want its whole borrowed amount from me...

i already send a notice to the bank when i awared about this forgery which is done by the party with me..

please suggest..what are the legal grounds on behalf of which i can protect my share from the whole property from the bank..

though i am ready to pay the amount which is not being paid to the bank by the party..but in installments...but bank personnels want the whole amount in cash..

please respond to this mail..as soon as possible with all the possible grounds by which i can protect my property...

thank you,

gurav porwal

e- mail: [email protected]


Asked on 9/27/09, 8:27 am

3 Answers from Attorneys
J. Radhakrishnan independent Practice

If the Bank is proceeding under the SARFAESI Act and have issued Sec.13(4) Notice, consult a local lawyer who is well versed in these matters and take appropriate proceedings before the concerned Debts Recovery Tribunal. You can ascertain the credentials of the Advocate who can guide you properly in the matter is to make discreet enquiries with the Bench clerk of the concerned DRT and proceed as per the Advocate's advice. No general solution can be provided in this forum

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Answered on 9/27/09, 11:47 am
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

how can you buy the property when the same is mortgaged with the bank. it is a rule of prudence that when you buy the property, you also take the original papers from the seller regarding his own title. once the seller's title deeds were deposited with the bank, how can you buy the property. IT IS APPARENT THAT YOU WERE AWARE OF THE FACT THAT THE PROPERTY IS MORTGAGED and you bought it for lower price in order to make big gains. now the bank is there to seize and sell the property.

you may file a civil suit and obtain stay against the bank showing yourself as a bonafide purchaser. BUT u need to be careful.

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Answered on 9/28/09, 1:43 pm
Seshadri Srinivasan www.lawconcern.com

You do not have a legal right to property.

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Answered on 10/04/09, 6:29 am


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