Legal Question in Banking Law in India

Recovery Procedure - Attachment of Property

Recovery Procedure � Attachment of Property:

In a recovery procedure by the bank through DRT, some property (both movable & immovable) were attached to recover it�s dues. At the time of attachment, none of Certificate debtor (CD) or the owner of the property was present because they were not informed. However, attachment was effected through �panchnama� which was also signed by the local bank�s officers. Afterward, upon inspection of �panchnama� it revealed that the status of present �physical possession� of property is not clear as nothing was mentioned in this regard in the �panchnama�. Assets were situated in lonely place which was mainly land, building, plant & machinery etc.

In subsequent developments, most of precious movable property was lost and immovables were encroached or sold out illegally. Bank and DRT were informed many-a-times (in writing) regarding misappropriation of the properties.

My questions are: (1) After the process of attachment, who is responsible for reproduction of the attached property? (2) Is it not necessary to specify the status of physical possession of property in �panchnama� during process of attachment?


Asked on 8/06/06, 1:12 am

4 Answers from Attorneys
BANKIMCHANDRA SHAH ADVOCATE DIGVIJAYA CONSULTANCY SERVICES

Re: Recovery Procedure - Attachment of Property

You can give an application showing the details.

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Answered on 8/12/06, 12:33 pm
Jayesh Desai Jayesh Desai

Re: Recovery Procedure - Attachment of Property

Your problem is complex and cannot be answered without looking at all the papers - please consult some lawyer personally.

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Answered on 8/10/06, 2:18 pm
Jitendra Kumar Kumar Pandey & Co.

Re: Recovery Procedure - Attachment of Property

After the attachment of the property, it is the receiver who takes over the possession of the property is responsible.

Yes, it is necessary to specify the possession in the panchnama.

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Answered on 8/07/06, 7:10 am
Nand Kishore NK Associates

Re: Recovery Procedure - Attachment of Property

in proceedings before the DRT, normally the Court after the decree appoints a Recovery officer who is given the authority to recover the decreed amount. for the purpose of recovery the RO is empowered to attach both moveable and immoveable properties of the judgement debtor. All the properties belonging to the judgement debtor is liable to be attached for the purpose of attachment. Thus it is responsibility of the RO to ascertain the title of the properties which are intended to be attached.

For further clarifications, you must elaborate the facts of the case.

regards

Nand Kishore, Advocate

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Answered on 8/06/06, 11:28 am


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