Legal Question in Banking Law in India

sir my question regarding sarfesi act.in 2000 i have a cc limit of 9 lac to 12lac on stock named jain trading co prop akash jain and property mortgage of mr nk dhingra 4/56 ashok gali hoshiarpur panjab and sh achhar kumar jain b-4/573 purian mohalla shitla mandir hoshiarpur from pnb bank.in 2004 i also take an another home loan rs 11lac terms 25 years monthly installment rs 10087 which are starting after 18 months of disbursing date.i have already paid 45 installments.property mortgage in home loan b-4/586 purian mohalla shitla mandir hoshiarpur same pnb bank named akash and anshu jain.but in 2009 my busined stoped due to family dispute but my income is regular due to job in coaprate firm with hansome salary.so i easily pay the home loan instalment.but bank take an order of district magistrate under sarfesi act of mortgage of jain tradig property nk dhingra property and achhar kumar property no b-4/573.but bank misuse the order of dm attach the home loan property no 586.and sold the property rs 12.40lac actual govt value is 35 lac of prperty.mis use of dm order in fraud way.sale is legal or illegal and what i can do?


Asked on 5/09/10, 12:10 am

1 Answer from Attorneys
J. Radhakrishnan independent Practice

Your question is confusing. If your house for which you took home loan has also been mortgaged for cc limit, the Bank cannot be accused of proceeding to sell that property for default in cc loan. If not mortgaged, take action under the SARFAESI Act through local lawyer

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Answered on 5/09/10, 8:11 am


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