Legal Question in Banking Law in India

Sir, My wife took a loan of 5 lacs. Where my mother was the guarantor and also my mother mortgaged our house for the same. The account has turned NPA. Last year my mother died.

While passing the loan bank did not take the consent of the legal heirs . Now presently if the bank wants to go according to SARFAECI act would they be able to take steps? and that too without the consent of legal heir's where my father is still alive ?


Asked on 12/07/10, 10:02 pm

1 Answer from Attorneys
J. Radhakrishnan independent Practice

If the property which your mother mortgaged was in her sole name, the Bank need not take the consent of others. The Bank can now take steps under the SARFAESI Act and has to issue notices to the legal heirs of your mother including your father, if he has survived your mother. You can file an application to the DRT under Sec.17 of the said Act, if you have any legal objections regarding the loan agreements/mortgage. Better take the assistance of a local lawyer in addressing to the situations as they emerge.

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Answered on 12/09/10, 8:29 pm


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