Legal Question in Banking Law in India

Subject: Re: colluded auction process of bank while sale of property of

Dear sir,

plz. advice me legally on my problem as below-

I took loan in2009 4 my construction business development purpose from a coop. bank 4 rs.1.40 cr.

the valuation of my property land was Rs.1.78crs.@the time of sanctioning loan.I availed

loan against regd.mortagae of this property in 2009.

In fact banker assured me 4 Rs.3crores of loan in two stages.Of which they released Rs. 1.4cr.only.this was not sufficient to meet my bussness requirements.

and there after they deviated their commitments and denied to sanction any more loan.

Due2 this half hazarded disbursement of loan I could not meet my requisites and did not succeed in continuing my developmental work further.And my business parlysed.My loan a/c went in bad.

My banker took immediate action 4 their recovery.I too requested them to auction my property and release me from anymore loss due to...

Accordingly as per surfasie act 2002,a banker proceeded and auctioned.This has takenplace

before 90days from today.I go everyday to the bank to know about my auctioned outcome if any. But banker does`t reply me.Only they say that they will let me know as and when the process completes.

Here sir, I have doubt if banker has colluded with the buyer of the party if any? Bankers` auction process itself seems to be doubtful,because on the day declared in the news paper

I personnally presented throughout day in the bank, looking 4 bidders.In the evening banker toldme after I enquired that there are two closed packets received which will not be opened rightnow as they will open in their board meeting somewhere after 8 days.When I asked about the opening packets before me they denied.

Sir,One `X` private moneylender to whom I had declared (this mortgaged property now)

this property as a security on unregisterd N J Stamp paper of Rs.100 in somewhere 2006. I had borrowed Rs.5lacs long before sanctioning this bank loan. i could not repay his dues because banker suddenly stopped to disbursement of my further loan amount.

Now the situation is that banker has auctioned my property but not known to me anything about the outcome of which @ what rate my property sold as well where my liability is cleared and what about my rest of the a/c balance?

my `X`moneylender went in to the court and stayed to restrict me to sale my property anymore.

Sir What I should do to safe guard my property from its proper selling price? I doubt

banker may short sell my property and put me in more financial crunch.

Sir, plz.advice me about how to restrain myself of further interest burdon lavying on me by my banker.What stand I should take in this situation to safe guard my fincial position?

As on today I have completly stopped my business and worried about how I should start my business again.Plz.advice me legally sir.

Mr.r d dodamani

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