Legal Question in Bankruptcy in India

Sarfaesi act
Sir, We funded for a property in Fwebruary 2002. Since the borrower defaulted we made an attempt to take possession of the property under due process of Sarfaesi. During this time we came to know that the property was occupied by some one else and he had obtained the same through a Sarfaesi sale from a different bank. Later it came to light that the borrower had submitted some fabricated documents and obtained loan from both of us. We have also file a case against the other bank for having taken possession of the property to which we have mortgaged. Now the other bank comes forward for a settlement and they ask for the title deeds deposited by the borrower. Are we legally entitled to handover the documents to that banker? If not what is the remedy available to us to settle the matter amicably between both the parties?

Asked on 3/07/09, 2:12 am

Sudershan Goel India Law Offices of Sudershan Goel - Advocate

0 users found helpful

0 attorneys agreed

Re: Sarfaesi act

You may negotiate an amicable settlement. If the title is deposited with you as 'equitable mortgage', you may not be liable to return the same.

Answered on 3/07/09, 8:06 am

Keywords

Match Any Match All

Country

State

Area of Law