Legal Question in Securities Law in India

I have a property under housing loan from a national bank which iam a defaulter due to prevailing business situation. The bank brought it for auction twice one during the month of May 2011 and the last one during the month of November 2011 but was not successful and when they approached me i promised that i will pay all dues inclusive of penal interest and other charges which they agreed and ask me to put it in writing which i had done so with a tentative date of 29th feb 2012. ow I had spoken to the manager for the extension of time which he said that he can only extend for a month as i was pleading for atleast a six month time which i had requested earlier but due to their pressure i have to come down to feb 2012. As there is no guarantor for this housing loan and the loan amount is also higher than the market value so the bank is not successful in two auction. I had put a tenant in that property just to escape any direct receipt of any notice. will this will help me in dragging the issue and getting time as everyone knows that the drt is only one sided. Is there on the pretext of the tenant i can have any defense? please guide

Asked on 3/03/12, 5:21 am

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Bank has right of auction ,ur tenant can file civil suit and for more details u can call m

Answered on 3/03/12, 9:10 pm

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