quesDemand Notice from Recovery officer, DRT.

Earlier I took A House Building Loan of Rs. 10 Lakh from SBI. Later due to non payment of loan amount Bank had auctioned the said property for Rs. 7 Lakh only. And now Recovery officer of DRT send us a Demand Notice for Rs. 5 Lakh as a remaining part of due amount with interest. But at present due to financial crunch, I am not in a position to pay any amount. So Please guide me how i can get out from the situation. I am very much need of your valuable advise. Thanks,

  • ansIn that loan which property is attached by you for loan and the property is auctioned by the bank is same but clarify me that and more query how bank auctioned your property without any legal action if legal action is taken then there is settlement amount will be declared by the court. because bank can not auctioned the property without order of court
    after that i am able to answer the question.

    Advocate Sandeep Singh

      Lajpat Nagar- III, Delhi

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
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