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Bank sell property which is not mortgaged for loan repayment default
20-Mar-2023 (In Banking / Finance Law)
My partnership firm has taken credit cash/cc loan of 1 crore from bank for this I have mortgage property worth 1.25 cr, but unfortunately our business goes in loss and I am not able to repay the loan now bank will sell out my mortgage property but the value of the property goes down to 60 lac. Now I just want to ask that whether bank can take and sell my other properties which is not mortgaged.
Hello client I have read Ur query regarding mortgage property which u have given to bank in terms of loan of credit cash taken by you from the bank for.ur business.in this condition you can still.escape the selling of Ur property by the bank but offcourse bank sell Ur other property of urs if u can hire a advocate then still u can have more time.
Helpful?
14+
14+
Adv. Vishwanath Pratap Singh
Delhi | 500+ Answers
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Sir,
In this regard I would like to state that bank can take action against your other properties as well .Did you receive any notice u/s 13 of the SARFAESI Act .If so then you have to proceed very quickly.
In this regard I would like to state that bank can take action against your other properties as well .Did you receive any notice u/s 13 of the SARFAESI Act .If so then you have to proceed very quickly.
Helpful?
23+
23+
Adv. Anand Shukla
Delhi | 100+ Answers
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