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Mortgage loan taken in the name of proprietary firm named as borrower
07-Jul-2023 (In Banking / Finance Law)
Property owned on paper by my younger brother. CC mortgage loan created in 2 propreitary firms, one in my brothers wife's name other in my wife's name. After 1 year account goes NPA. Securitization notice served, 3 attempts made via me in form of letters to bank to save property. Property taken symbolic possession and then a physical possession almost 4 months back. 1st Auction on 1st June 2018 failed as no bidders showed interest. Today because of lack of proper information from the bank I as a co borrower am stuck in this situation. Property value is more than the actual loan and now I'm getting a hint that the base value for 2nd auction will be much lesser than the 1st one which was anyway less than the actual property value. One important point to be noticed was that my name and well as my propreitary firm name as a co borrower did not appear in the court order letter.
The wo separate loans have been obtained by you and your brother in your wife's name. To guide in proper direction the documents related to properties and the loan documents needs to be perused. Also the contents of the order need to be studied.
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Adv. Bankim Mehta
Mumbai | 200+ Answers
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Ok. If your name did not appear in the order its a good ground for stay for further action. You can file securitization application challenging physical possession subject to explanation for delay. So far as second auction is concern you have to wait till you sher knowledge of the sale notice and date of the auction. In the meanwhile you need to issue notice to the bank and demand copy of valuation report obtained by then
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Adv. Ronak Hemprakash Shah
Pune | 25+ Answers
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It is process under securitization Act. For you remedy is file Securitization Application before DRT and challenge action of the Bank. DRT is provided with powers to restore possession and put checks and balances on illegal action of the Bank.
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Adv. Sunil Kadam
Mumbai | 100+ Answers
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