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need suggestion regarding kurki of my property
02-Jun-2023 (In Civil Law)
if my land is already mortgage with the bank ,and the value of that property is more than the amount which i have to pay to the bank , then also can they do kurki of my movable proprty of my house?
Yes, Bank may auction property mortgaged before it irrespective to the fact that the loan amount is lower than the market price of property. Apart from that, if the Bank could not succeed in repayment of its loan amount after auction of the mortgaged property, it can also seek attachment of other properties of the borrower, even of they are not mortgaged before the Bank from the court of law.
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Adv. Nishant Jain
Jabalpur | 25+ Answers
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Question arises whether your movable property is under bank charge I. E. Hypothecation or not. If hypothecated, bank can very well take possession of the hypothecated assets after a due notice and can auction under an approved process
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Adv. S K Singh Chauhan
Gwalior | 100+ Answers
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Yes of course, it's the tehsildar (authority) who may have initiated the action of auction of your property either declared or within his knowledge. The auctioneer may get more price than his recovery amount. Balence shall be returned to you.
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Adv. Om Shanker Shrivastava
Bhopal | 100+ Answers
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In your case as you said property bearing more value than loan amt .Bank can only mortgage property sale or kurki. But if mortgaged property is unable to fulfill loan amount than they can the same but from the order of court.
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Adv. Anoop Mishra
Jabalpur | 25+ Answers
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