Recovery suit from a private limited company. W

658 votes

immediately file an application for intervention in the bank’s recovery action, highlighting your client’s existing stay order and the pending recovery suit. Simultaneously, seek to establish charge or lien over the property, if possible, by demonstrating the unpaid dues arising from the rice business. If the property is sol chances of recovery could diminish, so it’s important to request the court to prioritize the settlement claims from the sale proceeds after clearing any secured debt, like the bank’s mortgage. For a more strategic approach, please share complete details of the case and the current stage of proceedings.

Advocate Kriti Gupta LawRato

924 votes

Dear sir, Since the bank has initiated recovery proceedings on the property, your priority should be securing your claim before the sale. 1- Intervene in the Bank's Recovery Process – If the property is under SARFAESI proceedings, you can file an intervention application before the DRT (Debt Recovery Tribunal) to assert your claim. 2- Obtain a Charging Order – If your case is already in court, you can request an attachment order on the property to prevent its sale until your dues are settled. 3- Challenge the Bank’s Priority – Generally, secured creditors (like banks) have priority, but you can argue that your claim arose before the mortgage, depending on facts and evidence. Let me know if you need further help. Best Regards Adv Adarsh Kumar

Advocate Adarsh Kumar LawRato