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Land seized by bank on non payment of loan what can be done
29-Mar-2023 (In Property Law)
Hello Sir, I am seeking suggestion for the below mentioned issue. Satya Jena is the owner of a land where a Petrol Pump Dealership is running with his name. In the year 2013, he has given one Power of Attorney to Avimanue Behera to run his petrol pump on his behalf. Avimanue Behera took a CC loan for 40 lakhs pledging the land as mortgage, transferred the amount to his personal account and ran away. This land has not marked as mortgaged in EC Record. I am completely UNKNOWN about the above mentioned scenario. I purchased this Land in the year 2015 from the seller Satya Jena through his PA holder Prag Nayak as the property was free as per the EC record. This PA was given to Prag Nayak in the year 2009. Few days ago, Central Bank of India has seized the land along with the petrol Pump due to NPA of the loan account that Avimanue behera took. Now I am the absolute owner of the land with Patta and EC record. What should I do now? I want to secure my land.
First of all File a FIR against the persons, who sold you the land. Beside you can also file a Writ Petition in the High Court to stay the proceedings initiated by bank. Details you can discuss with me face to face.
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Adv. Ramesh Agarwal
Cuttack | 100+ Answers
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It appears from the query that the owner had given to power of attorneys to one Mr. Nayak in 2009 and Mr. Behera in 2013. Apparently in 2013 Mr. Behera pledged the land on mortgage to secure CC for which he must have deposited the title deed (original) with the bank to secure the mortgage. If that is the case then on strength of which document/deed did Nayak sale you the said land in 2015 which was already under mortgage since 2013. It appears that some kind of fraud has been played upon you. It would be necessary to peruse the documents to render further advice, though. As far as action of the bank in attaching the property for default in payment of loan, if you have received any notice for auction of the property, you can approach appropriate court to stay any kind of adverse proceedings against your property. Regards.
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Adv. Sandipan Mohanty
Bhubaneswar | 100+ Answers
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On what circumstances the bank took physical possession of the property.as you say the property is not mortagagr then how the bank took possession.it reveals that that property has been mortagage by that power of attorney holder so i suggest you to immidiately approach the Hon'ble High Court . Whether they have served you any notice under SERFAESI Act.or any paper publication in the name of borrower.it needs discussion so come. .
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Adv. Niraj Kumar Sethi
Cuttack | 25+ Answers
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