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PHYSICAL POSSESSION AFTER SALE OF MY PROPERTY
23-Oct-2023 (In Property Law)
My mother Mrs.K. BAGYALAKSHMI age 67 residing at No.4 Lakshmanan Street K.K.Pudur Saibaba Colony cbe.Mymother, I and my wife Mrs.S.Vanitha and my kid S.Yaksinishree residing at the above said address. My
motherMrs.K.Bagyalakshmi having a property in the same residing address which is a residential building ordinary compound house with four tenants.The survey number of the property is 403/1 and we gave the property as collectral to Mr.P.Thangavel principal borrower of M/s.Jayadurga Textiles. He got the loan amount of 2 crores from State Bank of India, Saravanampatti Branch, Coimbatore by including other two properties. But the bank has joined my mother as a partner in the firm rather than that we dont know any details. But unfortunately the principal borrower Mr.Thangavel can't pay the EMI after 2015 he cannot pay the loan due to heavy loss in textile and we have filled the case in drt (SA.No.20/2016)and the bank also filled a case in the same(OA 217/2016) in meanwhile the bank e
Debt Recovery Tribunals were created to facilitate the speedy recovery of debt payable to banks and other financial institutions by their customers. DRTs was set up after the passing of Recovery of Debts due to Banks and Financial Institutions Act (RDBBFI), 1993. A person or entity aggrieved by orders of the DRT can appeal against its orders to Debt Recovery Appellate Tribunal (DRAT). The DRAT will not entertain the appeal until such person deposits the 75% of the amount of debt so due determined by the DRT. In this article, we look at the Debt Recovery Tribunal Act, in detail.
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Adv. Raghuraman Balaji
Chennai | 500+ Answers
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