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Don't have funds to refund loan what should I do


08-Apr-2023 (In Recovery Law)

i am having a loan on a land for business purpose for a long time. now the loan is more then 1 cores but i can not refund the money to the bank(state bank of india). the bank is given me a notice they are selling my land. if they can not get back the total money then what will they do. is the take the hole property of my family or only they take my property ??? 

Answers (1)

Answer #1
792 votes
They will first sell the property mortgaged, which does not require any orders from any Court of Law. They will adjust the sale proceed against the loan amount. If further loan stands, then they will search for property in your name. They will file a suit before DRT and seek permission to sell it. They can also proceed against the Guarnator in the same manner. They cannot sell property standing in the name of any of your family members, unless you have right on that property
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