Attachment of property

Kvijay12345 (Querist) 18 December 2014 This query is : Resolved
In case of Unsecured Personal Loans a recovery certificate is been issued and this same order is challenged by the borrower in DRAT with the waiver application for the fees. However the recovery certificate holder, Asset Reconstruction company has still managed to get the order for attachment of two flats owned by the borrower from DRT while the appeal in DRAT is still pending and have stuck the order of warrant of attachment on the doors of both the flats and also sent a legal notice to the chairman of the society stating not to allow anybody to deal with the same flat in whatsoever manner. The DRT while issuing the order of attachment did not even ask for the status of the flats. These said flats are already mortgaged with other banks and the dispute over the home loan agreement is also pending in court. The DRAT has refused to put stay on the recovery proceedings and asked for the deposit of 50% of the loan amount from the borrower. Can the borrower get this order of attachment of the flats squashed (cancelled)from High court ? What are the remedies left with the borrower to stop the recovery proceedings of DRT?

Follow Query

Report Abuse

Guest (Expert) 18 December 2014
Consult a Local good Senior Advocate.There are Possiblities to Squash the Said attachments in Certain Situations Like they were already in mortgage before the said Attachments.

ajay sethi (Expert) 18 December 2014
intervenor application has to be made by other banks in recovery proceedings . they have to place on record the fact that flats are already mortgaged to them too . you can only delay the proceedings order of attachment wont be set aside

Rajendra K Goyal (Expert) 18 December 2014
The other Bank should bring on record the fact of the flats mortgaged with it.

Guest (Expert) 18 December 2014
It is Not a Rule that Earlier Mortgage Should be only with a Bank Consult a Competent Advocate and Get Relieved The Question of With whom the Original Documents will Save You

R.K Nanda (Expert) 18 December 2014
consult local lawyer.

Anirudh (Expert) 18 December 2014
The querist has very clearly indicated in his post that "These said flats are already mortgaged with other banks."

Therefore, Mr. Ajay Sethi has very competently answered that intervener application has to be filed by the other banks.