Property mortgaged by the bank is dissolved.
Deepesh Lote
(Querist) 11 January 2011
This query is : Resolved
Our property is mortgaged to a bank which is legally dissolved now. Is there a way to get(or buy) the property back on our name?
My father's friend (say A) has applied for a hypo loan in 1998 through an Agent (who is also my fathers friend). My father has been guaranter for this loan. My father's friend didn't paid a single EMI. Bank has issued notice for auction of our property in Dec 2006. The Collection officer visited many times but the auction was delayed due to all the procedures involved. Things came into light in 2008 for me because I stay out of town for my job. Then I looked into the matter. Its hopeless to expect for my father's friend to take any action. Further, Bank director body got dissolved in Feb 2009. Can you please suggest how can we buy our property back?
Y V Vishweshwar Rao
(Expert) 11 January 2011
1- A Bank is body corporate - Directors Body/Board of Directors/ is dissolved ! is not clear .There will be another authority to continue the Bank Body corporate till it is wind up under the Companies Act /or/ under any Special Acts for constitution of the Bank Corporate Body .
2- Your father is the Mortgagor and Guarantor for the loan availed by one of his friend .The said Loan is not discharged .The Mortgage is continuing one till the Debt is paid - subject to law of limitation and Final Liquidation proceedings by Official Liquidator
3- You can participate & buy the Mortgaged Property and pay the auction price amount to the Bank /or/ You can negotiate with the Bank present Authorities for settlement and pay the Settled amount and get the Mortgage released .
4- However all the facts of the case to be considered - Consult a local Civil Senior advocate with all relevant facts !
H.M.Patnaik
(Expert) 11 January 2011
Well advised Mr. Rao.
Deepesh Lote
(Querist) 12 January 2011
Thank you Mr Rao for your reply !!
By - "bank is dissolved", I mean "the Board of the Bank is dissolved". Here are the details:
http://www.indianexpress.com/news/muslim-coop-bank-board-dissolved/419458/
I think I am clear about your reply, I will find out the alternative authority running the bank at present. Thanks again !!
