Sarfashi
RAJA
(Querist) 29 February 2012
This query is : Resolved
Sir,
I was doing business since 1998,from last 2-3 years it went under loss, I tried my best to recover,as on date I am bankrupt,and I have to pay my vendors,personal loans from bank,
credit cards,private financiers,& chit fund,and friends & relatives, also on all this i had taken OD from a PSU bank, by mortaging our only house owned by my parents,we were trying to sell the same and clear all our loans,but it did not happen as their is some problems in the property title, we are unable to sell the same,all prospective buyers are going back,one buyer paid an advance money , but later went back finding the problems in property titles, which is around 50% of the OD availed, which we paid fully to the bank ,just 6 months back but still the bank has served the Demand under section 13 (2) sarfashi act, know this has come to knowledge of others whom i have to pay , and are they chasing me day and night for their recovery, in my absence my family & my parents are troubled, pls let me know is their any legal solution that i can take time from bank , and sale the property for a good price and pay all.if bank actions for less amount then other financers will let me leave. pls suggest & help
Raj Kumar Makkad
(Expert) 01 March 2012
As the house in under mortgage with bank so you cannot legally sale it but if any one of the buyers come openly with you and you make one time settlement with bank and can get it released then can sale to that buyer and thereafter can expect to derive the desired benefit.
Banks generally do not allow to sale the property during the subsistence of the mortgage so a private buyer can only do so.
