Regarding pledging of agri land

ravi (Querist) 04 May 2015 This query is : Resolved
dear sir,
i have borrowed agri term loan from nationalised bank for rs 17 lakhs pledging my agriculture land, due to natural calamities my project was colapsed and iam not able to close the loan immediatly,
in this situation i want to know wheather the bank has rights to auction sale my agriculture land or i have to go for any appeal.
i kindly request the experts to clear my doughts and help me
regards
ravi

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Sudhir Kumar, Advocate (Expert) 04 May 2015
what for do you think the land was mortgaged.

Dr J C Vashista (Expert) 05 May 2015
Did you get the crop insured or not? Intimate the bank in writing regarding your difficulty (natural calamity) in payment of the amount (installment)which can be deferred.

Rajendra K Goyal (Expert) 05 May 2015
In case of default Bank has right to sell mortgaged property.

T. Kalaiselvan, Advocate (Expert) 06 May 2015
The issue involves default in payment for which the rules are very strict, however you may approach the bankers with an application narrating the facts and ask them to restructure the loan or to waive the interest portion if found feasible due to the genuine reason for default.

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