Foreclose of secure property where there is unsecure advance
Syed Faisal
(Querist) 11 February 2018
This query is : Resolved
respected expert
my father have mortgage house property to my uncle for availing a vehicle loan , there after the bank have subsequently sanction two unsecured loan triple the loan amount of first secured loan , my father is dyeing subsequent unsecured loan where the bank has shown him a guarantor , in mean time the bank has also got recovery certificate for unsecured loan , my father also have file criminal compliant against bank and borrower for sanctioning subsequent loan with using secure loan document of my father and forgery of document where trail court issue the process against bank manager and borrower
now the bank has initiated action under SARFAESI ACT for secure loan and mortgage house property
, my father also has given settlement offer for secured loan on condition of foreclosure of mortgage property but bank has refuse to settle by saying that ,since my father is guarantor for all three loan he is require to settle all the loan account , now the amount of all three loan account 4 times the value of property , and bank can taking on house property only respect to first loan my question is
1) can we get remedy from DRT under section 17 that the bank should foreclosure house property after settlement of secure loan account.
2) can we get redeem our property once we settle the mortgage amount.
3) can we do writ petition in high court.
if any suitable remedy available please guide me.
Dr J C Vashista
(Expert) 13 February 2018
Prima facie the statement is false and fabricated since no bank seeks any collateral security for advancing loan for purchase of loan since the vehicle itself is under hypothecation.
Pure academic question paper.
Syed Faisal
(Querist) 13 February 2018
Your absolutely right in the relevance of subsequent two vechial loan , but in relation of first loan where bank has secure the loan not only by hypothecation of vechial but also by mortgage of immovable property because bank has grant 100% advance against the invoice.
Syed Faisal
(Querist) 13 February 2018
Your absolutely right in the relevance of subsequent two vechial loan , but in relation of first loan where bank has secure the loan not only by hypothecation of vechial but also by mortgage of immovable property because bank has grant 100% advance against the invoice.
