Drt


A firm availed TOD facility on 27.06.2012 for which another person executed Letter of Guarantee on 02.07.2012 and extended the mortgage of his personal property who already availed loan from the same bank on 21.12.2011 who created mortgage already for the same property. The accounts of the firm and the guarantor both had been classified as NPA on 30.06.2012 and section 13(2) notices were sent two times on 26.07.2012 and 17.05.2013. thereafter symbolic possession was taken on 31.08.2013. Can the bank take extension of mortgage for an NPA account??
 
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After declaring the account NPA and after taking possession the Bank can not extend mortgage.
 
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First you get knowledge what is meant by Symbolic Possession. It states that the  borrower continues to have physical possession but the lender proceeds towards disposal of the property.

manoj

advocate

8686159292

 
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DO NOT SEARCH FOR SECTIONS AND RULES.  THOSE ARE ALL ONLY TO INNOCENT PUBLIC.  EVEN YOU ARE NO DUE TO BANK, IF BANK CLAIMS YOU HAVE TO PAY BEING IT IS PUBLIC MONEY.  SPENDING AMOUNT ON THIS ISSUE  TOWARDS LAWYER FEES, PHOTOSTAT, TRAVELLING ALL BECAME WASTE.  FINALLY NO TRIBUNAL OR COURT GIVES JUSTICE TO YOU UNTIL YOU DIE.  SO MY BEST ADVICE CONTACT BRANCH MANAGER AND ZONAL MANAGER SETTLE AS OTS TO BANK AND TO THEM TOO. REMEMBER  EVERYONE HONEST IN THIS WORLD  EXCEPT YOU ONLY  THAT IS PRESENT TREND.  MONEY MAKES MANY THINGS.  BEST OF LUCK.  IF YOU DUE 1 CRORE PAY TO BANK 10 LACS  AND PAY TO B.M & Z.M  5 LACS MATTER CLOSED.     

 
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