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Karthi   12 January 2018

Registered Mortgage validity

I have a situation my dad registered the family inherited property in year 2001 to a bank for his busines along with Him his brothers who are partners in his business also did registered mortgage for their portion of the property The bank went after only my dad�s property to auction in the year 2005 however my brother put a case stating it�s family inherited property without consent of my brother and me auction cannot be conducted. No auction took place after that. In 2008 the bank gave all the control to ARC Since 2009 we are getting notices from Asset reconstruction company in those notices my dad�s property is not been mentioned at all Questions - how long is the registered mortgage valid for ? In the above case the bank said they don�t have anything we have to deal with Asset reconstruction company however the ARC(asset reconstruction company) notices doesn�t include my dad property at all only his brothers properties In this situation is our assets are free or not


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 1 Replies

Dr J C Vashista (Advocate)     14 January 2018

Consult a local lawyer with relevant documents / facts of the case, which are quite confusing e.g., your father along with all his brothers have mortgaged the ancestral property, where is the question of consent of their successors (you and your cousins etc.). 


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