Humble request for Expert Opinion
We have taken loan from nationalised bank and our loan was wrongly declared NPA and we are contesting the case in DRT. Initially bank filed SA under SARFAESI Act which we contested and in the meantime bank has filed OA under RDDBI Act.
1) Can bank simultaneously follow recovery under both the Act. Both act are used for recovery of debt.
2) On scrutiny of documents submitted by bank in OA, we found the following issues.
(a) Equitable Mortgage of primary security is not correct. The letter of consent to create EM signed by us does not mention the sale deed of primary security and also the said sale deed does not show in the EM register of the bank . The original documents are with the bank.
b) Another property given as collateral security is joint property (ie) two owners, but the EM Register say only one owner called on the bank to create EM. Does this mean "only the share of the owner mentioned in the EM register is mortgaged and not of the other co-owner. The Sale deed no. shown is also wrong. This mistake is repeated in Notice Under 13(2) and possession notice.
c) In another property given as collateral the EM register says " authorised representative called on to create EM" but the owner has not issued any authorisation or PoA to any one to create EM.
d) The promissory note show wrong name of Executant . All info filled is correct expect the name of Executant.
The bank has collected all signed blank documents from us filled at their whims & fancy.
Should we contest these points in DRT or should we file application to reject the OA altogether since SA is already initiated.
We humbly request the panel of advocates to give your expert opinion.
thank you, with kind regards, John