kaya (manager) 21 December 2018

Surfaesi act.

housing loan availed from bank. in 2006. untill today not registered mod or quitable mortage loan with register offuce. Encumference clear. no loan appeared in ec. bank can go under surfaesi act if delayed payment. bank infirming going for sarfesi act. due more then 5 month.

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Siddharth Srivastava (Advocate) 21 December 2018

yes, if there is an agreement to this affect and if equitable mortgage has been created.

K.K.Ganguly (Advocate) 25 December 2018

1. If you have deposited the original Title Deed of the property with the Bank while taking loan from them then it will be considered as an equaitable mortgage.

2. The Bank can initiate SARFAESI proceeding against you and take physical possession of the mortgaged property as per DM's order u/s14 of the SARFAESI Act and thereafter sell of the same to recover the dues standing in your loan account.

3. You can file a SARFAESI Applicatiuon (S.A.) u/s 17 of SARFAESI Act before the local DRT within 45 days from the date of receipt of the possession notice issued by the bank u/s13(4) of the said Act.