Drt case
Jayaraman subbiah
(Querist) 28 March 2012
This query is : Open
First of all I thank the promoter to haven given us the opportunity to know well about the legal matters which is very knowledgeable.
My query is: When the bank was more generous is sanctioning loans for housing during 2005 with that opportunity i had obtained two housing loan one for the property at Anna Nagar and the other for the property at Guduvancherry. The property at Anna nagar whereby iam staying and the property at Guduvanchery i had left in lease. In Annanagar property iam the borrower and my wife is the guarnator and in guduvanchery property my wife is the borrower and iam the guarantor.Anna nagar is from Indian bank and the guduvanchery is from Indian overseas bank. I had no problem till 2010 whereby iam was prompt in paying my emi's. Now i have become the defaulter and both the bank had moved legally by issuing notice and taking paper possession. In annanagar property the indian bank had gone for auction twice i did not protest but they were unsuccessful and now the indian bank had moved the drt under oa in 2011 and in guduvanchery also the iob had done the auction but was unsuccessful. My query is if even iob moves the drt what will be the status of my property? My advocate is telling not to worry he will ensure that i get the time i need and i can clear the dues one by one. Can you help me in guiding?
