Drt
Kvijay12345
(Querist) 06 December 2014
This query is : Resolved
In case of Unsecured Personal Loans a recovery certificate is been issued in which there is no mention of any property owned by the borrower.This same order is challenged by the borrower in DRAT . However the recovery certificate holder, Asset Reconstruction company has filed a miscellaneous application for the attatchment of the flat, in DRT while the appeal in DRAT is still pending and also sent a legal notice to the chairman of the society in which the borrower owns a flat requesting the society not to allow anybody to deal with the same flat in whatsoever manner.The flats mentioned are already mortgaged with other banks and the dispute over the home loan agreement is also pending in court. What will happen next? What are the remedies left with the borrower to stop the recovery proceedings?
R.K Nanda
(Expert) 06 December 2014
get stay order from DRAT to stop attachment of flat asap as SARFEASI is very hard law.
Rajendra K Goyal
(Expert) 06 December 2014
Flat is mortgaged with other Bank, obtain stay.
T. Kalaiselvan, Advocate
(Expert) 07 December 2014
To get a stay from DRAT against the property which has already been mortgaged to other bank for housing loan will be the best option.
