Auction sale

Querist : Anonymous (Querist) 18 January 2011 This query is : Resolved
A property is put by bank for auction. Now the same property which is attached by a private person in money suit put on Auction under exparte proceedings. Can the Owner approach High Court to take away the attachment of the private person?

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adv. rajeev ( rajoo ) (Expert) 19 January 2011
Always govt., due will be realised.

Amit Minocha (Expert) 19 January 2011
yes he can as the bank has the first lien

Y V Vishweshwar Rao (Expert) 19 January 2011
1-The Date of Attachment by Civil Court and Date of Property mortgage to Bank to be verified

2- If the Civil Court Attachment is subsequent to date of Mortgage - the Bank Mortgage will prevail !

3-A Petition can be filed fro modification of attachment orders !

All Private Creditors Attachments are subject to Mortgage !

4- after Liquidation of Mortgage Loan the Surplus sale proceeds , if any , to be distributed to the other private Creditors