Rights to protect auction of property by bank

Adi (Querist) 06 December 2016 This query is : Resolved
dear lawyers|||
my father was into business of construction and was having outstanding dues of Rs. 2.70 crores from bank against mortgage of his complex and house. he passed away a year before, our business was all doom and we have received notice from bank for auction of our property. the property is now transferred to my widow mom and the rent from complex is the only income for her survival. please help in this regard to stop auction of our property by bank.

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adv.bharat @ PUNE (Expert) 07 December 2016
Adi u can pay the due along with the interest. Then bank will stop the auction.
As u can take the responsibility or your mother after your father had passes away.

Guest (Expert) 07 December 2016
Consult A Good Senior Civil side Advocate and a Stay could be Obtained on the Basis of today's Market Value.Mean while find a Buyer for A good Price and Once the Buyer is ready Negotiate with the Banker for One time settlement reducing the Interest to Maximum Level.Better act Fast.

Rajendra K Goyal (Expert) 07 December 2016
Bank has the right to sell mortgaged property.

Can execute agreement to sell some portion of the complex, arrange for the money and save the auction. get the property released and execute sale deed of the agreed portion.

Advocate. Arunagiri (Expert) 07 December 2016
You can approach the bank, brief them the practical difficulties. Reschedule the loan amount and start paying it. By this you can avoid auctioning of the property.

You can also approach the DRT for stay of the bank proceedings, through the DRT you can get the loan to be rescheduled and get more time for repayment.

Guest (Expert) 07 December 2016
Once you yourself go to DRT you would Land Your self in Soup.No Bank Official would sit and Listen to your Difficulties and it is their Routine Job as they would have met 1000 of People Like You.Please refer my advise above.

Guest (Expert) 07 December 2016
Director Arunagiri Of Gemmia Oil Tech Ltd the Company's Market Value which had even Some Times touched Rs 900 Crores Please dont Misguide the Innocent Querists Please

Rajendra K Goyal (Expert) 08 December 2016
Bank loan has to be cleared as they have proceeded as per SARFAESI ACT.

Dr J C Vashista (Expert) 11 December 2016
I agree with the expert advise of Mr. Rajendra K Goyal, clear bank loan to save/restrain the property from being auctioned.