Law of Limitation applicable to suit filed for possession of mortgaged property
Pradeep Patil
(Querist) 22 July 2011
This query is : Open
FACTS
Director A of a Pvt Ltd co has mortgaged his personal residential house as collateral security to a State finance corporation(SFC) for loan advanced by SFC to Pvt. Ltd Co.
Date of registration of mortgage : 09/March/1995
SFC sent notice of possession u/s 29 of SFC Act on 15/feb/2000.
Director A's wife filed suit saying property is Ancestral property and property mortgaged without consent.
Wife's Suit dismissed by court on 9/March/2008.
Based on decision by court on wife's suit SFC took physical possession of Mortgaged Property on 15/June/2011.
No suit filed by SFC at any point of time for possession of Mortgaged property.
Query 1 : Is the possession barred by Law of Limitation?
Query 2 : Is the possession u/s 29 of SFC Act,1951 illegal?
