Property for mortgage

Gurpal Singh Thukral (Querist) 23 June 2020 This query is : Resolved
I AM APPLIED PETROL PUMP & WORK START ON MY SITE BUT MY LAND MORTGAGE WITH BANK , OIL COMPANY ADVICE ME CLEAR ALL DUE TO BANK , BUT ITS IMPOSSIBLE , THIS IS B SITE PETROL PUMP , PLZ CLEAR SOLUTION

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This discussion addresses a common problem for petrol pump site owners: a mortgaged property preventing land clearance for the pump. The advice suggests exploring options like providing alternative collateral to the bank to release the current land, or leasing adjoining land. Ultimately, fulfilling the oil company's land clearance requirement is crucial, and finding a practical solution with either the bank or the company is recommended.

SHIRISH PAWAR, 7738990900 (Expert) 23 June 2020
Hello,

To allot petrol pump is discretion of the company. Company will have their own terms and condition which you have to follow in order to get the allotment of petrol pump.

Rajendra K Goyal (Expert) 23 June 2020
B" site outlets are where the land and infrastructure are arranged for by dealers and Oil Marketing Companies (OMCs) only provide for the underground fuel storage tank, dispensing pumps and signages.

If loan free land (land without encumbrance) is condition of the Company, you can provide alternate security / land / collateral to Bank to its satisfaction and get the present land released from the Bank.

Dr J C Vashista (Expert) 24 June 2020
You will have to abide by the terms and conditions imposed / required by the petrol pump alloting (Oil Marketing) company.

Rajendra K Goyal (Expert) 24 June 2020
Agree conditions of Marketing company has to be fulfilled.

Raj Kumar Makkad (Expert) 24 June 2020
You or the company has only solution. Clearance of the land is pre-requirement of the company so provide any other adjoining land by getting the same on lease.

Rajendra K Goyal (Expert) 25 June 2020
It can be easy and more convenient to offer alternate collateral to Bank, rather to ask company to consider alternate site. However, proposal as advised by the expert can be considered if found cheaper / available / convenient / acceptable in comparison.

Dr J C Vashista (Expert) 25 June 2020
This is a procedural inquiry and not a dispute for consideration and obligation of experts.

Raj Kumar Makkad (Expert) 26 June 2020
Agree with Dr. Vashishtha. This is practical issue to be settled with the company or the bank.

Rajendra K Goyal (Expert) 26 June 2020
Proper suggestion for solution has been provided, author can proceed accordingly.

Raj Kumar Makkad (Expert) 26 June 2020
Author might have settled with the petroleum company till this time and we are here to advise him repeatedly.

Rajendra K Goyal (Expert) 26 June 2020
There is no source of information whether matter has been settled by the author with the company.

Raj Kumar Makkad (Expert) 26 June 2020
Better to contact personally so that the author may come here and respond so as to enable us to reply some more threads in the same post.

Rajendra K Goyal (Expert) 26 June 2020
Sorry, did not knew that the information was based on received on telephone.

Raj Kumar Makkad (Expert) 26 June 2020
Every option can be tried to help author if he is not responding.

Rajendra K Goyal (Expert) 27 June 2020
Happy that the author was helped by the expert even he was not responding.

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