Shortfall in recovery amount

Vinay Tripathi (Querist) 13 June 2020 This query is : Resolved
Dear Sir,
My question is can a NBFCs (HOME LOAN COMPANY) file a case in D.R.T for the shortfall of loan amount after selling the mortgage property, against the borrower or we can proceed through arbitration execution???
And if D.R.T is also a remedy under which provision one can file case against borrower for shortfall of an amount plsss suggest if any other remedy we have to recover shortfall amount.???

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Quick Summary

This discussion addresses how NBFCs can recover a shortfall in loan amounts after selling mortgaged property. While the Debt Recovery Tribunal (DRT) might not be the primary route for individuals, civil courts are generally the appropriate venue for recovering the balance. If an arbitration award exists, executing that award is also a possibility. Professional legal consultation is strongly recommended for navigating these complex recovery processes.

R.Ranganathan (Expert) 13 June 2020
The amount can be recovered through the civil court as per the pecuniary jurisdiction i.e. the amount to be recovered.

SHIRISH PAWAR, 7738990900 (Expert) 13 June 2020
Hello,

If there is shortfall in the loan recovery amount after selling the mortgaged property, you have to file execution application of your arbitration award.

P. Venu (Expert) 13 June 2020
The matter requires professional consultation.

Raj Kumar Makkad (Expert) 13 June 2020
Tripathi Sir! This free advice is meant for the poor litigants who have very few resources to have legal opinion or double-cross the opinion of their lawyer and you owe a NBFC. Is it good for you to avail free services instead of your own lanel lawyer?

Vinay Tripathi (Querist) 13 June 2020
Dear Raj kumar Makkad sir,
First of all thanks for your kind advices you have given me so far, but with due respect you represents and brings the changes in society as an advocate, if supreme court / high court act in a same way not to decide matter or to take matters suo moto i guess our societies never have changes we are realizing, and secondly spreading education doesnt cause any harm..
Thanks

Dr J C Vashista (Expert) 13 June 2020
I endorse the expert advise of Mr. Shirish Pawar for recovery of shortfall amount.

Mr. Raj Kumar Makkad, a senior expert, has rightly advised to engage a professional lawyer for commercial queries/ questions / clarifications as this platform is meant for needy litigants.

Rajendra K Goyal (Expert) 13 June 2020
You said:
can a NBFCs (HOME LOAN COMPANY) file a case in D.R.T for the shortfall of loan amount after selling the mortgage property, against the borrower

Reply:

If the borrower is individual, civil court has to be approached for recovery of the balance.

Under which provisions the mortgaged property was sold?

You said:
or we can proceed through arbitration execution???

Reply:

Whether any arbitration award was there, if so, before selling of the mortgaged property or afterwards?

Rajendra K Goyal (Expert) 13 June 2020
You said:
And if D.R.T is also a remedy under which provision one can file case against borrower for shortfall of an amount plsss suggest if any other remedy we have to recover shortfall amount.???

Reply:

Civil court need to be moved for recovery of the balance amount.

Raj Kumar Makkad (Expert) 14 June 2020
Tripathi Sir! After all we should make difference between the haves and havenots. Charity is good but not for the resourceful persons. If NBFC can disburse loan in crorers then it is highly advised to have a legal section and not a single lawyer/law officer there so as to take mature decisions. You cannot and shouldnot trust only upon the rough advice of the lawyers here before you prcoceed in the given matter.

Rajendra K Goyal (Expert) 15 June 2020
Advice on this site has limitation.
Full documents, facts, conditions are not available.
Exact pleadings are not available.
Advice is based on ideal given condition, during proceeding so many new facts, condition, situation may come on record and may change full scenario.

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