I took an education loan from State Bank of India with our only house as security. Unfortunately, I could not get an high paying job which could allow me to pay the monthly EMI of my education loan. The salary I could get from the job is not enough to pay the monthly EMI and the EMI is at least 2 times more my salary. I have tried negogiating with the bank to put the EMI as per the salary I'm earning, but bank is not willing to do it.
Bank has first sent me a possession notice and subsequently after 60 days, they have put a aution notice.
I went to the court for an appeal and I got an order. Need help in understanding what this order says and if the court has ordered for the Bank to return the property to us.
1. This is the appeal file by the appellant challenging the issuance of possession notice dated 12.06.2019 issued by the respondent bank for recovery of a sum of Rs. 25,00,000/- from the appellants as due to the respondent bank.
2. It is the case of appellant that there is neither affixture of the subject impugned possession notice nor publication thereof as warranted under law and that respondent bank has not established its actions as required under law. It is the further contention of appellants that first appellants did not get any gainful employment sussequent to availing educaiton loan from the respondent bank owing to which there has been a default and is now making all efforts to augment funds for discharge of the debt which they undertake to discharge within a reasonable time frame after due negogiation with the respondent bank and prays to allow the appeal.
3. Respondent bank despite being put on notice neither had put up appearance nor filed any counter and typed set of documents evidencing its actions while issuing the subject impugned possesion notice.
4. In the circumstances, as respondent bank could not establish its actions while issuing the subject impugned possession notice dated 12.06.2019 issued against appellants for recovery of a sum of 25,00,000/- the appeal stands allowed, however without costs. Consequently, possession is restored with the mortgagor / appellant. Liberty be with appellant to negogiate for an amicable settlement in terms of their representation at the Bench. Interim order, if any granted and subsiting till this day stands vacated. Respondent bank will be at liberty to initate action afresh if the default of the borrower continues.
5. A copy of the order be communicated to the parties concerned as per the exant guidelines.
Kindly advice what to understand from the judgement and from the statmenet "consequently, possession is restored with the mortgagor / appellant.", does that mean bank is orded to release the property document to us.