Vijay (Executive) 23 July 2014

can bank recover further after auctioning the mortgaged prop

The bank which gave me loan for a property took away my property once I got defaulted and sold the mortgaged property 50% less than loan sanctioned under SARFASI Act 2002. I have received summon from DRT for repayment of remaining due which is 50% remaining. How to fight back or save myself... Plz help

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4 Replies

Rangee (Lawyer) 24 July 2014

Dear Mr.Vijay,

Yes the DRT and Bank will proceed further to recover the balance loan amount. If you pauper and not any money /property for attachment then file petition before the DRT for weaver of loan amount on humanitarian grounds by engaging a good lawyer. If not the Bank may also file criminal case against you to recover the money due from you.

yours

R.S.K.Singh

surendra prakash agrawal (advocate) 25 July 2014

Apprise with full amount yet to be paid. Without prejudice, negotiate for OTS as per Bank`s bench mark rating for compromise to seek waivement/remission.If no asset to pay with individual borrower/Guarantor then prefer to file INSOLVANCY PETITION IN CIVIL COURT. For specific any other assistance, please contact me. SURENDRA PRAKASH AGRAWAL

surendra prakash agrawal (advocate) 25 July 2014

surendra prakash agrawal (advocate) 26 July 2014

Yes, Bank is entitled to recover its dues in full including personal assets, even if prime and collateral securities have been exhausted. Best method is to negotiate for OTS repayable in one adhoc instalment or divided into easy instalments. Banks are custodian of Public Money. Please refer full facts of the case so that pointed and beneficiary advise may be useful for you. Net communication is the fastest media in modern world. SURENDRA PRAKASH AGRAWAL ADVOCATE CHAMBER NO.s-7 LAW CHAMBER NEW BUILDING CIVIL COURTS MEERUT MOB:07830776602