krish (-) 06 April 2010
I wish to have your opinions on the below case
A property was mortgaged without possesion in 2002 ( Residential category) to an manager representing a company for Rs 50000. Interest and prinicipal not paid till date , company wishes to transfer their right to me to claim the proceeds . I wish to take possesion of the property . Pl adivice
Devajyoti Barman (Advocate) 06 April 2010
The mortgagee can not sale the property for realisation of the amount without the leave of the court.
Mortgage right can be transferred to you by assignment of debt by the manager of the company duly registered. Afterwards you will step into the shoes of the mortgagee and will become the claimant of the mortgage amount and accrued interest, etc. But since you say that the mortgage is without possession, you can take possession by selling the property by public auction (if the property is situate in any four Metros or any other notified city) u/s.69 of the Transfer of Property Act and you may also bid in the public auction if the mortgage deed provides for it or with the permission of the court and then only you will become the owner and by due legal process take possession of the (mortgaged) property.
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