Is an order of CMM under section 14 of SARFAESI a "due process of law"? or
Is it merely a "procedure established by law" and open for judicaial scruitny or reviw?
It depends on how you want to benefit from it.
Dear Narendra
i think it is a harmful tools for borrower and needful for bankers and financial institution. because there is no provision to challange this order and bank/financial institution use this section for their benifit after alleged or amde false alligation on borrower and gurantor, so i want individualy that this section required review process.
We are 3 partners bank loan defaulter of 27lac (we actually withdrew Rs. 15lac). We have mortgaged one land Rs. 4 lac and we are personally
guaranteed and there is no guarantor for the loan. Now can bank –
1. Attach the ancestral property of our father or wife to recover the loan? We all staying separately from our parents.
2. If so can they go to court against the rule to claim their share?
3. Can bank compromise as we have no other property to pay the loan? We can pay altogether 5 lac cash, the land and the 3 lac machineries. If bank can not compromise then what step can be taken by bank?
4. Is our parent capable of giving their property to any body they want or bank can claim that to recover loan?
what security has been given beyod that they can not go. They can not attach ancestral property.
Sir
It is due procees of law as per judgment of Mumbai High Court in latest judgment (kindly verify last 2 month)
RRajendrakumar
Legally bank can sell land and also make you perosnally liable and can get recover from you. But
they can not attach any ancestral properties still not transfer/ partition effected in your name. property stand in your wife name cant be attached .
RRajendrakumar
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