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Melkio (freelancer)     13 March 2011

Very Urgent Property to be Auctioned in a week

Dear Sirs,
My Father & Mother had stood gaurantor for this person who had taken an O.D amount of approx. 15 lacs from a co operative bank in Mumbai in 1994. To my knowledge, bank have in their possession, mortgage deed & promissory note signed by my parents. they also have an attested copy of sale deed of our appartment. original sale deed and share certificate is in our possession.
In 2005 the bank acquired a recovery certificate u/s 101 mcs 1960. and attachment warrant u/s 156 mcs 1960 & rule 107 (5) mcs 1961. Recently bank has served an auction notice dated one week from today.
Please advise, how can we settle this matter with minimum damage. Can i get a stay on the property?
My father expired in 2008 and i have an ailling mother who is 61yrs of age.

 6 Replies

adv. rajeev ( rajoo ) (practicing advocate)     13 March 2011

When your father is no more you have got equal share in the house.  In the execution petition you file an application as an obstructor and you can also pray for the stay of the proceeding of execution petition.  You can challenge the auction order in the high court.

But before this immediately you file a suit for partition and seperate possession of your share.

1 Like

Melkio (freelancer)     13 March 2011

Thank you for your feedback Sir. I failed to mention that my mother & father are joint owners of the said property. So will your advice remain the same?

bhagwat patil (Property due diligence 9422773303)     13 March 2011

Still the advice of ad. rajoo is same you have got undivided share in you fathers share after him. contest it . you will win.

1 Like

Melkio (freelancer)     13 March 2011

OMG!!! Thank you very much Sir. I just hope this resolves the matter. We just needed an honest opinion. The lawyer we have been working with has been telling us not to worry about the matter coz the original title deed is with us. But after receiving the auction notice we have been frantically taking opinions from family, friends and other lawyers. One of the lawyers did mention that we being legal heirs to the property have the rights to file for a stay. Infact even after receiving the notice our lawyer has told us not to worry. Its seems to be too late for a stay order. But tomorrow we will try for the same. Thank you once again for prompt replies.

Kiran Kumar (Lawyer)     14 March 2011

there can be interim relief....but the bank has a priority rights over the property and being a secured creditor....finally the bank will get away with the property.

1 Like

bhagwat patil (Property due diligence 9422773303)     14 March 2011

Even if you dont get the stay order after initiating civil suit go register  lis pendence notice t.o registrar of you area get index 2 and get effect onROR. no body will take part in auction.and your right will be protected

1 Like

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