Legal Question in Banking Law in India
In one case a property was mortgaged by a guarantor.Later on he contested that his peoperty was wrongly mortgaged as he never mortgaged the property.Bank has evidence of his consent to mortgage property and mortgage was done as per law.Now the said guarantor has expired.Case is in DRT.How the heirs of guarantor can escape possession of property under SARFAESI
Asked on 3/06/14, 9:36 pm
2 Answers from Attorneys
J. Radhakrishnan
independent Practice
They cannot escape from the bank proceeding against the property under valid mortgage to the bank by the guarantor.
Answered on 3/07/14, 4:21 am
Fca Prashant Chavan
Expert Edge LLP
23.03.2014
Dear Sir / Madam,
The heirs of the guarantor cannot challenge possession of the property by the mortgagee under SARFAESI Act. Their only option is to clear the outstanding loan amount, cancel the mortgage deed. and release the property.
Regards,
Answered on 3/23/14, 8:50 am
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