Legal Question in Securities Law in India
Dear sir,
My property is seized my syndicate bank in May 2014 under surface act he is taken position by order of local court ,then we approached DRT vizag for stay they have given some time to further argue .and we have also approached High Court AP . They given 3 weeks time and 1/4 amount to be paid in 3 weeks time .
Time is over we could not pay any thing .
Sir my question is Shall we can approach * DRT to brake open the property with some of any reasons we have stocks inside --*** DRT have rights to reopen the property which is seized by bank via local court ??
Asked on 8/09/14, 4:52 am
1 Answer from Attorneys
The action of bank officials is illegal as under security .....act.they can take only symbolic possession of the mortgaged property not the physical one.
Answered on 8/12/14, 11:41 pm
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