Legal Question in Banking Law in India
A PARTY bought MY BANK MORTGAGED PROPERTY BY TAKING HIS OWN RESPONSIBILITY TO CLEAR BANK LOAN AND WE BOTH WRITTEN A UNDERSTANDING AGREEMENT ON BEHALF THAT. NOW HE IS NOT PAYING THE LOAN AMOUNT. NOW HOW CAN I PROCEED AGAINST HIM. THIS MATTER IS NOT CAME TO KNOW TO BANK PEOPLE.
PLEASE SUGGEST ME
THANKING YOU.
Asked on 3/31/13, 12:02 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
You serve a notice on the purchaser to discharge the mortgage with copy to the Bank. If he fails the bank will ignore the sale to him and bring the mortgaged property in auction.
Answered on 4/02/13, 8:45 pm
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