Aniket Giri (ADVOCATE) 26 November 2010

Property Acquisation by Bank.

Two Properties "A" and "B" are side by side, now property "A" was mortgaged to a bank. Now, the bank comes and makes acquisition of the property "B" seals the house and throw out the inhabitants from the house.

Now, how can one proceed to make recovery of the Porperty "B"??

Thanks in Advance.

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7 Replies

SACHIN AGARWAL (ADVOCATE) 26 November 2010

The Bank might have taken the possession over the proeprty under THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002.

If so, you have an option to file a petition before the DRT having jurisdiction in the matter under section 17 (1) of teh said act.

Suchitra. S (Advocate) 27 November 2010

I agree with Sachin ji.

adv. rajeev ( rajoo ) (practicing advocate) 27 November 2010

Agree with SAchin

Advocate. Arunagiri (Advocate High Court Madras.) 27 November 2010

A letter to the Bank regarding the fact is enough. The possession taken by the bank is illegal and would have been taken by mistake. It will be rectified by the bankers and the bank is liable to pay compensation. No petitioin to DRT is needed.

Umesh Sabharwal (Techno-Financial Advisor) 27 November 2010

I agree with Arunagiri.

This is a case of blatant negligence by the bankers who ought to adequately compensate the aggrieved party.

Aniket Giri (ADVOCATE) 27 November 2010

THanks to all of u............:)

SALA SATEESH (lawyer) 04 December 2010

Dear Sir,

better to chek the possession notice issued in the newspaper and if it tallies then also you can make a letter to bank to rectify it or file an appeal before the DRT to recover the possession, if it is their fault for the incovenience cause you can also claim for damages.

Regards,

S.Sateesh