Hi experts,
I have received SARFAESI 13(2) notice on 01-July-2014 and SARFAESI 13(4) notice on 02-Sep-2014.
The loan was granted by a PSU bank in March-2012 to a Pvt. Ltd Company, and became NPA in mid-2013.
The properties mortgaged are:
1.) The premises of Pvt. Ltd Company, which is the borrower.
2.) A residential plot of myself (vinay) and my mother, are joint holders of same plot. Me nor my mother had any partnership/role/job/share in the company.
Some facts to be mentioned:-
* My mother demised on 19-June-2014.
* The realisable value of both properties are same.
* The market value of my property (residential plot) is more and can satisfy the complete loan amount.
* The first property mortgaged, i.e. the premises of Pvt. Ltd. Co. also contain immovable assets (plant and machinery) which are also hypothicated under the same loan.
Now my questions are:
1? Does the bank have rights to publish and proceed for sale of both properties altogether.?
2? Is there any way out, that the bank proceed to sale the borrower's property first.?
3? I have verbally pursued the local branch, requesting that the borrower's property should be published first for auction. And further the rest remaining amount of the loan after adjusting the sale amount of the borrower's property, shall be paid by me.
But the bank authorities denied, and confirming that the bank will proceed for auction for both properties altogether.
4? Also there is another property in the name of the borrower (i.e. Pvt Ltd Company), which is free from any mortgage. Can the bank be pressurised to takeover this property to recover their loan amount.?
DEAR EXPERTS PLEASE GUIDE ME, IT WAS MY LIFE'S WORST MISTAKE TO BECOME A GUARANTOR. PLEASE, THIS IS THE ONLY PARENTAL PROPERTY AVAILABLE WITH ME, AND I DONOT WANT TO MISS IT.
PLEASE ADVICE.
Thanks
Vinay
