Bank Loan (recovery limitation act )
Querist :
Anonymous
(Querist) 12 November 2009
This query is : Resolved
Dear Sir,
Thank you so much for your guidence.I would like to clear few points as under
There is a mortgage of our residential flat as collatarel. . . . . . . .
Dont remember the Ackowledgement of Debt papers. . . . . . . . . . . . .
You said limitation is there for 12 years, but 12 years starting from ? ?
6 months gestation period was given, . .
Appointment of arbritator in case of dispute was mentioned. . . . . . . .
Even if we have only one flat given as collateral security Bank can take action and force us out of the flat ? ?
For appointment of one particular arbritator we were not consulted or informed in advance. . . . . . .
Without any notice to us or any order from any court Bank had published advertisement in the local paper for public to have alook at the said flat, one year back, but nothing has developed since then.We have written to the bank on whar grounds they have published the ad
but no reply of our regd ad letters after
more than 10 months. . . . . .
One of the most complicated case it seems.
Pl read this and see wether this info is good for my position.
Best Regards,
Anand
