Equitable mortgage
Yogesh Dixit
(Querist) 06 August 2013
This query is : Resolved
I have posted a query but all the facts not furnished in the query now I have all details as under :-
Union Bank sanctioned three loans CC limit
1, Kaluram Bhagwan Das - 30000000/=
Proprietor - Manoj Kanodia (Eq.Mort.-various properties in the name of Manoj)
2. Kumar Trading Co. - 20000000/=
Proprietor - Praveen Kanodia (Eq.Mort.-Various Properties in the name of - Praveen)
3. Sakun seeds pvt.ltd.- 28,00,000/=(takeover from central Bank of India)
Managing Director - Rajesh Singh
Director - Vikas Kanodia, Manoj Kanodia
Eq. Mort.- Property of Rajesh Singh for 13 Lac
and Property of Vikas Kanodia - for 15 lac
I have purchased the property of Rajesh Singh in the name of Rajesh Singh & his wife and paid outstanding of sakun seeds which is being closed now bank not releasing the documents of Rajesh Singh kindly suggest me whether it is legal or not and what action to be taken now. It is please be noted that two account no.1 and 2 also not npa a/c and running and Rajesh Singh not signed any guarantee or any direct/indirect link to the accounts no.1 and 2.
Advocate Sastry
(Expert) 07 August 2013
Bank cannot hold back the title deeds since Rajesh Singh or M/s Sakun Seeds Pvt Ltd are not connected to other accounts
Rajendra K Goyal
(Expert) 07 August 2013
Till the Bank has recalled the other loans or the loans are NPA, bank is not right in holding the titles of another closed account. Lodge complaint to their controllers, Banking Ombudsman and if no result comes, move to consumer court.
