Equitable mortgage
Yogesh Dixit
(Querist) 09 August 2013
This query is : Resolved
A cash credit limit is being sanctioned for Rs.2800000/=for a pvt.ltd. co. in which I am managing director and my partner is director. My partner is also having a proprietor firm for which he exercised a loan of Rs.1 crore and from the same bank/branch, I am not having any connection with the proprietorship
firm. Now we decided to close the business and paid the loan in full and the pvt.ltd. a/c is being finally closed. In pvt.ltd.co.CC limit I equitable mortgaged my property in my name and my partner equitable mortgaged property in the name of himself. Bank refuse to release my property
as the proprietorship a/c of my partner is not running in good condition(but not NPA).
Is it legal, lawful value of my equitable mortgage was 13,00,000/ only. suggest me further action.
ajay sethi
(Expert) 09 August 2013
commercial query company can afford legal fees
R.K Nanda
(Expert) 09 August 2013
consult ur LA.
Raj Kumar Makkad
(Expert) 12 August 2013
We do not address commercial queries as you can easily pay the professional fee of a local lawyer.
