When singl eproperty are mortagage with bank and nbfc
ravi singh
(Querist) 17 July 2014
This query is : Resolved
Dear All,
My greetings for all.Please ans my qustion.
A house property has been morgage by person to NBFC.HE CONTINUE TEH DEFAULTING AND LOAN HAS COME OUT TO BE 20 LACK.WHEN COLLECTION PEOPLE REACH THE HOME .THEY FOUND THAT THE NOTICE HAS BEEN PUT ON HOUSE THAT THE PROPERTY BELONG TO PNB BANK.NOW THAT IS THE ONLY INFORMATION WITH NBFC,NBFC NOW WANT TO BECOME PARTY IN DRT, BUT SUCH NO CASES HAS BEEN FOUND AT DRT.PLEASE GUIDE WHAT HAS TO BE DONE?
Devajyoti Barman
(Expert) 17 July 2014
The first mortgagee has right over the secured debt than the later ones.
First PNB would get chance to get the loan paid off from the property then you would get any chance to initiate any other action.
ravi singh
(Querist) 18 July 2014
Dear Sudhir Sir,
yes we represent NBFC, the loan was taken first by us and the borrower has then taken loan from the PNB.PNB proceeded with action under sarfesi/drt...we cam,e to know about teh cases later.now please let us know how should we proceed as we are not able to trace the case in DM office as well as in DRT court.
should we move under section 17 of safesai act???????????
ravi singh
(Querist) 19 July 2014
i think no one is having ans.
G. ARAVINTHAN
(Expert) 22 July 2014
NBFC, if require to implead itself in DRT, it has to establish its right over the property
ravi singh
(Querist) 22 July 2014
but how, i have already state you are positioon.We can file 1,10 application but their is no cases no. avaiblable.
