Stay on Decree
Querist :
Anonymous
(Querist) 01 June 2010
This query is : Resolved
I own a house, that's loaned by ICICI Bank and the loan tenure ends after 2 yrs, I am regularly paying the EMI's. Meanwhile, in one of the co-operative bank's loan case, where I was a guarantor, the case has been ordered against us by district co-op court, and so the bank has initiated it's decree on my house, and the date of decree is also fixed.In fact there are 2 different properties mortagaged for this loan proposal with the bank, but bank has not initiated any decree procedure on these 2 mortgaged properties, and instead has kept my house for auction!
I have already informed ICICI Bank about this as they have the first right on my house, whereas this decree from the said co-op bank is not according to the law, as my house was never mortaged for the said loan, I was just a personal Guarantor for the loan case!
Pl. let me understand the procedure of law in these circumstances. Can the said co-op bank legally put my house on auction?? Can ICICI Bank (as joint owner of my house, till the end of loan tenure) stay this auction?? I have not yet recieved any reply from ICICI Bank on this, even after 2 weeks time of me informing them about this. What's the perfect legal way for me to obtain stay on the auction of my house?
Expecting advice in 2 days, as the auction is kept on 4th Jun.
Sincerely,
Jimmy
