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shrikant chede (Querist) 18 February 2010 This query is : Resolved
Respected learned experts
My query is as below
A owns a building having two floors ,bank seize I'st floor for recovery of loan amount ,now bank wants to seize ground floor for recovery of same loan amount . my question is
1)wheather can we bring stay on recovery of loan amount ,from court,if yes then from which court
2)is there any ruling of apex court that bank cannot seize the same premises twice
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B K Raghavendra Rao (Expert) 18 February 2010
It is not clear under which Act they have seized the first floor of the house. It is not seizing - it is either attachment or taking possession under SARFAESI Act.

If A has borrowed the loan and mortgaged the entire house, has become defaulter and the bank has initiated recovery proceedings, then he might have obtained 'attachment before judgement' in respect of first floor. Upon finding that the property attached being insufficient for recovery amount, he moved the court for further attachment of ground floor also. There is nothing wrong in it. It is not attachment twice, but attachment in parts.

Without court proceedings they cannot attach the property except in the case of SARFAESI Act when they can give sixty days notice and then take possession of the property.

Raj Kumar Makkad (Expert) 18 February 2010
I completely agree with rao.

Guest (Expert) 18 February 2010
i do agree with Mr rao

Parveen Kr. Aggarwal (Expert) 18 February 2010
1. You cannot get stay order against recovery of loan amount by bank from any court. One who has obtained loan/credit facility from the bank and has undertaken to repay it, must repay it which is his legal obligation and the legal right of the bank to recover.

2. There cannot be any Ruling of Apex Court which makes inequitable decision giving premium to a defaulter against the bona fide proceedings of a bank to recover its dues from the property secured against repayment of loan amount.

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