House pledged to coop. bank and loan has been taken.
Querist :
Anonymous
(Querist) 03 March 2021
This query is : Resolved
The loan was cleared by a person G and auctioned the house with the permission of a court towards his debt. The person who borrowed a loan from this coop bank got a stay in High court against the suit of G by paying amounts of the coop bank dues already paid by G, and also 50% of dues in the present case to the creditor G as per the High court orders to maintain the present suit. The house documents are still with coop.bank. The debtor D approached the coop.bank for his pledged documents. He produced his suit information voluntarily and other particulars to the coop bank also. Can the bank return the pledged documents to the Original owner. Can the coop bank refuse to handover the documents with any right?
SHIRISH PAWAR, 7738990900
(Expert) 03 March 2021
Hello,
The borrower has already approached the high court and the high court has passed necessary orders. The high court has superior powers it can pass an order with respect to any litigation pending before any court. So even if co.op. bank oppose to handover the documents after repayment of the outstanding borrower can take appropriate orders against the bank from high court.
