Ibc - status of third party mortgaged assets
Goapl Garg
(Querist) 30 July 2018
This query is : Resolved
A Residential Flat Owned by me ( an Individual ) is Mortgaged as a Third Party Mortgagor (the liability being defined Only Up-to the Value of the Mortgaged Flat in sanction letter ) towards Credit Facilities obtained by a Pvt Ltd Company whose account is NPA and have been referred under IBC. Myself is neither promoter, nor Director or shareholder in the borrowing company. The Promoter Director and sole shareholder of the borrowing company has expired and the borrowing company is deserted as his heirs are keeping away from the company to avoid any liability.There is no one who can be even contacted at borrowing company.The company has no tangible assets except two properties under mortagage owned by promoter and three properties(including mine) under mortgage as third party mortgage.The Bank is even not supplying any information about the latest valuation of my flat even if I may courage for discharge by payment.
Query:-
01. Whether the appointed RP shall have right over such TPG mortgaged Flat and can liquidate it while resolving the account.
02. Whether the RP shall give opportunity to me /first right to redeem the Mortgage by making out Value of the Flat.
Advocate/CS Sanjeev Kataria 
(Expert) 31 July 2018
I think,my brief reply will solve your problem,, once the petition is admitted under IB code, moratarium starts and IRP, turned into RP would be vested with the power of management of the company... all proceeding before any court will be stayed. In your case , RP can ask for attachment of the properties mentioned
Goapl Garg
(Querist) 31 July 2018
You said " RP can ask for attachment of the properties mentioned "
Does it mean RP will take Physical Possession without an order from DM under sec.14 of SARFAIESI Act.?
Please guide.
krishna mohan
(Expert) 03 August 2018
Normally Banker need to hold on mortgaged property to the extent of loan outstanding including interest. Your property being mortgaged against said loans can not be freed. But on your own interest you can consult legal expert on this matter for right guidance to protect your interest.
