Loan against property - npa account - bank sell property
Pooja Porwal
(Querist) 30 November 2017
This query is : Resolved
hello i take loan of 12 lac from Shivalik Bank by Mortgage my Office in Mall area 210sq ft. Bank do valuation of property and this cost 25 lac and as per bank rule, they give 50% loan to us in jan 2016, our EMI deposit regular but unfortunately after sometime in aug 2016, Mall owner want to relocation all shops and dismental all shops and relocate new shop to us in same premises. We inform to bank but they take no action. because they need only EMI. as our business total loss so we unable to pay EMI, and from apr 2017 bank start sending notices to us. and say account is NPA. but how we pay EMI, we request them to restructure loan but they did not. after sometime in nov 2017, we got notice that they sold office to someone without our presence (as sarfaesi act) at 14.25 lacs and clear all dues of bank, then after 5 day we get call from a person and say please unlock office because they need this for them. and tell us now my queries is -
1. how they can sell without our presence, as to change registry they need thumb impression, ratina scan, and signature.
2. if bank valuate property 24 lac at time of give loan (its in dec 2015), how they can sell in least amount,
3. will person who buy property , should have original registry without change in name or what else.
4. can we pay 12 lac or 14.25 lac to person and take our office back or we again have to buy it.
P. Venu
(Expert) 01 December 2017
The facts posted lacks clarity.
Guest
(Expert) 01 December 2017
Good academic query, but with several holes in the story.
Question arises, your office worth Rs.25 Lakhs has been sold in your absence, but you are asking a query in a very casual manner. How it can be believed that it is a real problem. Had it been a real problem, you could immediately have rushed to some good lawyer at local lawyer, in stead of posting your query here only to get some brief to solve your academic query.
Guest
(Expert) 01 December 2017
I understood the matter
This matter is taken under securitization act
It is special act giving wide powers to bank to recover their bad loan
Generally, bank give advertisement in paper etc that under that act they want to sell the secured assets and they have done proceedings under securitization act
Some people have belief bank are honest kind etc. Because majority go to bank to deposit cash, take FD etc. inside many frauds also take place
They may have handed symbolic possession of that premises to new purchaser
Physical possession they failed to deliver
Additionally, physical possession may be with you or mall owner. First, don't allow them to take physical possession under any circumstances
Now bank has recovered their money for balance sheet purpose
Now you bank that person, mall owner are in legal issue
I feel you immediately approach person dealing with DRT matters as myself not good in this part of law yet (Reading, understanding and dealing with law are different thing)
Imp don't give physical possession, matter can drag on for a long time now.
At same time try for settlement with that person (Even in court you can approach and pray to court for asking opp. party special direction so they can talk and try to settle personally permanently)
Guest
(Expert) 01 December 2017
Please note the word Court should be read as DRT
Guest
(Expert) 01 December 2017
Please note symbolic possession and physical possession are two different things .
I can seat in my place and hand over symbolic possession of Taj Mahal and take money also .
Now whether I have right to hand over taj mahal to other symbolically or not
Whether opp. person can have right to take physical possession or not
this is a legal issue
But if security person withdraws from taj mahal and hands over their physical possession to you then person who is owner his case also become weak and complex
Now I said Taj Mahal because it is fantasy word and not to be constructed as Taj Mahal of Agra
Guest
(Expert) 01 December 2017
The statement which you state mall owners dismantled shop and shifted you to other premises indicate you may or may not be real owners your documents require study.
Additionally what is real document wise arrangement between you and mall is required to be studied
Additionally you state Mall management as owner which also put me puzzle of legal status
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I talked to some mall person working with mall owner long back they told me they make lease deed under Transfer of property act, take heavy premium and lease fee this is funda. But in reality the main mall owner meet some top lawyer and redraft the deed with twisted words using contract act which help them to show this deed is not of lease also but some thing else .
So all this things require thorough study , including document which you signed with mall , documents which you study with bank , written correspondence etc. Even maintenance receipt or whatever you may be paying etc.
This forum is small forum to guide complex question without study ,
Remaining individual question which is like GK of law can be given easily and solved here
