Regarding selling mortgage property
Mayank Mahajan
(Querist) 28 April 2019
This query is : Resolved
Dear Sir
Our company has taken loan from a bank , they have auctioned once ,but it didn't happened , we have started selling the property in installment way , and we are depositing in the bank loan account , after this we are registering the property to the buyers , without permisiion of the bank. is it legal?
P. Venu
(Expert) 29 April 2019
In the given circumstances, one time settlement with the Bank would be to your advantage.
Dr J C Vashista
(Expert) 30 April 2019
What is being put to auction time and again?
What do you intend to convey from your statement, inter alia, that, "....they have auctioned once, but that didn't happened...." ???
Mayank Mahajan
(Querist) 30 April 2019
I mean to say , property is big and it's not sellable at once , can I sell it to the different parties and deposit the money to the bank . According the value of the property
Hemant Agarwal
(Expert) 30 April 2019
1. IF the property is "mortgaged" to the Bank, THEN it will be a criminal offence of Cheating, Fraud, Breach of Trust, etc.... to sell such mortgaged property with the NOC of the Bank. This is irrespective of the failed Auction proceedings or current repayment of the Bank Loans.
Keep Smiling .... Hemant Agarwal
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