Unsecured personal loan
Kvijay12345
(Querist) 13 April 2012
This query is : Resolved
My friend had taken UNSECURED PERSONAL LOAN from the bank. The bank has approached the DRT. Now the bank has moved a miscellaneous application under section 19(12) seeking injunction on the property to be disposed off against my friend.The property in question is co-owned by his wife and already been mortgaged to other bank. Can the property be attached in this case of unsecured personal loans if no security at the time of sanctioning the loan was taken by the bank? If at all, any such order is passed against my friend by DRT what are the remedies to challenge and cancel such injunction order on property?
Deepak Nair
(Expert) 13 April 2012
Remedy is to challenge the order in the High Court.
SAINATH DEVALLA
(Expert) 13 April 2012
Dear Vilas,
Is it Term Loan or Cash Credit (OD).Usually banks are not harsh on term loans,but as far as OD is concerned they cannot sit back as per banking regulations act.To which place do you belong.
If you are in any one of the cities you can appeal in Debt Recovery Appellate Tribunal,which is a higher tribunal than DRT.Or else yo can directly challenge the order in the high court.
Devajyoti Barman
(Expert) 13 April 2012
Since the Bank has proceeded against the guarantor to enforce the debt out of the security the proceeding under the Act is very much maintainable.
You can challenge such order however before the DRT appellate forum.
J K Agrawal
(Expert) 13 April 2012
As far as I Know there is no such section 19 (2) or 19 (12) in SARFAESI Act. Nor any DRT or its Appellate Tribunal has any right in your case. The bank has to take ordinary recourse of Law.
Meanwhile feel free.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 14 April 2012
There are two options . First make the other bank where the property is mortgaged as a party in DRT CASE.
Second move an application by co owner at normal court for status quo , the other bank will help you.
Take both the steps and matter will go in cold storage.
prabhakar singh
(Expert) 14 April 2012
Can the property be attached in this case of unsecured personal loans if no security at the time of sanctioning the loan was taken by the bank?
Answer:
If your friend discloses all facts in his reply then DRT shall not pass the injunction order.
If at all, any such order is passed against my friend by DRT what are the remedies to challenge and cancel such injunction order on property?
Answer:
your friend can file appeal in Appellate Tribunal.
If your friend still fails then a writ in high court.
c.p.s. ramachary
(Expert) 18 April 2012
In case of unsecured loan there is no bar from seeking attachment of mortgaged property. However the plaintiff's right shall be subject to full satisfaction of the dues of the secured creditor provided there are no other attachment for surplus sale proceeds coming to the hands of the secured creditor
