P GOPALA KRISHNAN (Dismissed Officer) 05 September 2016

Recovery notice under drt read mor

Subject : RECOVERY NOTICE UNDER DRT Message : This regarding a recovery notice received by me as a guarantor. The said property is an ancestral property with 6 shares. I am holding 3/6 shares (by virtue of my mother giving me her 2 shares through will, the other 3 shares are held by my sister and her 2 children. Mortgage was created for the studies of my sister"s son. I came to know that there is a verdict that states that the property should be divided into lots before auction and only in case the said amount is not sufficient the other lot/s need be auctioned. Another point is can I approach the Recovery Officer to transfer to me the shares of the other 3 persons and if I liquidate the loan.

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3 Replies

NANDKUMAR B SAWANT (ADVOCATE./LAWYER) 05 September 2016

You may approach debt recovery appellate tribunal and stay judgement and recovery certificate first and then settle dues by reducing amount of claim abd interest charged

Nitish Banka (lawyer) 06 September 2016

file an appeal before DRAT

Adv. Nitish Banka

9891549997

(Guest)

Well if you are interested in transfer of shares in your name you may just sit in the auction and buy those shares. You may also make this offer in front of the RO. Afterall, after haing performed your liability you step into the shoes of the creditor. Hence its better you appear before the RO. Or otherwise you may file an appeal before the DRT against the order of RO and pray this relief. Its your right anyways to buy the shares being the member of the family. Banks are anyways concerned only with the money so they should not have objection. Remember to approach RO asap as once the sale is finalised it would be difficult to buy back the property. If you need further help you may contact me.

Regards

Rit Arora

Advocate

7838737001