A family settlement was decreed thro LOK ADALAT favouring 'A' whrein he will get Rs fifty lac cash and flat mortgaged to bank for securing loan will be released by 'B' ,father of 'A' after clearing the bank liability. .B will clear bank liability and pay Rs fifty lac from sale of another inherited property in which ,A. had his share. , B, backed out from settlement after he sold the inherited property. Now decree execution of family settlement is pending with court of law.In the meantime credit facility of B became NPA non performing asset.against which flat had been mortgaged to the bank. Accordingly bank issued 60 days notice to ,B,under SARFASI Act 2002 After expiry of 60 day bank will auction the mortgaged flat. to recover its due. Now what option ,A, have against bank to stop the proceedings of SARFASI act 2002 Pls tell specifically RK Dhingra
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1) B has to submit reply to legal notice within period of 60 days
2) in case flat is sought to be auctioned A has to file application before DRT and seek stay of auction rely upon decree passed by lok adalat
3) in alternative pay the bank dues regularise the account and then seek to recover said amount from your father
Does DRT has authority/power to stay the auction in such cases? What is the probability of DRT instructing the bank to put on hold auction of mortgaged property in this particular case.? Pls advice Thanks
As per decree passed it was incumbent upon father to repay bank loans then pay you Rs 50- lakhs
2) since father failed to repay the bank loan bank is free to auction the flat
3) take out contempt of court proceedings against your father
4) it is doubtful DRTwould stay auction proceedings
If A has not honored the court decree which was granted by the lok adalat after hearing both the parties, then the execution petition shall be the only option
In the meantime the aggrieved party may approach appropriate court to seek injunction against the B for this reason, also a contempt of court may be filed against the cheating party for having not obeyed the court order in this regard.
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About what?
Does DRT has authority/power to stay the auction in such cases? What is the probability of DRT instructing the bank to put on hold auction of mortgaged property in this particular case.?
The DRT can issue such instructions to the concerned bank to restrain from indulging in the activities which may affect the interest of the parties to the suit.