• Loan default by me of Rs 1.5 crore against immovable property

Hello everyone
i have take a loan of around 1.30 crore . and couldnot able to service my loan since covid and also not in position to service my loan in future.. already received 60 days notice from the bank and such period is also over.. today received the notice of possesstion of property..
i want to take guidence on further course of action that bank can do ? what happen if loan amount cannot be fully setlled against proceeds of property mortgage.. i am not having any other moveable and immoveable property.. what order can drt or court can pass... what are chances of my arrest..
Asked 11 days ago in Civil Law

Ask a question and receive multiple answers in one hour.

Lawyers are available now to answer your questions.

1 Answer

Bank would auction property to recover its dues 

 

if there is any shortfall sue you to recover balance amount 

 

bank would find it difficult to recover balance amount if you have any other assets 

Ajay Sethi
Advocate, Mumbai
84070 Answers
5480 Consultations

5.0 on 5.0

Ask a Lawyer

Get legal answers from lawyers in 1 hour. It's quick, easy, and anonymous!
  Ask a lawyer