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Author Topic: Injunction against sale of property mortgaged in a bank  (Read 404 times)

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Offline kalyan1976

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Injunction against sale of property mortgaged in a bank
« on: February 26, 2018, 04:48:30 PM »
Dear Sir/Madam,
My father mortgaged his property in a nationalised bank for my brother's business and later it became NPA. now we are trying to pay the exposure by selling a part of the property. now one of brother's creditor (a supplier) is trying to create an injunction on the sale of this property. this property is bought through my father's earnings and it is not Ancestral. can anyone create an injunction for the bank to stop the sale ? My thoughts are we have given the property mortgage limited only to the bank's exposure ? Can any of his other liabilities create a injunction on this ? Please kindly advise if so what precaution we have to take. The rest of property share is due for me

Offline advjaibansal

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Re: Injunction against sale of property mortgaged in a bank
« Reply #1 on: February 28, 2018, 08:49:08 PM »
Dear Sir,

You may not be able to sell the property as the same is mortgaged with the bank. If entire property is mortgage with the bank, then you may not be even sell the part of the property. It may amount to fraud and the purchaser can also file a case for cheating against you.

If any suit for injunction is filed, then injunction may be granted.

Regards,
jai bansal
Advocate, New Delhi
Supreme Court of India
bansal.jai@gmail.com
mobile: 09868566649

Offline kalyan1976

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Re: Injunction against sale of property mortgaged in a bank
« Reply #2 on: March 01, 2018, 03:37:01 AM »
Dear Sir,
Thanks for your response - I missed to inform that this sale is happening with the Bank's consent and is in the process. Bank has given a NOC also -  now my question is can some third party create a injunction on this ? Please kindly advise if so what precaution we have to take.

Thanks again

Offline advjaibansal

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Re: Injunction against sale of property mortgaged in a bank
« Reply #3 on: March 12, 2018, 10:44:03 PM »
Dear Sir,

Third party cannot take injunction unless they are able to show it to the court that they have a valuable vested rights in the property which is proposed for sale. Please file a caveat application in court to avoid any ex-parte injunction on the property. I hope the property was not the part of the deal with the creditor of your brother.

Regards,

jai bansal
Advocate, New Delhi
Supreme Court of India
bansal.jai@gmail.com
mobile: 09868566649

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Re: Injunction against sale of property mortgaged in a bank
« Reply #3 on: March 12, 2018, 10:44:03 PM »

 

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