2017 (11) TMI 1723 - HC - Indian Laws

Recovery of loan - sale of mortgaged property to recover loan or not - Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 - Held that - The petitioner will deposit a sum of 10 lacs within a period of two weeks and pay the balance amount thereafter to save the property mortgaged to secure the loan. Notice of motion for 13.12.2017.

Summary

Title: High Court Judgment on Securitisation and Reconstruction of Financial Assets Act, 2002

Summary: In a case involving a loan default, the petitioner, a partner of a firm, is required to deposit Rs. 10 lakhs within two weeks and pay the remaining amount to save a mortgaged property. The court ordered to maintain the possession status quo of the disputed property upon the petitioner's compliance.