What Is The Procedure In Case Unable To Pay A Personal Loan?
What is the procedure in case unable to pay a personal loan?
Free Legal Advice - civil law
Posted by: Sachin Panwar
Posted on: 2018-08-27
If a personal loan has been availed and are unable to repay the same in that case, the finance company needs to file recovery proceedings and obtain an order for recovery from the concerned authority. Only then are they eligible to recover the said amount.
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Sir I did a registered mortgage by conditional sale to a person in 2006.according to deed if mortgagor donot pay the loan in specified duration (4 years) the deed convert in absolute sale and I(mortgagee) will be the owner of property and get possession of property. the person (mortgagor) didn't pay the debt amount after and before the specific time duration 11/10/2010.after date I request him many times to give money and return his lone.but he refused all time.in 2012 April i need to money urgent so I sale to mortgage property to a person (A) by registered sale deed.person A get possession and mutation in his name in govt record. person A paying property tax since 2012 to till now.now the son of mortgagor come to me and said I will give your amount and return my land otherwise I will go to court and case against you.sir I want to know do I did any wrong thing to sale my land(because I was the owner at selling time' of land according to deed of mortgage by conditional sale section 58 c transfer of property act1882). Can court rejecte sale deed who I sold to person A.
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