WILL BANK PROCEED TO POSSESS LAND OFFERED AS COLLATERAL SECURITY AFTER 28 YEARS

3 years ago

I took a loan of Rs 33000.00 from a nationalized bank in 1987 for a small scale industry for which 25 cents as land was given as collateral security. The business failed and I was unable to repay the loan. The Bank filed a suit to recover the dues in `1990. The local court rejected the plea on technical grounds. The bank went to the high court, which too rejected the plea on technical grounds in 1992 and asked the bank to go to the local court again. Since I had proceeded for other jobs, to far off places, I entrusted the case to a lawyer and paid him his fees in advance. He said he will contact me if needed. I could not contact him for many years and there was no intimation from the bank too. In 2016, when I went to the lawyers office I was informed that he had passed away many years back and the people at the office did not have any details about the case. There is no encumbrance dues in the records at the village office for this property, from which I understood that the bank had not initiated any action to acquire my property. Now my children need the property for their needs. Can I write it in their name ? I do not have the original document, but I have the certified copy with me since the original was given to the bank in 1987. I am aged 60 years now and financially week and do not have a house or any other property in my name. Will the bank come after me in future ? Since I do not have any other property to give my children, I have no other option. Kindly advice me.