Npa account now the property is challenged for physical possession
2 years ago
Hi,
My name us rajesh, recently I am handling my wife's family issue, because my brother in law is died due to corona.
He is holding a msme loan and account was npa before covid, now at this moment we received tahsildar letter for physical possession on 26th Nov, I am continuing with one of the lawyer for the matter. I need string advice what would be best way to sort my issue.
I am free to discuss.
A.Dear Sir,
You have to visit office of any advocate who is expert in civil and banking matters to get ex-parte advise otherwise the said property may be sold in public auction.
A.If the property was not pledge to the bank at the time of the loan or if your brother in law had not given any kind of collateral during acquiring of the m s m e loan then by NO way can the bank recover the balance Dues from his property as you can provide the death certificate which you are currently having and pandemic situation... more details about the loan required and accordingly we can go ahead
In the absence of collateral, property seizure is also ruled out. The serving partner or legal heirs are only liable to the extent of assets inherited from the deceased person. In case there are no assets, the surviving spouse or legal heir have no legal obligation towards the lender. The surviving account holder/ legal heir will submit a written application o the bank informing about the death of account holder attaching the copy of death certificate and copy of ID proof of the deceased. The copy of ID proof of the deceased account holder will be self-attested by the surviving account holder
Thank You.
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