Apni Law Staff asked 5 months ago
I’m 77 years old, and in 1992, a public sector bank filed a case against my private limited company in the Bombay High Court for a loan of around 9 Lakhs. The case was dismissed in 2011 due to the bank’s absence at the final hearing. The outstanding amount in 1991 was about 2.6 Lakhs. The bank applied to revive the case in 2012, and it was moved to the Bombay City Civil Court in 2014. The case was renumbered in 2015. My company had given an equitable mortgage on its fixed assets to the bank in 1983, which is now worth about 5 Crores. Can I ask the court to release the mortgage for 2.6 Lakhs plus interest from the date the case was revived, due to the bank’s default?
Best Answer
Apni Law Staff answered 5 months ago
Based on Indian law, you may be able to request the court to release the mortgage on your company’s assets for the outstanding amount plus interest. However, the court will consider factors like the bank’s negligence in the initial case dismissal, the current value of the assets, and the legal implications of reviving a dormant case. It is advisable to consult with a legal professional for specific guidance tailored to your situation.
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