Legal Opinion Regarding Acquiring of Mortgaged Properties, A/C.Company 1

Mr. Z

Address….

Dear Sir,

RE:     LEGAL OPINION REGARDING ACQUIRING OF MORTGAGED PROPERTIES, A/C.  Company 1.

We have perused the contents of your letter dated 22.06.2006 on the above subject matter. It appears that instead of publication of auction notice, Management has now decided to adjust the present outstanding in the borrowers’ account alongwith amount written off out of loan loss provision amount in order to reduce the quantum of classified loans to the extent of Tk. 11,13,30,670.00. The property will be sold at a later date observing required formalities as mentioned in the Court’s Certificate. In such situation the matter has referred to us and we are requested to provide legal opinion whether there is any legal bar to acquire the properties in the manner described above.

Our Opinion:

Pursuant to Section 28(Ka) of Bank Companies Act 1991, the Bank has the authority to write off loan and there should not be any difficulty whatsoever, to revert back the dues if any that would arise because of the writing of the loan. However, as your letter suggested that, management has decided to adjust the loan by acquiring the properties in the Bank’s name amounting to Tk. 11,13,30,670.00. Please note that there is no scope to acquire the properties in the Bank’s name for the time being since the Executing Court only vested the right of enjoyment and possession over the mortgaged properties under Section 33 (5) of the Artha Rin Adalat Ain, 2003.

Should you have any further query, please revert back to us.

Thanking you.

Yours faithfully,

………………….

For: “The Lawyers & Jurists”

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