Legal opinion regarding transfer of mortgaged properties under 33(7) of Artha Rin Adalat Ain, 2003 as per amendment of the Ain, A/c. Company 1.

Mr. Z

Address….

Dear Sir,

Re: Legal opinion regarding transfer of mortgaged properties under 33(7) of Artha Rin Adalat Ain, 2003 as per amendment of the Ain, A/c. Company 1.

We refer to your letter dated 19.03.2008 on the above subject.

It appears upon perusal of the letter that in the Artha Jari Case No. 73/03, possession and enjoyment of mortgaged property of Company 1 has been vested upon the Bank on 18.06.05 by issuing certificate under section 33(5) of the Artha Rin Adalat Ain, 2003. According to last amendment of Artha Rin Adalat Ain, 2003 gazette notified on 23.12.07, decree-holder bank may file an application before the executing court to issue certificate under section 33(7) of the Act transferring title of ownership of the mortgaged property in favour of the Bank within 06 years from issuance of certificate under section 33(5) vesting possession and enjoyment of mortgaged property upon the Bank. Since certificate for possession and enjoyment of mortgaged property of Company 1 has been vested upon Bank under 33(5) of the Artha Rin Adalat Ain, 2003 on 18.06.05, Bank may file an application before the same Court to issue certificate under 33(7) of the Act transferring title of ownership of the mortgaged property in favour of the Bank. As requested by you, we shall file such application in court very soon. Please note that if once ownership certificate for the mortgaged property is obtained then there will be no option to cancel it.

If you have any further query, please do not hesitate to contact us. Thanking you.

Yours faithfully,

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For: “The Lawyers & Jurists”