Alp Investments Limited v Bank of India (U) Limited (Originating Summons 1 of 2024)
Alp Investments Limited v Bank of India (U) Limited (Originating Summons 1 of 2024) [2024] UGCommC 74 (22 January 2024)
The court found that the defendant's entry into possession of the mortgaged property without proper issuance and service of a notice of entry was irregular and illegal. The foreclosure and sale of the property were also irregular and illegal due to the absence of a mandatory notice to sell and a valuation report within six months prior to sale, as required by the Mortgage Act and Regulations. The court rejected the respondent's argument that the conditional injunction excused compliance with statutory procedures. The sale was set aside, and the applicant was entitled to restoration of possess…
Source excerpt
- Mortgage Enforcement
- Foreclosure Procedure
- Notice To Sell
- Valuation Requirements
- Injunctive Relief
- Damages And Costs