We had one property and we mortgaged it to another person for 1/4 value of the property and took that money for Medical surgery purpose. We are unable to pay the amount, so those guys went to court and the judge has given judgment to pay 1/4 money + 1% interest rate. I would like to know the auction process.
1) For how much amount court will auction our property (1/4th % value which we took or 100% value as per register value).
2) What will be the auction starting value?
For Example:
User_A took 25Lac from User_B by mortgaging an apartment (which is worth of 1Crore) in 2015. Now property value is 3.5Crores and District court has given a decree to pay 44L (including interest rates and court charges).
We would like to know
How does court auction will process. Can we go to High court for an appeal and If we can do we need to pay any amount for that appeal.
Thanks in advance.