Property purchased in surfaesi auction of the bank (Business Law)

This query is : Resolved

Author : PETERREXCHARLY

PRO CHAT CALL

Posted On 30 July 2012 at 11:06

Greetings!
My Client has taken a house property at Chennai through a SURFAESI Auction of a Nationalised Bank.

The original borrower has deposited in his title deeds in 2006 to this Bank.
Subsequently a entry of Rs.1 Lak mortgage was found in the EC in which the borrower has given power of Attorney to X and he has borrowed mortgaging this property.

In 2009,another entry is found in EC where the borrower (There is no entry for cancellation of the Power of Attorney executed in 2006) has sold this property to another Y.

My client has all the original deeds of the property as a suceesful bidder.
Now what is the remedy for my client to raise these entries in the EC? Which is the competent authority to file petition?

Expert : prabhakar singh

PRO CHAT CALL

Posted On 30 July 2012 at 11:44

Has your client inquired about these ECs before bidding?

Any way a civil law suit of cancellation of the sale deed so made without right subsequent to the mortgage favoring bank,is the remedy in my opinion.