Sarfaesi act

Gopal Agrawal (Querist) 22 June 2017 This query is : Resolved
can an auctioner bank buy a property auctioned for own use or for re sale afterwards.

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R.K Nanda (Expert) 22 June 2017
state full facts.

rajeev sharma (Expert) 22 June 2017
once a bank has taken possession of the mortgaged property it is deemed owner of the property and need not to purchase the property for re -auction. Your cryptic query leads us to nowhere

Rajendra K Goyal (Expert) 22 June 2017
Academic query.

State material facts of the problem if any.

How are you concerned / related with the query?

Looks like examination question.

Gopal Agrawal (Querist) 22 June 2017
Sir, I am a banker. We have acquired a property under sarfaesi act. We auctioned property twice, but no purchases came forward. Now our account of borrower is NPA. We want to use the property to be used for bank purpose. SO can we purchase it and settle the account of borrower.

rajeev sharma (Expert) 22 June 2017
Right of foreclosure is with the bank. बैंक may settle the loan account and may have the property but the borrower will always have a right to challenge such settlement. No settlement may be made singlehandedly without the consent of other party. There are better options available to bank for taking this action. Consult a lawyer acquainted with banking law.

Rajendra K Goyal (Expert) 23 June 2017
Being a Banker, get legal opinion from your penal lawyer and send it to your controller for appropriate guidance. Move accordingly on receiving guidelines from controller.

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