Sarfaesi act

AJEET KUMAR (Querist) 12 May 2014 This query is : Resolved
being a general category. Can i take the part in auction of sc/st property by the secured creditor.

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Devajyoti Barman (Expert) 13 May 2014
Yes, you can.

Sankaranarayanan (Expert) 13 May 2014
Yes hope so

Rajendra K Goyal (Expert) 13 May 2014
Yes till there is no such condition in auction notice.

K.K.Ganguly (Expert) 13 May 2014
1. Has the Bank stipulated in the sale notice about the caste of its prospective bidders?

2. If there is no such stipulation, you can buy the property and collect the Sale Certificate from the Bank.

T. Kalaiselvan, Advocate (Expert) 13 May 2014
If there is no restriction clause imposed on the auction sale, any one can buy or participate in the proceedings.

Advocate. Arunagiri (Expert) 13 May 2014
If that property was gifted by the Govt, that land can be sold only to SC or ST.

If that property was bought by the borrower or his predecessor, that land can be sold by any body.

K.K.Ganguly (Expert) 13 May 2014
1. A piece of land was gifted by Govt. of West Bengal to one refugee family of erlstwhile East Bengal which was not to be sold without permission of Govt. within 10 years,

2. The receipient of the gift had taken loan from the Bank by mortgaging the said piece of land & constructed house thereupon,

3. The property was auctioned since the Borrower could not repay the loan,

4. The sale certificate issued by the Bank to the highest bidder was valid.