Sarfaesi act
GUNDA SRIDHAR
(Querist) 22 June 2017
This query is : Resolved
Dear Sirs,
PFA of Sale Notice From Allahabad Bank.
Iam a small private employee in an organisation with 20,000 monthly salary, I had come across a sale notice in one of the online portals, and I have participated in the e-auction,got the property i.e., Residential Flat in e-auction as I am the highest bidder. 25% amount paid as per the sale notice, for remaining 75%, I took the loan from the same bank but different branch i.e., Allahabad-Centralized Retail Banking Boutique, Hyderabad Branch.
Now, the bank is going to provide me sale certificate and later registration. But the owners of the flat are residing in the flat, they have not vacated till date, I have approached Bank Officials and asked them that before registration, I need the flat to be vacant and handover to me, even I asked them to issue a notice to present owners to vacate the property, but bank officials are stating that, that is not their responsibility and simply saying the sale notice-PROPERTY is under "AS IS WHERE IS BASIS, AS IS WHAT IS BASIS"
1)In this matter What should I supposed to do, is it my headache to take the property by vacating the present owners? One of the Bank official said that after registration, asked to me to give police complaint.
2) In case if the present owners do not vacate if I insist them also?What should I do?
3)In this regard, bank will not interfere or definitely if I complete the registration process, bank people will wash their hands...
4)Is there any possibility that can I pressurize Bank Officials to let the present owners to be vacated?
Please suggest/help me how to proceed, in this regard I am in so much tension and financially I can not go with the complaints/Police cases/DRT Cases etc.
Rajendra K Goyal
(Expert) 22 June 2017
You said:
1)In this matter What should I supposed to do, is it my headache to take the property by vacating the present owners? One of the Bank official said that after registration, asked to me to give police complaint.
Reply:
Show the auction notice to local lawyer and discuss. Whether the possession was shown in the notice as symbolic or actual?
It would be very difficult to get the property vacated from previous owner.
You said:
2) In case if the present owners do not vacate if I insist them also? What should I do?
Reply:
If Bank does not get it vacated, you have to move to court, which may be time and cost consuming exercise.
You said:
3)In this regard, bank will not interfere or definitely if I complete the registration process, bank people will wash their hands...
Reply:
It seem so.
You said:
4)Is there any possibility that can I pressurize Bank Officials to let the present owners to be vacated?
reply:
Show all documents to local lawyer and if possible move to court and try for a stay against any further demand of payment from Banker.
rajeev sharma
(Expert) 22 June 2017
Firstly it is your fault that you entered into bidding process without due diligence. As is what is where is does not mean that bank will take money and not deliver the possession. It will amount to cheating and you may lodge FIR against Authorised Officer. Before depositing any money serve a legal notice on bank. Pressurize bank to file applications u/s 14 sarfaesi act for taking physical possession of the property.
P. Venu
(Expert) 23 June 2017
The auction proceedings under SARFAESI Act are still in a state of flux. The matter requires professional consultation.
GUNDA SRIDHAR
(Querist) 30 June 2017
Sir, I have discussed with the Authorized Officer, in his talks and words, I came to knew that, AO is supporting the present owner and asking me to take the refund for 25% amount deposited with the bank. He is also warning me that, there is authority to him that the 25% also can be forfeited as I have not paid 75% amount within 15 days as per the sale notice. But with prior intimation in writing I have asked them the time for 75% loan from the same bank but the process is done by different allahabad bank and the loan is almost in final stage. This loan has to approve by AO only, now he kept it in pending.
How can I proceed further..please suggest me..shall I inform all this to Zonal Office Chief or shall I warn AO by exploring all the documents legally i.e., I have all the written papers, time asked for loan, loan application, copy of legal opinion of advocate regarding loan process etc.
After having discussions with the ZO of Allahabad Bank, now the bank officials are filing a suit in DM Court for physical possession of property, but this should have been done before publishing the sale notice only, now if I ask them, they are saying that, after taking the physical possession, they will issue me the sale deed and registration.
1) How many days should I wait for this, suppose if they approach DM Court today?
2) If the bank officials keep the matter in pending, how can I proceed with them?
Regards,
Sridhar
GUNDA SRIDHAR
(Querist) 30 June 2017
Sir, I have discussed with the Authorized Officer, in his talks and words, I came to knew that, AO is supporting the present owner and asking me to take the refund for 25% amount deposited with the bank. He is also warning me that, there is authority to him that the 25% also can be forfeited as I have not paid 75% amount within 15 days as per the sale notice. But with prior intimation in writing I have asked them the time for 75% loan from the same bank but the process is done by different allahabad bank and the loan is almost in final stage. This loan has to approve by AO only, now he kept it pending and asking me to take the refund of 25% amount which I have paid. How can I proceed further..please suggest me..shall I inform all this to Zonal Office Chief or shall I warn AO by exploring all the documents legally i.e., I have all the written papers, time asked for loan, loan application, copy of legal opinion of advocate regarding loan process etc.
Sridhar
Rajendra K Goyal
(Expert) 22 July 2017
Repeated query:
http://www.lawyersclubindia.com/experts/Sarfaesi-act-sale-notice-by-allahabad-bank-648001.asp
http://www.lawyersclubindia.com/experts/Sarfaesi-act-648351.asp
http://www.lawyersclubindia.com/experts/Sarfaesi-act-648486.asp
