Sarfaesi act
Devidaskshetty
(Querist) 20 July 2017
This query is : Resolved
I have been told that the process of auctioning the property as per SARFAESi act may take as long as twelve years. How one can wait till such s long period unnecessarily in these days of fast track actions. Will some experts in this field this some light on this.
Thanks and regards.
Deekay
Advocate Suneel Moudgil
(Expert) 20 July 2017
state complete facts of the case,
how you are concerned with the query?
Devidaskshetty
(Querist) 20 July 2017
I along with my wife and son had jointly purchased a flat in Mangalore Karnataka after making 6 Lakh down payment and a bank loan of 1300000/-from a private sector Bank. Later on it was learnt that the property I purchased was already under the mortgage of another financial institution and the builder was neither handing over the possession of flat nor cooperating to get it registered. Finally I surrendered the property to the builder who issued cheques one in my favour and the other in favour of the Bank against the loan amount and unfortunately both cheques bounced in the month of December 2015. Since then i stopped the bank loan EMI since the builder was responsible for the same. Thereafter the bank issued a notice under SARFAES act in August 2016 and nothing has been heard yet. In these circumstances I had sought your valuable suggestions and advice. Please respond. Thanks and regards.
Rajendra K Goyal
(Expert) 20 July 2017
You should have initiated cheque bouncing proceedings against the builder.
You have surrendered the flat, still Bank can recover outstanding from your other assets.
Try to lodge FIR against the builder.
Devidaskshetty
(Querist) 20 July 2017
I have filed cheque bouncing case against the builder in February 2016 and the builder -a habitual offender - skipped two hearings last year and again recently he was allowed to get his presence marked with out my consent ,out of turn of case listing. How this can happen in our judicial system is a big question. I being a senior citizen of 70yrs victimised by the builder and the court, has to suffer while the builder being a cheater is favoured by the Honourable court. I solicit your valuable views and suggestions in the matter.
Thanks and regards.
Rajendra K Goyal
(Expert) 21 July 2017
Court move legally, does not favor.
You can move to high court for orders of early hearing being a senior citizen.
Dr J C Vashista
(Expert) 22 July 2017
Seek professional opinion and advise of your lawyer, there is no need to seek second opinion for the sake of its availability FREE of cost.
Devidaskshetty
(Querist) 01 August 2017
Thank you for your valuable advice sir. There should be no restrictions on seeking Free opinion if available. It is up-to your good selves whether to share it or not. Thank you once again.
