SARAFAESI Act, 2002


 

Dear Experts,

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I have purchased one falt under SARAFAESI Act, 2002.

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Now society is demanding Court Order which gives permission to Bank to sell the said flat under auction under SARAFAESI Act, 2002.

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But bank denies to give any such order. I want to know that, is there any Court Order required to be obtained under SARAFAESI Act, 2002????

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Kindly help 

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Thanks in advance.

 
Reply   
 
Senior Manager(Legal)

As the Act empowers the Authorised Officer of the Bank to sell the mortgaged properties after complying necessary formalities,it is not necessary to  produce any Court order before the Society. Hence You may give an intimation to the society in writing regarding your purchase under SARFAESI Act . If the society is Still insisting for the Court order you may get the demand of the society in writing and thereafter you can move the the Court for establishing your rights.


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Dear Sir thanks for your answer.

 

But what are those formalities which bank needs to comply?? Because I have some doubts (While my dealing with the bank I can sense that) that bank has not complied few things as per required by the ACT.

So what are the formalities, If u can just give some idea please.

I will be thank full to you

Thank you Sir

 
Reply   
 
Advocate

The Bank could have complied with the statutory aspects before venturing to auction of the property mortgaged. The auction documents is the title to the property .The society caanot ask anything more. In this case you can represent to the Registrar


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Thank you Mr. Isaac

 
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