AALOK TEWARI (Service) 07 December 2015

Misuse of sarfaesi act 2002

I PURCHASED A PROPERTY IN 2004. IN 2010 I CAME TO KNOW THIS PROPERTY WAS ALREADY MORTGAGED IN A BANK AGAINST CREDIT FACILITIES. I WAS THE 5TH PERSON FROM ORIGINAL TITLE HOLDER WHO AVAILED THE LOAN AS SUCH I COULD NOT FILE AN FIR. I CAN SUE AGAINST 4TH AND 4TH CAN SUE 3RD AND SO ON. SO I REQUESTED THE BANK BY REG POST IN 2010 TO KNOW ME DETAIL OF MORTGAGED PROPETY. THEY TELEPHONICALLY ASKED ME SUBMIT THE DEED. I TENDERED PHOTO COPY OF ALL 4 DEEDS, THEY ASSURED ME THAT BANK WILL EXCLUDE THE PROPERTY BUT DID NOT GIVE ANY THING IN WRITING. I SEND REGISTERED LETTER IN 2011 & 2012 REQUESTING THEM TO EXCLUDE THE PROPERTY. I ALSO MET WITH THE BORROWER WHO ALSO ASSURED ME AND HANDED OVER ME A REQUEST LETTER JAN 2013 ADDRESSED TO THE BANK ACCEPTING THE SALE OF SAID PROPERTY AND REQUEST FOR EXCLUSING AND SUBSTITUTION WITH ANOTHER PROPERTY. IN 2015 I AGAIN SENT A LETTER TO THE BANK THEN BANK INITIATED RECOVERY PROCEEDINGS UNDER SARFAESI ACT 2002. I CAME TO KNOW THAT BANK HAD INCREASED THE LIMIT OF BORROWER IN JUNE 2013 BUT DID NOT EXCLUDED THE PROPERTY. WHETHER I MAY GET ANY RELIEF FROM DRT AGAINST THE RECOVERY PROCEEDINGS AS THERE ARE OTHER 3 PROPERTIES OF BORROWER IS ALSO MORTGAGED.

Reply Follow

5 Replies

SRISHAILA.DHARANI (Advocate&consultant) 07 December 2015

Yes. Submit all the details to the Drt court with necessary documents. You will get justice. Srishaila, advocate, bangalore, 9741425514

AV Bagur Advocate (Advocate ) 07 December 2015

Make sure you have all the necessary documents are in place and you have done all the due-diligence

Then issue a properly drafted Legal Notice to the Bank. Make the owner of the house also a receipient.

Yes.. you can take the matter to DRT, provided he bank has initiated some action agasint the property. However this is not a good option.

File property drafted criminal police complaint and try to file an FIR aginst the bank officer (by name) and the seller of the property.

If you fail to file the FIR, file a private complaint before the MM.

File a damage suit in the civil court. This will be costly, but you can take a call on it depending upon your comfort level.

Door to High Court is also open (subject to some conditions).

Also, file complaints to CVO, CVC and the CBI and follow it up with RTI Applications and then if necessary a formal suit, once again.

There is a hierarchy in the Banks. GM (Law), GM( Advances) and GM(Audit). Write to them within their mandate zones and then follow it up with suitable RTI an then if necessary format suits.

File a formal complaint to RBI as well.

Find a good proactive and dynamic advocate. It is not easy to take on a Bank. They have huge resources and will do every thing to put you off if they are cornerned.

adv.raghavan (Advocate,9444674980) 07 December 2015

It is always caveat emptor, it is your mistake that you failed to seek original documents from seller as it has changed 4 or 5 owners. Drt is the appropriate place to get reprieve. Approach Drt and implead yourself as aggrieved party and seek stay on auction proceedings as you have already exercised all options availabe to intimate the bank on change of title and bank had failed miserably . You have valid ground to save the property.

AALOK TEWARI (Service) 09 December 2015

Lot of Thanks to Respected SRISHALA DHARANI, SHRI A.V. BAGUR & RAGHVAN R S for providing me Legal Support & ultimately Moral boost up to seek Justice. I feel highly obliged for valuable advises and positive waves of strength to move forward.

Aalok Tewari & family