bank auction
jain
(Querist) 09 December 2010
This query is : Resolved
I was declared highest successful bidder for a schedule property(land) and a building therein consisting of Ground, First Floors which was auctioned on 04.12.2010 by a bank. As per the publication dt.03.11.2010 given by bank in leading Daily News Papers, the extent of property was mentioned in the schedule as 138.38 sq. yards. however, it was also mentioned that the property is on sale on "AS IS WHERE IS" Condition. Having good faith upon the bank, and relying upon the information given by the bank publication, I deposited EMD and participated in the bid. I was declared as highest successful bidder. After the bidding I learnt from other people that the extent of the property is not having 138.38 sq. yards. I sent a telegram to the bank on same day of auction, and informed them that I have bid relying on your information that the land is 138.38 sq.yards.
I went to the schedule property on 06.12.2010 and found that the extent of the property is around 80 sq. yards only. I am not questioning about the physical structure of the building, but does the words “as is where is condition” apply to the extent of the property too?
do u think it is the duty and responsibility of the seller i.e., Bank to disclose to the buyer any material information/defect in the schedule property which was put for sale which the buyer could not discover it at his endeavours with ordinary care.
please suggest me whether “as is where is condition” of bank applies even to the extent of land?
email me at mpgindia@rediffmail.com
shanti devi, vijayawada
9848189821
Uma parameswaran
(Expert) 09 December 2010
Give a notice to recovery officer and take legal proceedings against Bank.
s.subramanian
(Expert) 10 December 2010
The bank is liable in law. You please go through the judgment of the Supreme Court of India reported in 2010 Debt Recovery Tribunal Cases (Volume 1 ) page 461. Haryana Financial corporation Versus Rajesh Guptha.
