Redemption of property

Querist : Anonymous (Querist) 15 January 2012 This query is : Resolved
Sir my clients property was sold by DRT in the year 2000.Actually he had credit facilities in nationalised bank and when his account was classified as NPA for non payment of principal as well as interest bank filed a suit in DRT got the property attached and sold it in public auction.The property was a open land and the auction purchaser has not developed it.It appears that he has bought it just for the purpose of investment.The amount he paid for its purchase at that time was around 15 lakhs.As he has not changed the property in his name my client approched him and offered to buy that for 50 lakhs. But he is demanding 75 lakhs which is the present market value of the property. As the property has not been mutated in his name I took my client to the DRT and asked for redemption. They told me to contact the bank for redemption.When I contacted the bank they told me that redemption is not possible at this stage as the sale certificate has been registered by auction purchaser immediately after purchase. My question is if I can redeem that property from bank or not? and what is the method of transferring the property from auction purchaser if I negotiate with auction purchaser and he agrees for some price as he has got the sale certificate registered in his name. Please help.

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Raj Kumar Makkad (Expert) 15 January 2012
As the matter had been finalized 12 years ago by bank by auctioning the handing over the vacant possession to purchaser by providing him sale certificate, it is not within the rights of the bank to revoke the whole procedure and accept the auction amount from your and thus to redeem the property.

Your matter is now direct with the present owner of the property, Sale certificate is a sufficient document of his ownership.

You negotiate with him afresh 1 to 1 as banker has no role to play. It depends upon your own terms and conditions how to purchase the property.

Querist : Anonymous (Querist) 16 January 2012
Sir thank you very much for your reply.The fact is that he has got the sale certificate registered and sale is yet to be executed.He does not have a deed of conveyance which should have been issued by bank to complete the sale.In such a situation he could not sell the property to anyone. I want to know the procedure to acquire property from auction purchaser at this stage.

M/s. Y-not legal services (Expert) 16 January 2012
you can take one advocate's help for this situation.,

-tom-

Deepak Nair (Expert) 16 January 2012
Now redemption is not possible.

prabhakar singh (Expert) 16 January 2012
My question is if I can redeem that property from bank or not?
Answer:No YOU CAN NOT.

As THE SALE WAS BY AUCTION BY DRT RECOVERY OFFICER AND SALE CERTIFICATE WAS REGISTERED
AS REQUIRED IN LAW.

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