Property owner rights
amit
(Querist) 15 September 2012
This query is : Resolved
Dear Sir(s),
A date for the auction of the property ‘X’ has been specified, but before the auction date DRT, Lucknow has been pleased to stay the proceeding of an auction of the said property in favour of the property owner. Meanwhile on that property what is the right of some bidder who has deposited in bank 25% amount on the value of property.
On the other hand Bank has given OTS (One Time Settlement) proposal to property owner on which property owner has agreed and deposited 25% of the OTS amount at instant and the rest amount shall be payable within one month, on the next intimation letter, but till date no intimation letter has been provided.
Bidder has issued legal notice to the Bank regarding his right over the property.
Q1. What is the right of the bidder on the property?
Q2. Is the first priority right over the property shall be of the Real Property Owner?
Q.3 What else the property owner can do to take back his property? Although, the property owner is willing to deposit the balance amount. But the bank is playing delay tactics.
Any Ruling in support for the first priority right of the real property owner over the property as bidder is trying to take away the first right of the real property owner.
