Sarfaesi act
Soumya
(Querist) 13 January 2016
This query is : Resolved
I have taken a loan for buying a flat. But the bank did not take any deeds as mortgage. The bank only has an agreement with me for the loan. In the meanwhile I have sold the flat and it got registered to the buyer. Now the bank has given a notice to me for possesion under Sarfaesi Act. Do i need to worry ?
P. Venu
(Expert) 14 January 2016
You have not repaid the loan. Any debt is a matter for worry, for law abiding citizens.
Adv. Yogen Kakade
(Expert) 14 January 2016
As the sale deed already been executed and registered the property cannot be attached by the bank now.. unless it is specifically mentioned in the agreement between you and the bank. But your other properties might get affected if you don't repay the loan.
Rajendra K Goyal
(Expert) 14 January 2016
Whether the Bank has taken any undertaking / clause to mortgage the property when the deal of purchase from loan is complete?
All the Bank documents need to be referred. It is doubtful Bank proceeded with out safeguarding its interest.
If you have sold without clearing loan and Bank has undertaking with it, it has prior charge over asset purchased from loan and may lodge criminal complaint also.
K.S.Srinivas
(Expert) 24 January 2016
Since you are defaulter in clearing the bank loan, the bank can proceed against you under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
