Requesting information on banking rules and regulations
Querist :
Anonymous
(Querist) 28 August 2011
This query is : Resolved
Dear Sir,
Assets are coming for Auction under SARFEASI ACT 2002 FOR recovery of amount which was given as a loan by the Banks.
Auction Sale Notice is given in Newsdaily.
When we request the Banks for inspection of land which was coming for auction.Bank are not showing land to interested bidders.Replying by yourself you have to see the land.We won't show you the land.
How a public has to respond it.
Is it correct ?
Devi priya
M/s. Y-not legal services
(Expert) 28 August 2011
The bank advised you correctly.. You can not compell them to show the property.. If you are successful bidder mean you can ask them. Untill you have to visit the property with your own cost and risk. In the auction notice there will be a clear schedule of property. Just note that survey numbers, visit that property. If you want mean apply for encumberance certificate.
M/s. Y-not legal services
(Expert) 28 August 2011
But some banks will bring the interested bidder to the subject property's visit. Thats their option.
Guest
(Expert) 28 August 2011
The auctions are normally on the "as is where is basis." Notice for auctions also specify the dates and time of visit by the prospective bidders. So, a bidder can verify the facts with reference to the schedule of property at that fixed time.
Querist :
Anonymous
(Querist) 28 August 2011
Thank You for your reply.
In the newsdaily advertisement itself they are mentioning that
the interested persons shall visit and inspection of properieties can contact bank Managers .concerned telephone numbers are given too. what is meaning for that.
Survey Numbers are O.k.one day is fixing for inspection of property too.
an Example.
we buy a land from DRT Coimbatore.In that we inspected land by Bank Officials.
The main aspect is
Land shown by Bank official is different from the Land Details in Deed.
we was the Successful Bidder.Then after few months of various investigation the returned the money to us.the land shown by bank officials is differ from documents
Eventhough it is possible to see the land with the help of survery numbers it is not fair for now a days since there is lot of frauds in land registration.
When Bank Officials show the land means there will be confident on that.
Devi Priya
ajay sethi
(Expert) 28 August 2011
in case bank has mentioned in advertisment that for information on the property please contact the bank manager and bank is refusing to cooperate then you can by letter point out that bank officals are refusing to cooperate and advertisment is an eye wash . no inspection of property is being offered . send letter immediatedly
Chanchal Nag Chowdhury
(Expert) 28 August 2011
Details of the property must have been made available. If it is only open land, U will have to inspect it on your own. However, U have the right to your satisfaction regarding title. Just because it is the bank which is selling it does not give U any guarantee of a clean title.
M/s. Y-not legal services
(Expert) 28 August 2011
Its mean, they fixed a particular date for visit that property. Also arranged transportation also.. Which bank? Where is the property priya madam. I know coimbatore very well. If you need any more clarification mean just contact me. My sister also practising advocate there. She may help you.
prabhakar singh
(Expert) 28 August 2011
Expert : tom.advocate has practical solution to your problem.what else you need now???
Isaac Gabriel
(Expert) 28 August 2011
Your previous bitter experience in bidding the property auctioned by the DRT, and the subsequent refund of the amount on knowing the error at the bank level has prompted you to raise the doubts here.Of course they are genine.In fact, banks do not attach much importance ,except fulfilling the legal requirement for taking action under the searfasi act. Thereafter the job of auctioneering is authorised to professional auctioneers.As advised by the experts, contact the bank about the correct survey number,extent,market value,and the future prospects in bidding the same.
