Sarfaesi sale...bank cheating,not giving sale certificate
ravi kiran
(Querist) 08 May 2014
This query is : Resolved
Recently I particpated in e-auction of plot of which I was highest bidder, I have paid full amount with in 15 days. Now banker is telling that he cannot issue sale certificate has the borrower has approached the court and taken a time extenstion till 31 may 2014. He is advising me to wait till then.
I paid full amount by collecting hand loan from friends and if these kind of extenstion if borrower keeps getting then all money will stuck with no interest on it.
Please advise what I have to do now.
P. Venu
(Expert) 08 May 2014
Bank has its constraints when there is a court order. Every commercial transaction has its own risks. What are the conditions in the Tender Notice as to issue of sale certificate and handing over of property?
Rajendra K Goyal
(Expert) 08 May 2014
refer the terms and conditions of the sale, if Bank is not observing the same send legal notice and file suit for damages.
Advocate. Arunagiri
(Expert) 08 May 2014
Normally court cannot extend the time for making the payment to the borrower, after the auction is over.
You have every right to approach the court to set aside the stay on the auction.
K.K.Ganguly
(Expert) 08 May 2014
1. Has the Borrower taken time extension from Court till 31.05.2014 or has got a stay order restraining the Bank from selling the property till 31.05.2014?
2. Whatever be may, the Bank has been restrained to further act by the Court till 31.05.2014,
3. You have no other option but to wait till then.
Biswanath Roy
(Expert) 09 May 2014
Legally you are entitled for simple bank interest upon the money which you paid as valuable consideration of the property sold by auction.
T. Kalaiselvan, Advocate 
(Expert) 09 May 2014
As properly advised by experts, you may have to wait till the date the bank has been restrained by the court from making further move, the money you have obtained from others on interest is not bankers concern, it is legal and has to be honored or else the bank will be deemed to have done an act of contempt of court.
