Sarfaesi rule

gurusamy (Querist) 28 December 2015 This query is : Resolved
In 13(2) demand notice and the possesion notice given by the bank as follows:

Item no.1- 3.12 1/2 acres with building to the extent of 18,499 sq.ft. in S.F. no. 674/1C 2 & 3 is in the name of two person say x and y.

Item no.2- 0.50 Acres in S.F. no. 674/1 in the name of one of the person x.

But in the sale notice given by the bank is as folllows:

Item no.1- 3.62 1/2 Acres with buiilding to the extent of 58,714 Sq.ft in S.F. no.674/1C 2 and 3 in the name of two persons,the same x and y.

My query is

-Whether the bank can club the 1st item and 2nd item in the notices given earlier by omitting the S.F. no. of 2nd item and say that the property is in the joint name of both the persons.

-Whether the bank can include Sq.ft of the building from 18,499 to 58,714 Sq.ft and they say that after taking the valuation report from the engineer we have included the Sq.ft about 40,214 Sq.ft.

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Devajyoti Barman (Expert) 29 December 2015
Who are you and how are you related to this query?
If you are asking this query on behalf of Bank then what is the view of your own empanelled lawyer on this?

J K Agrawal (Expert) 29 December 2015
It all depend on the agreement of Mortgage. The main curx is the property being sold should not be differ or more than the property under securitisation agreement.

Other things are procedural only. One more thing should be bearing in mind that the advertise or the notice should not be confusing regarding property.