Order passed by drt under sarfaesi act.

Querist : Anonymous (Querist) 03 October 2019 This query is : Resolved
Hi all,

My query is:

Builder took a loan from the bank and mortgaged a particular property as a security by virtue of Registered Mortgage Deed. The builder later on defaulted in repayment of the loan amount and the Bank filled a petition under SARFAESI ACT with DRT for recovery of the amounts. The orders were passed by DRT in favour of the bank and the DRT ordered for public auction of the mortgaged property.

Sale Certificate was issued in favour of the successful bidder and the same was duly registered and the stamp duty amount was paid on the same.

Now, the Registrar and its higher authorities are asking for the status of stamp duty and registration to be paid on the transfer of property to the bank through the DRT Orders.

Is stamp duty and registration charges are applicable on the property received by the bank??

If yes then how the stamp duty and registration charges will be calculated and on what document it will be calculated? Will it be the DRT order passed in favour of the Bank?? Any case laws will be helpful.

And if no, are there any case laws for the same??

Thanks.

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KISHAN DUTT KALASKAR (Expert) 03 October 2019
Dear Sir,
Yes, stamp duty is to be paid even if purchased through DRT orders.

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Querist : Anonymous (Querist) 03 October 2019
Dear Kishan Dutt Ji,

Thanks for the reply.

Can you please suggest me some case laws for this as the Sale Certificate is registered but the registrar is asking about registration and stamp duty amount on property being received by the bank.

Thanks.

Dr J C Vashista (Expert) 04 October 2019
There is some "confusion" qua stamp duty/registration charges paid on registration of taking over possession of mortgaged property by the Bank or registration of "Sale Certificate" issued by DRT in favour of bidder ?
What is your concern/locus standi ?
It would be advisable to consult a local prudent lawyer with relevant documents for better appreciation of facts, guidance and proceeding.
However, if you are located in Delhi and feel so, may contact me (on appointment) at: Chamber No 647, Lawyer's Chamber Block, Dwarka Courts Complex, Sector 10, Dwarka, New Delhi-110075;
Cell# +91 9891152939 or visit: vakil-saab.com