Sarfaesi 2002 under property auction

Querist : Anonymous (Querist) 24 February 2023 This query is : Resolved
Can bank sold our property in symbolic possession . New buyers can vacant our residency he has right what we do because we are only residents. Our builder get loan on land but he can't gave loans. Bank has action his property by symbolic possession. We are fear about can new owners are vacant our house ya not..

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Quick Summary

If your property is being auctioned under the SARFAESI Act due to a builder's loan default, you may be concerned about losing your residency. While the bank's action might be legal, you have recourse. You can file an appeal against the bank's action under Section 17 of the SARFAESI Act with the Debt Recovery Tribunal (DRT) to seek a stay order and protect your rights.

kavksatyanarayana (Expert) 24 February 2023
Not a legal issue. Yes. It depends on the new owner's opinion, they may give it to rent or not.

Advocate Bhartesh goyal (Expert) 25 February 2023
You need to file appeal against bank's such action u/sec 17 of Sarfaesi Act and get stay order from DRT.

Dr J C Vashista (Expert) 25 February 2023
Action of financier is valid and legal, which is required to be assailed.
Obtain stay order from jurisdictional DRT / concerned civil court through a local prudent lawyer.

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