securitisation act

Querist : Anonymous (Querist) 12 September 2010 This query is : Resolved
Bank auctioned the property but DRAT STAYED TO CONFIRM THE AUCTION BIDDER. In the meantime before confirm AUCTION if the defendents paid the entire due AUCTION canelled? The defendents have right ontheir property?
2) The property worth Rs. 6 crores Due to bank amount Rs. 22lakhs. Can bank auctioned the entire property? OR the bank auctioned to their extent of debt? AS
per AIR1997SC2106 i heard verdit as the bank have right to auction to the extent of their debt, not the entire property? Is it correct? PLS waiting your valuable replies and suggestions and citations if any
than Q

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Querist : Anonymous (Querist) 12 September 2010
DRAT

s.subramanian (Expert) 12 September 2010
If the amount is paid by the debtor before confirmation the sale will not be confirmed. The bank cannot bring the whole property for sale. If it does so,it would be illegal.

R.Ranganathan (Expert) 12 September 2010
If you pay the dues, then Bank will have to withdraw the case and handover the property to you. Auction cannot be confirmed.

Querist : Anonymous (Querist) 12 September 2010
kibdly let me know any supremecourt citations can you refer?

Querist : Anonymous (Querist) 12 September 2010
about total property not to auction - any supremecourt or drat referrences?

s.subramanian (Expert) 12 September 2010
Please read the judgment of the Orissa High Court Division Bench in Swastik Agency Vs State Bank of India reported in 2009 Volume 1 Debt Recovery Tribunal Cases page 520 (Ori) which contains almost all the supreme court judgments on the issue.Some important judgement which would help you are as follows:
AIR 2000 SC 2346
2008 (9) SCC 284
2008(9) SCC 299.

Querist : Anonymous (Querist) 12 September 2010
THANQ LOT VERY VERY THANKFUL TO YOU SIR
ONE DOUBT SIR
PLS.CLARIFY
IF THE DEFTDS.NOT PAID DEBT(debt is disputed and contraversial), THE BANK AUCTIONED THE ENTIRE PROPERTY OR TOTHE EXTENT OF THEIR DEBT? IF THEY AUCTIONED THE ENTIRE PROPERTY THEN WHAT REMEDY TO THE DEFENDENTS? PLS CLARIFY?

s.subramanian (Expert) 13 September 2010
Challenge the aucition on valid grounds before the DRT under SEc.17 of the SAFAESI Act.The abovesaid decisions of the SC would strengthen your case.

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