bank-dhandhali (misdeeds)


Respected Sirs,

Secured Creditor invited public for sale of secured asset being ‘Shop’ under SARFAESI  Act for recovering their ‘Debts’ from some defaulted Borrower. I paid earnest money and biddded highest for the ‘Shop’ and my ‘bid-price’ was more than ‘Reserve-Price’ and ‘Debts’ of the Bank. Hence Bank issued me money receipt for earnest money and ‘sale-confirmation-letter’.

But the original Borrower obtained ‘Stay-Order’ from some Forum and hence I did not paid balance ‘sale-price’ to Bank though Bank  demanded and threatened me to cancel the said ‘sale-confirmation-letter’ and hence to prevent them I filed Civil Case in Civil Court.

The said ‘Stay-Order’ of the Forum was vacated in the year 2011 and hence I paid the whole balance ‘sale-price’ in the ‘Civil Court’ and I gave undertaking in the Civil Court that I will pay house-tax of the ‘Shop’ directly to the Municipality and dues of Society to the society.

Bank filed SAY in Civil Court and agreed to give me possession after realising sale-price-money from Civil Court but the Bank put the condition that first I must pay ‘House Tax’ and dues of the Society and then only Bank will give me possession of the ‘Shop’ and after putting such condition the Bank kept quiet and did not collected ‘sale-price’ which ran in Lacs. And the Society in collusion with the Bank did not disclosed the exact amount of liabilities to me and thus my ‘sale-price’ remained idle in the Civil-Court for two years and thereafter I withdrew the same with liberty to pay them later on.

To break this never-ending process I gave blank-cheque to the Bank in the Civil Court stating therein that the Bank can fill up all lawful dues known to them plus ‘sale-price’ and after passing this cheque let the Bank give me possession of the said ‘Shop’ But Bank refused to accept the said blank cheque by saying that I approached in Wrong Court and the Civil Court also rejected my application by saying that Civil Court does not have jurisdiction because the said ‘Shop’ was sold in SARFAESI Act.

I would like to point out that the amount which I had deposited as ‘sale-price’ in the Civil Court was in Lacs which I had taken on heavy interest but the Bank did not collected that amount and I paid heavy interest on that amount for two years.

“I heard that for Recovery of Debts DRT laws have been made which are hard and further I heard that the Bank adopt various tactics to recover their Debts and do not leave even a single percent chance of recovering money then why the Bank in my case is refusing to accept money from me and why the Bank is not interested in discharging their debts out of the sale-price deposited by me in Civil Court and then offered and paid to Bank by Blank Cheque, too.

What can I do and what should I do. because the Bank in this way succeeded in retaining possession of the said ‘Shop’ with them on one Hand and I understand that the Bank still continued charging interest to the original Borrower on original Loan amount on the other Hand.

I expect and thank in advance for each and every guidance.

 
Reply   
 
Advocate Supreme Court of India

Dear Friend

At the first place your query is not all that clear. However, whatever that I gather, you are the auction purchaser who had deposited the entire amount in the Court. The bank also issued confirmation letter in your favour then why did you withdraw the money. You should have taken possession of the Shop through Court assistance. Bank could not have come in your way. Anyways, now that you have withdrawn your amount from the Court what do you want. Are you still interested in the shop. And what is the status of the Section 17 appeal filed by the original borrower.

Reagrds

VIRAJ KADAM

Advocate, Supreme Court of India

virajkadam@gmail.com  

 
Reply   
 



Respected Sir,

I am sorry that I could not write properly. But now I am giving clarifications :-

Why I withdrew sale-price from Court ?

Ans . The amount was lying in the Court for about 24 months but neither the Bank took sale-amount from the Court nor the Court directed the Bank to collect the said amount from Court.  And Bank said that it is mandatory that I must first pay society dues (which are in thousands only). But the society refused to take money from me by saying that I am a third person and so bring allotment-letter from Bank but the Bank in spite of full payment by me in Court, have refused to issue me sale-certificate nor the Court directed the Bank to do so. And it became never-ending circle so I withdrew money with permission of the Court with liberty and right to pay as and when needed.

You should have taken possession of the Shop with assistance of the Court :-

Ans. In this regard I tell that the Civil Court has never directed the Bank to collect the amount from its Office then where the question arises to take possession with help of the Civil Court. We made some similar applications in Civil Court but……….

 Are you still interested in the shop.

Ans. Definitely. And therefore I gave blank-cheque to the Bank in the Court for sale-price and for other lawful dues known to the Bank but Bank opposed the said application and the Civil Court rejected the said application on ground of jurisdiction.

The Borrower did not objected the Bank to accept sale-price from me as above.

Regards

 
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