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.