Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
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arvind (Promoter)     02 October 2014

Auction of property

hello once again,

HTL from a commercial bank becomes NPA in 2011, property was attached and was auctioned recently. my question is if the property may be auctioned by bank below DLC rate?

 

pls advice.

regds



Learning

 5 Replies

V M DAHAKE (PROPRIETOR)     02 October 2014

Hi,

What is DLC rate. Under SARFAESI, property can'be sold below declared Reserve Price.

MANOJ HARIT (LAWYER)     02 October 2014

Dear Arvind, 

Under Sarfaesi selling of property is governed by many mandatory provisions. 

No satisfactory answer can be provided without complete details. 

arvind (Promoter)     02 October 2014

sir

when property was kept with bank in 2009, the valuation was over 10 lakhs, it had single story construction at that time, bank was looking to recover 7.5 lakhs from that property and it was auctioned for 4.5 lakhs approx.

from 2010 to 2014 for sure valuation had increased per sq feet, even otherwise, bank had to recover more amount that it was sold (auctioned) for. can not get any relation any where?

 

regds

adv.raghavan (Advocate,9444674980)     03 October 2014

If you are aggrieved party, you can sue the bank for undervaluing the property, and can contest the sale receipt issued in this regard and get it cancelled. Have it in mind if you allege some thing you have to prove the same.

arvind (Promoter)     05 October 2014

thanks raghavan sir

i got the point.


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