Nitin Ganjsinghani (Software) 16 March 2022

Issue wrt bank auction property

Hello,
I am getting an auction property at very good rates probably around 30% even after repaying their dues towards society etc. The only issue is that the owners are threatening to buy the property through them rather through the bank, and saying that they can sue the bank for undervaluation and can get a stay order on the transaction. Is that possible? As far as I see, buying from a bank in the auction is legal and the bank has arrived at this price after being unable to sell for 3 continuous auctions. How far that claim of suing the bank and getting a stay order is true?

Will, there be any involvement of the borrowers to complete the sale transaction? If they don't cooperate then what's the way out?

Thanks

Reply Follow

7 Replies

Shashi Dhara 16 March 2022

If you are ready to face consequences then you participate in auction and invite threaten or obstruction from owner .it is ur choice.

Nitin Ganjsinghani (Software) 16 March 2022

I am not worried about threats and other stuff, just wanted to evaluate the ground from a legal angle. Like legally do they have any ground to file such a case and how strong is that ground?

SHIRISH PAWAR, 7738990900 (Advocate) 16 March 2022

Hello,

Bank has already attached the property. Borrower will not be involved in the auction purchase transaction. The transaction will be between you and bank.

1 Like

Nitin Ganjsinghani (Software) 16 March 2022

Originally posted by : SHIRISH PAWAR, 7738990900

Hello,Bank has already attached the property. Borrower will not be involved in the auction purchase transaction. The transaction will be between you and bank.

Thanks for the reply @Shirish Pawar sir, but can they file a suite and get a stay on grounds of undervaluation?

Shashi Dhara 17 March 2022

They have right to approach court ,you have to defend it by engaging advocate.

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer) 22 March 2022

Such happenings are very common. It is legally risky to buy such property. If the property is being sold much below the market price, the owners can go to court.

Ak (Law) 05 May 2023

एक बैंक द्वारा घर के ऑक्शन किया और उसमे A ने बिट लगाई और वह जीत भी गया उसने उस समय सारे पैसे जमा करवा दिए और बैंक के कर्मचारी द्वारा अगले महीने में घर का कब्जा देने और रजिस्ट्री करवा ने का कहा लेकिन उस बायर को कुछ दिन बाद यह पता चला की जिस व्यक्ति के घर का ऑक्शन हुआ है उसने पहले ही हाई कोर्ट में सिबिल रिट लगाई थी स्टे के लिए और उसे यह ग्रांट हुआ था की आप एक निर्धारित समय में उस आउटस्टैंडिंग अमाउंट को जमा करवा दे लेकिन उसने कोई अमाउंट जमा नही करवाई। और अगले हियरिंग पे वह नही व्यक्ति नही आया तो हाई कोर्ट ने अगली हियरिंग दी जो की बहुत दूर की दी हो । लेकिन यह सब होने पे भी A ने कुछ नही किया है तो अब ये क्या करे जिससे इतने समय का ब्याज और घर दोनो मिल जाए क्या इसे बैंक को किस प्रकार का नोटिस, एप्लीकेशन आदि देनी चाहिए और कोर्ट में भी कुछ करना चाहिए क्या आप इस जगह होते तो क्या करते ।