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Kumar Kumar   06 May 2021

Land purchased thru bank auction

Dear Learned Members, I won the e-auction of a bank property and paid the EMD. But unfortunately i could not pay the remaining amount within 90 days because I could get bank loan, due to the auctioned property does not have patta, and it comes under land ceiling act. Since im not aware of this. but the bank which put auction knows before it.

Kindly advise, what will be the remedy for me.



Learning

 5 Replies

Trivendra Sharma (Practicing Lawyer 9918411669)     06 May 2021

What do you mean by "I could get bank loan, due"?

Recall EMD with interest & damages caused due to concealment of facts & fraudulent sale of land covered under ceiling Act in consultation with Local lawyer. 

Kumar Kumar   06 May 2021

Sorry its a typo error, "I could  not get bank loan, due

 

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108)     06 May 2021

1. Property Auction by Banks is conditions of "as is where is basis", which means excluding all Assets & Liabilities that may be related to the auctioned property.

2. As Buyer, you are legally bound to be aware before participating in such Auctions.

Keep Smiling .... Hemant Agarwal 
VISIT:  www.chshelpforum.com

Kumar Kumar   06 May 2021

Dear Learned Members, can i get any case laws or judgement on above issue. Please share

Sankaranarayanan (Advocate)     07 May 2021

Normal course the bankers shall not given loans to unclear title property. so once again ascertain the facts. As for as the reason of delay payment you can put some request before the authority by genuine reasons.


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