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srinivas (CA final Student)     04 November 2008

Maximum time limit to register a site purchased under auction

situation:
Mr.A defaults repayment of housing loan taken for purchase of a site. The nationalised bank calls for an auction and sells the site to Mr.X. Mr.X has paid full consideration for the site but the bank has not yet registered the site in the name of Mr.X even after 2years from the date of auction.

What measures can Mr.X take to get the site registered in his name?

Several requests to various officials of the bank have failed to get any response from the bank.(at the regional levels & h.o.level)


Learning

 8 Replies

Murali Krishna (Govt..Employee)     04 November 2008

Registration of any agreement has to be done within 4 months from the date of execution. Further, normally registration has to be done by the buyer unless there is any specific agreement contrary to it. That may be the reason for the bank did not register it since it is your duty. 


 

prof s c pratihar (medical practitioner &legal studies)     04 November 2008

please collect all information according to rt act. then issue advocate notice. if that is disobeyed , you are to move the court to get the mandatory injunction.

K.C.Suresh (Advocate)     06 November 2008


Approach the High Court or file a criminal compalint for cheating U/s 420 IPC, Breach of trust U/s 409IPC , misappropriation U/s 403 of Indian Penal Code against Bank officials. The cause of action arises when they allowed the loan amount disbursed to Mr. A when the construction was not started. This omission to verify the the site is an illegal omission which amounts to an offence. This can be taken as part of criminal conspiracy U/s 120B IPC.




 


So dear Srinivas you have well dfined options to do. No bank can wait for 22 months. so start criminal action by filing a petition in the concerned HC to get the matter investigated by CBI as the Bank staff comes under the jurisdiction of Central government employees. When you get a favourable order to investigate the matter by CBI the bank will fall down on your foot

RAKHI BUDHIRAJA ADVOCATE (LAWYER AT BUDHIRAJA & ASSOCIATES SUPREME COURT OF INDIA)     01 January 2009

I do agree with my all friends. There are so much options for u.

Y V Vishweshwar Rao (Advocate )     26 March 2009

 


it is the duty of the Bank to confirm the Sale and to execute the Sale Deed in the name of the purchaser at the request and Costs of the purchaser 


or at least  to inform the reasons for such delay   in this regard


 

Kiran Kumar (Lawyer)     27 March 2009

well firstly act according to the Registration Act.


secondly serve a legal notice on the bank.


u can proceed for the specific relief also.


if u want to proceed with the criminal action against the bank then file a criminal complaint before the local magistrate.


with due respect, Mr. Suresh reacted very sharply against the bank.....if must add to the information of all that now HC can not give directions to register FIR...for reasons pls refer to SAKIRI VASU's case of 2008 this judgment is by the Hon'ble SC.

Prabhat Kumar (Advocate)     27 March 2009

i assume that site means construction site. in this case the bank being a secured creditor must have enforced the security interest against the site as per section 30 of Securitisation Act and must have taken actual physical possession interms of section 14 of the act. if the action of the bank is not stayed by the court then the bank is bound to execute and register the deed in your favour and confirm the auction.


Send the legal notice to the bank and file a suit for possession and specific performance as per contract between you and the bank.

Prabhat Kumar (Advocate)     27 March 2009

*It is section 13 instead of section 30 of Securitisation Act.


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