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balajikumar (private employee)     29 March 2011

National Bank Auction but this property sold to x person

Dear Sir

I purchased house from bank through auction recently but this mortgage was A person in the year of 2002, then this person was given GPA to X person in the year of 2005 without informing to bank then this person was defaulter and the Bank was given the paper notice for Auction.

Before participating the Bid I haven't checked the EC with the Registrar office, I am the successfully bidder of this property and I paid entire bid amount to the Bank last month only. Kindly provide your valuable suggestions from all of you.

 

Thanking you sir

B

Hyderabad.



Learning

 6 Replies

M.Sheik Mohammed Ali (advocate)     29 March 2011

its not your mistake, the GPA holder only bother about, because the bank properly annonused and give some time for any objection after that issue the bid, you do one thing immediately change the name all the document into your name.

balajikumar (private employee)     30 March 2011

Sir,

I contacted 3 or 4 Advocates but they told to me that withdraw from Bank itself they havn't respond with your letter then put cheating case with Bank "How can you put the auction without taking the latest EC with double registration'.

Sir give your response.

P.K.Murali (Advocate)     01 April 2011

You are not legible in real problem.    When the GPA was created. If  the GPA is created, the bank must have executed an unregistered EM, simply by deposit of tile deeds.  After knowing the GPA matter, the bank might have sold the same to you without telling you the fact about the encumbrance.  It is the clear mistake of bank.File criminal case against the chief manager of the bank, if they are not ready for returning your money, then simultaneously file a civil suit, this will help you tackling the bank.

bhagwat patil (Property due diligence 9422773303)     10 April 2011

I totally agree to ADV. P K MURALIJI as it is observed that the staff of the bank think their power supersids  the Supreme Court and perform too many illegal activities while recovering the loans.File criminal case against the chief manager of the bank, if they are not ready for returning your money, then simultaneously file a civil suit, this will help you tackling the bank. appoint a local advocate in first notice only they will come to you.it our exprience.

balajikumar (private employee)     11 April 2011

Thank you very much Sir

RAJU O.F., (Advocate)     27 May 2011

Since the mortgage is in 2002, the subsequent transfer under GPA will not be valid. Hence the person who purchased the property under GPA purchased it subject to mortgage.  If the sale by bank was after complying all the formalities under the SARFAESI Act, then the sale to you would be valid.  We are not informed as to whether the GPA was registered.  Any how, obtain Sale Certificate under the SARFAESI Act, if it is so, from the bank and immediately register the Sale certificate in the concerned Registry.  While issuing the Sale Certificate, the bank had to give you physical possession of the property.  If you did not obtain physical possession of the property, insist the bank to obtain physical possession of the property throuh filing Petition under Sec.14 of the SARFAESI Act, before the Chief Judicial Magistrate/District Magistrate.


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