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need urgent advice on auction sale property

NA

Dear All,

We have participated in an auction sale property and I was the single bidder for the action sale..Basis that, bank has issued sale letter and gave us the physical possession of the property. This house was under Odisha State Housing Board (OSHB)

Subsequently I have applied for the transfer of the ownership through OSHB and recently OSHB has requested for some Affidavit and declaration from the Bank that here is no Court Case / dispute pending against this property.

Now bank is telling that, the loan borrower has some case pending with the Bank and not yet settled. Now bank has refused to provide affidavit, until the case is not finalized or disposed in the court. Now we are in between, Bank got their money, and we come to know that the loan borrower also received his portion.

Reviewing the matter, now we are the sufferer after paying money..I have searched the SARFAESI Act 2002 and frankly speaking, I could not understodd the many clause. I have atatched a copy with this message..

Can you please suggest on followings,

  • Does bank have authority to do auction sale when case is pending in the court?
  • If so, then whether bank has authority to support for change of ownership (through OSHB) when any case is pending?
  • Any other suggestion in this stage..

Many thanks in advance..



Attached File : 244096 20191101132205 securitisation act.pdf downloaded 26 times
 
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Originally posted by : sunil
Dear All,

We have participated in an auction sale property and I was the single bidder for the action sale..Basis that, bank has issued sale letter and gave us the physical possession of the property. This house was under Odisha State Housing Board (OSHB)

Subsequently I have applied for the transfer of the ownership through OSHB and recently OSHB has requested for some Affidavit and declaration from the Bank that here is no Court Case / dispute pending against this property.

Now bank is telling that, the loan borrower has some case pending with the Bank and not yet settled. Now bank has refused to provide affidavit, until the case is not finalized or disposed in the court. Now we are in between, Bank got their money, and we come to know that the loan borrower also received his portion.

Reviewing the matter, now we are the sufferer after paying money..I have searched the SARFAESI Act 2002 and frankly speaking, I could not understodd the many clause. I have atatched a copy with this message..

Can you please suggest on followings,


Does bank have authority to do auction sale when case is pending in the court?
If so, then whether bank has authority to support for change of ownership (through OSHB) when any case is pending?
Any other suggestion in this stage..


Many thanks in advance..

 

I understand your problem....its sad to hearsad

But in this you didnot disclosed any amount,any clause made by bank to you,or any terms of auction....so it can't easy to just say in single line.

But if you have any doubt regarding Bank behaviour/Auction rules...then just Appeal to Appellate Tribunal /or i suggest Banking ombudsman.

 
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NA

Dear Karma Sir,

many thanks for your email. This property was purchased "As in where is and whatever there is basis". Yes, this we agree that all pending electricity bill and holding tax we will pay .. Alo they have given the physical possesion to the property..I haev atatched the term adn condition for your reference..

However, now we are between at the stage of transfer of ownership..Please suggest in this regards..

 
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NA

 
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