Our problem

The Bank has taken action under the particular section of the Act SRFAESI Act, 202 for recovery of their dues by seizing and selling the Flat and they did so by auctioning it in public auction and received earnest money from the highest bidder and issued sale-confirmation note but the Bank has been avoiding deliberately to take the balance amount of the sale-consideration from the Highest Bidder in spite of the fact that the said Highest bidder admittedly deposited the balance amount in the Hon’ble Court. Thus the Bank on one hand continues charging the Borrower interest and panel interest but on the other hand not collecting the balance sale-consideration amount so deposited in Court.


Facts in details :-


The Bank has taken action under section 13 (4) of the SRFAESI Act, 202 r/w Rule 4, 6, 8, 9 and 12 of the Security Interest (Enforcement) Rules 2002 and took possession of the Flat and auctioned the same for recovery of their debts but could not complete the said sale-transaction for the reason of ‘Stay Order’ obtained by third party from the Hon’ble Consumer Forum on the said Flat and so the Borrower filed case in Civil Court which is pending.


But the said Stay Order of Hon’ble Consumer Forum was vacated and so the said highest Bidder has deposited the whole balance amount of sale consideration in the Civil Court before about one year ago but the Bank has not taken/collected the money of the balance sale consideration so deposited in the Court by the said highest bidder on one hand and on other hand the Bank continue in charging interest and panel interest to the Borrower.


The Bank says that the highest bidder has not paid the maintenance charges of the society so the Bank cannot complete the said sale-transaction whereas the fact is that the highest bidder has tried a lot to pay the maintenance-charges to the society but the registered society has refused to accept the money from the highest bidder by saying that the Highest bidder is third person and so the Society demanded from him the allotment letter from the Bank in favour of the said Highest Bidder but the Bank is not issuing the same in his favour.It has become never-ending-circle but it is costing the Borrower and also to the said highest bidder and the Bank is enjoying possession and also charging interest to borrower, as well.


Query :-

What legal remedies are available to the Borrower to compel the Bank to collect the said Sale–consideration amount from the Court and adjust the same in the his loan account and stop charging interest and further refund him the residue, if any, of the sale-consideration.







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