I have recently purchased a property from a bank auction. I was the winning bidder and have made the complete payment from my bank account and bank has also issued the sales certificate in my favor. Now at the time of registry of the property I asked the bank to execute the registry in favor of a family member but the bank is refusing stating that the law does not allow it and the registry can be done in favor of the winning bidder only but I have read the entire SARFAESI ACT and could not find any point which states the bank has to execute the registry in favor of the winning bidder. I am also ready to give the bank a legal undertaking authorizing the bank to execute the registry in favor of my authorized person but the bank still refuses. Now my questions is:
1. Which provision of the law or the SARFAESI act prevents the bank from executing the registry in favor of my authorized person?
2. In the absence of such provision, what are my options to get the bank to execute the registry in favor of my authorized person.
Also it is to be noted that nowhere in the auction notice is it stated that the registry would be done in the favor of the winning bidder only. In fact I had inquired from the bank before participating in the auction whether registry can be executed in favor of the authorized person of the winning bidder and they had agreed to the same but alas I do not have anything in written from them in this regard.
Thanks to all the learned members for their help in the matter.