|Originally posted by : P. Venu
||What do you mean by "private treaty"? If the due process in terms of the provisions of the SARFAESI Act has been followed, why the private treaty? The facts posted suggest themselves to be disjointed.
Rule 8(5)(d) of The Security Interest (Enforcement) Rules, 2002 read with Section 13 of SARFAESI Act states 4 methods of seeling secured asset:-
a) by obtaining quotations b) inviting tenders from public c) holding public auction d) private treaty
SIVARAMAPRASAD KAPPAGANTU SIR:-
It is a Finance Company incorporated under Companies Act, 1956 and duly registered as Housing Finance Institution under National Housing Bank Act, 1987.
1. Defaulter has not filed any case questioning the method of sale in DRT.
2. No case by Finance Company in DRT, Finance Company even didn't inform about sale to DRT, they said that it is not required. After which i contacted several other Authorized Officers of different companies by finding their contact numbers online and they too replied that there is no such compulsion to inform DRT before any sale.
3. Sale was happen in March 2021 and Certificate of Sale was also issued in March,2021.
I approached the Registrar with Finance Company's Authorized Officer for registration of the property in my name based on the said certificate, but registrar told - "according to our records owner of the property is the borrower, then how can we register a sale deed by Finance Company favouring Purchaser, it could have been done only if Company were owner in our records"