A borrower took loan from finance company by mortagaging his property as an equitable mortgage, after which he defaulted and the Finance Company after following the due process under SARFAESI Act including demand notice, possession notice,sale notice, published in 2 newspapers etc. etc. held auction but no one came for bid and sale failed, then a purchaser approached the company after few months and company after again issuing one more sale notice to borrower sold the property to purchaser by private treaty and issued him a Certificate of Sale.
Now according to revenue records borrower is still the owner of that property and not even entry of any loan was entered in revenue records.
But purchaser want to get his name registered in revenue records and mutation of his name.
(otherwise borrower can even sell property to somebody and many other problems)
Now please guide:-
1. Will the Certificate of Sale issued by the company will get registered and on base of that mutation on name of purchaser.
2. Or a new Sale Deed need to be drafted containing details of Property, Sale Certificate and dates and action by Authorized Officer of the Company under SARFAESI Act will be registered.
3. Purchaser with Authorized Officer went to Sub-Registrar/Tehsildar office where Sub-Registrar told that - "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".
Please somebody guide what to do.....Do i need to draft a Sale deed or will the registrar stamp the same Certificate of Sale issued by Company and then mutation on my name.
Property is situated in Haryana.