anand das (service) 30 November 2009
after issue of sale certificate by the aouthorized officer under SARFAESI act to highest bidder, what is the procedure for handing over the possession from bank to the highest bidder/purchaser?
Is it recommended to do panchana and get it video recorded?
whoes presence is required while handing over possession?
Is police/district magistrate presence is necessary for this?
Nataraj (Service) 02 December 2009
There is no prescribed procedure for handing over of possession of property by the Authorized Officer to the auction purchaser under SARFAESI Act, 2002. Authorized Officer needs to handover the physical possession of the property. Since there is no prescribed procedure, there is no need for any Panchanama or video recording and no need for any witness for the said purpose.
anand das (service) 13 December 2009
thank you very much sir.
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