SARFAESI ACT

Lawyer

Dear Friends,

We are secured creditors as per the SARFAESI Act. We possessed a property under the act. Now when we bring the property for auction as per the act, can we participate in the auction and buy that property?

 
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Advocate

 you yourself can not act to auction the property. the banks or companies who have got registered as the ARC with the RBI can auction the property. 

if you need to buy that property in action then of course you can participate in the same.


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Legal Manager

It is not valid.  You cannot auction the property and at the same time purchase it.  It amounts to fradulent auction.  Any sale made by such auction process is liable to declared invalid.

 
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Advocate

the property shall not be autioned by him but by some arc. so i dont think there would be any illegality vide taking part in the auction.

 
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Asst.Manager Legal

if the bank themselves are auctioning,then ofcourse they cannot take part in the auction sale...

 
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LAWYER

Sir, What is the period of limitation for the Bank to proceed under Sec-13(4) , after issuance of Notice under Sec - 13(2).

 
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