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?
Uday (Lawyer) 10 February 2010
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?
Manish Singh (Advocate) 10 February 2010
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.
R.R. KRISHNAA (Legal Manager) 10 February 2010
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.
Manish Singh (Advocate) 15 February 2010
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.
nishad (Asst.Manager Legal) 17 February 2010
if the bank themselves are auctioning,then ofcourse they cannot take part in the auction sale...
MANOJ HARIT (LAWYER) 23 February 2010
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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