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francis (CHIEF)     17 August 2017

SARFAESI ACT

Respected Counsels

I have availed loan from Nationalisedbank and due to business loss account becomes npa @ 2014 and auction happened twice no bidders by that time. And now i have made mutual sign with bank for ots settlement but bank plans to make 3rd auction and also 8 tenants are there for lease of Rs.25 lacs for the property document which have pledged in bank.
Today from collectorate peoples came and asked about the tenant details whereas iam not living there.
my queries:
i have filed Sarfaesi appeal SA but whether even in SA case bank have rights for sale.eauction...
Whether bank have rights to vacate tenants.

sirs pls reply..

regards

francis


Learning

 3 Replies


(Guest)

YES, the SARFESI act empowers Bank to make use of Law enforcing agencies to vaccate Owner/Tenent or any Third party who is in the possession of a Mortgaged property. 

1 Like

Dr J C Vashista (Advocate)     20 August 2017

Obtain stay on the proceeding of DRT/Recovery Officer from DART during pendency of appeal.

R.S.Rajesh   31 August 2017

In view of judgements of SC and HC, the tenants if inducted to premises before mortgage in favor bank,cannot be evicted by banks under SARFAESI. RAJESH

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