Durgesh Jaiswal (Sole Proprietor) 24 August 2013

Sarfaesi act2002

Respected Lawyer's

i have purchased a property under sarfaesi act 2002 in howrah west bengal and have given full payment to the bank.i have received my sale certificate from the bank. after tht i hav asked the bank in written to give me the physical possesion of the property by asking the order from dm u/s14 of the sarfaesi act but they denined and said me tht i should file a request to the DM for physical possesion bank can only give a letter along with my request to the DM tht my request is true and verified.

my question is

1)is it possible tht i can file a request to DM for physical possiesion alongwith the letter which bank has said they will provide

2)bank said me tht they can go according to the rule and have asked me tht after selling the property to me if in any section of sarfaesi act bank can demand to DM for physical possiesion then what r its section

3)what should i do next for getting the possiesion

bank has also said me tht whatever help i asked them they will provide me for sure ......

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6 Replies

bhagwat patil (Property due diligence 9422773303) 24 August 2013

Register the sale certificate to sub registrars office of the area along with bank officer produce that certified document to DM office. DM will appoint the officer not less than the grade of circle officer who has a power to to handover the possession to the legal title holder.

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Durgesh Jaiswal (Sole Proprietor) 24 August 2013

Thanks for your concern.

Sir is there any law under which bank itself should file a petition to DM officer of physical possession against me .

kindly mention under which section of sarfaesi act it is possible.?

if not then should i alone have to write a petition to dm officer and will proceed the further proceedings for me to take posssession?

Ajit Singh Cheema (practising Advocate) 25 August 2013

There is no provision in the SARFAESI Act under which the Auction Purchaser may apply to the Chief Metropolitan Magistrate or District Magistrate For Possession of the property .The Auction purchaser can only Appeal to the Debt Recovery Tribunal under section 17 of SARFAESI ACT for necessary relief. However the Secured Creditor being The BANK can Apply to the CMM or DM to assist secured creditor in taking possession of secured asset under section 14 of Sarfaesi Act.

LAXMINARAYAN - Sr Advocate. ( solve problems in criminal cases. lawproblems@gmail.com) 25 August 2013

You got sale letter so you are owner but it does not ensure possession.

You should have verified actual position before payment.

Now engage a dashing local advocate for some solution otherwise you are owner of a property with an existing tenant.

K.K.Ganguly (Advocate) 25 August 2013

1. The auction purchasers normally make the final payment after ensurintg that the Bank has filed the application to the DM u/s14 of SARFAESI Act,2002 & then follow up with the DM's office & police to help taking physical possession of the property by the Bank with the help of Police, to hand it over to the buyer,

2. In your case, you have not done so for which the Bank is avoiding their responsibility,

3. Follow up with the Bank & make them filing the application to the DM u/s14 of the SARFAESI Act,2002,

4. It is well settled now that the Bank can apply u/s14 of SARFAESI Act, 2002 even after issuing Certificate of Sale to the buyer.

vibhakar (md) 01 December 2013

u bought this action in satus of " As is where is". there is a difference between sale certificate and sale deed. For sale deed u need original owner of this property. make understanding wid original owner only. If he will challenge auction on very silly point, he will win, and he is already in possesion.