LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Sarthak   28 July 2018

Sarfaesi auction purchaser

Hello, An auction notice was advertised in newspaper in Feb. 2018 in Lucknow for Sarfaesi auction of my neighbour's house which was lying vacant but neighbor was a land mafia and wilful defaulter. His many properties were auctioned but no one dared to buy but we are officers so we were not afraid. When he saw us being interested in property worth 1.5 crore, he tried to ask more time from bank (which bank refused). We were the single (sole) bidder and depostied 25% + Earnest money deposit fist day. He approached High Court but High court said approach DRT. Before he could approach DRT, Sale certificate was issued to us as we paid the remaining amount within a week. After that, bank did not co-operate with getting the regstry done. In Uttar Pradesh, local aws require registry to be done . DRT directed te bank not to approach further but District MAgistrate ordered the bank to take possession. But DRT stayed the DMs order and directed the bank not to take possession till case is decided. The borrower is alleging false claims of collusion as we were the single bidder and his wife (being gurantor) did not get notice. The borrower is wilful defaulter, a local mafia with non bailable warrants issued against him. Bank is also supporting him. 4 months ur 1.5 crore are stuck. Meanwhile , we have appealed to DRAT but there also we expect little. What should we do? Read more at:


 2 Replies

NSV VARA PRASAD   26 November 2018

You should be necessary party in the DRT case.  File a petition in DRT case by your pleader to implead you as a party.


Sarthak   27 November 2018

Thanks for replying as after six months anybody did reply.. well we were a party in DRT case since the beginning. wen DRT stayed DMs order for possessin we got the hint that its not going in our favour. so we appealed against the stay at DRAT and have asked time to furnish our case plaint. The opposite party has prbably bribed the bank .  we are salaried class so arranging means to contest till SC. one thinng i really want to ask is that after issue of sale certificate , and as per SC guidelines, nce auction is complete, it cannot be set aside except for fraud. even CJI  R.Gogoi had pronounced that there is no right of redemption once sale certificate issued. i need ypur peoples views on it. 

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register