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shivkumar (proprietor)     01 September 2010

TAKING BACK POSSESSION OF PROPERTY FROM BANK

 

 
A nationalised(S.B.I. group) bank has taken the possession of a property under the sarfersi act.The borrower has settled all the dues of the bank under a compromise and the bank has issued No dues Certificate.Furthur the bank has also issued a letter regarding the Handing over/repossession of the physical possession of the seized property to the borrower.Inspite of that the bank recovery agency is not handing over the physical possession.Can the borrower break the Seal/Locks and enter in to the property.Please guide me with the relevant procedure & rules for the same.


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 15 Replies

aruntrivedi (lawyer)     02 September 2010

No issue Notsice to Bank and initiate Civil suit for possession. contact lawyer


shivkumar (proprietor)     02 September 2010

The bank manager has already issued letter regarding the handing over of the property but the Bank recovery agency is delaying the process to physically hanover the property(removing the bank seal/lock).Can I break the locks/seal and enter in to the premises.Is there any Panchnama required for the same.

Asgher Mahdi (Advocate & Legal Advisor)     02 September 2010

iN AN INSTANT CASE, A PERSON BOROWED HOME LOAN FROM ICICI & OBTAIN FULL & FINAL SETTLMENT FROM BANK FOR A CONSIDERATIONS FIXED AMOUNT TO CLEAR HIS LAIBILITIES.NOW, THE SAME PERSON WANT TO CONVEY THE TITLE TO ANOTHER PERSON HAVING INTEREST TO PERCHASE. IN THIS SITUATION, THE PURCHASER HAVING CAPACITY TO AVAIL THE SANCTIONED LOAN WANT TO TRANSFER THE SELLER LIABILITES AND AGREE TO CONTINUE TO CLEAR THE SETTLE LOAN BY WAY OF EMI.

My question is , is it allowable to transfer the availed & settled laon to transfer into the purchase name & continue to pay EMI to clear the seller loan?

Will the purchaser has to go for fresh loan & transfer into his name?

Will the lawfull liabilities with the Bank may transferable? if transferable under which provisions best attracts ?to

R.Ranganathan (Director)     02 September 2010

Mr. Shivkumar, you have got a fit case of negligence. You send notice to the Bank recovery agency and the Bank for not handing over physical possession and keeping the premises locked without authority even after the payment of the dues and issuing of clearance certificate by the bank. You also claim damages for the negligence, mental agony and unnecessary delay and hardship caused to you.  

1 Like

shivkumar (proprietor)     02 September 2010

Thanks for your comments/veiws on my query.Kindly inform whether I can Break the Lock/Seal in the presence of witnesses and is there any panchnama required for repossession.


R.Ranganathan (Director)     05 September 2010

You don't entangle yourself by breaking the lock. First give notice through an advocate stating that you require possession and asking them to break open the lock and hand over possession, give them sufficient time to do so, otherwise inform in the notice itself that on the expiry of the specified period of time you will break open the lock with witnesses and gain entry into the property. 

shivkumar (proprietor)     23 September 2010

Respected Sir as per your advice I have (Myself) sent a Final Reminder/Request stating that I require possession and asking the bank to hand over the keys of the locks that are fixed at the property and to also hand over possession of the property.But till date the bank has not done the same.I have also contacted the Higher authorities of the Bank and have not received any positive response and the notice period is going to expire on 27-09-2010.

After the expiry of the specified period of time can I break open the lock in the presence of 2 witnesses and gain entry into the property.Is there any legal complication for the same.Can you suggest me a good advocate at nagpur who can deal this case (reasonably). 


R.Ramachandran (Advocate)     23 September 2010

Dear Shivakumar,

Certain extraordinary situations would require extraordinary remedies.  Please write to the Vigilance Officer of the Bank Concerned complaining that the Branch Manager (name him) is demanding money to remove the seal. Give a copy to the Branch Manager also.

Just see the dramatic result.

For GOD's sake never ever break open the seal yourself, with or without witnesses.  As rightly pointed out by Mr. Ranganathan, you will land in a very very deep problem.

R.Ranganathan (Director)     24 September 2010

As per the advice you have not given the notice through an advocate. If you send it through an advocate it will have its own value. Otherwise you can do anything you like. It is now upto you to whatever you feel. I can only give legal advice.

1 Like

Adv. K.S.A.Narasimha Rao (legalquestadvisor@gmail.com )     24 September 2010

@ Dear Shiv Kumar,

Please send a registered notice to the Bank. if they dont respond immediately u file a complaint with Ombudsman, they will even accomodidate u compensation and bank officers will be suspended if it is proved that they have delayed in handing over ur property.


Adv. K.S.A.Narasimha Rao (legalquestadvisor@gmail.com )     24 September 2010

AFter issuing personal notice if they dont turn up, you can file case with ombudsman online.

Adv. K.S.A.Narasimha Rao (legalquestadvisor@gmail.com )     24 September 2010

Dear Asghar,

One Bank will transfer loan account directly to another. If they do so also it will be harmful to u

So better u take loan from nationalised bank while clearing the ICICI Bank.

ICICI Bank is the worst Bank, it attract people with easy approach, but makes sleepless and move piller to post to make ur works done.

Adv. K.S.A.Narasimha Rao (legalquestadvisor@gmail.com )     24 September 2010

@ ragnath,

For Banking matters, Advocates are not much required, it is better if they approach directly.

Because, RBI legal enforcement body is Ombudsman, they take very stringent action if the Bankers dont work proeprtly, but most of them dont know what is Ombudsman and they go to wrong fora.

R.Ranganathan (Director)     25 September 2010

Mr. Narasimha Rao, Banking Ombudsman is a separate fora for the Banking sector but their powers are limited and their orders cannot be enforced like that of courts. They can just pass orders but cannot be enforced. It is a quasi judicial body but don't have powers of enforcement.



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