Sir,
a) I had taken part in SBI property auction held on 14.03.15 & i was declared as successful bidder for one of the property.
( this property was earlier also auctioned few months ago but as no one had participated in that auction, the property was now again auctioned)
b) Within 10 days from the date of auction i had paid 50.5 % of bid value of quoted auction bid value was paid up.
c) On the last day /due date of repayment of auctioned bid value, pending payment of 49.5% of auction bid value was paid up by RTGS.
d) After making tota payment of auction bid value, i went to the bank to get a letter regarding receipt of payment of payment in full from bank side,
then i was shocked to listen from the chief manager of the bank that as auctioned property original borrower was ready to repay / has paid up of the pending loan amount on that day & hence they have first right to save their property as per sarfesi act 2002 section 67, 68
The chief manager has said original borrower has a right to save their property by repaying the amount in full within 1 month of the date of auction.
I crossed the chief manager that does his right to save the property remain even after the fact that their property was being auctioned for the second time now. In response to this he said his right remains still remains
I asked the chief manager why original borrower is now making payment in full & why he didn't pay earlier & that means he had funds but they were waiting for bank to decrease the charges led on their loan account.
I think this is injustice that been made to us by accepting the original borrower payment & allotting of property back to them after the auction has been annonounced , quoted & auction bid value payment paid up to bank
Can u please adivce as per provision of laws
Can u please guide me & please let me know whether original buyer right remains even after the property has been announced for auction , has been bidded & even after we are declared as successful bidder & paid 50% of auction bid value within date of auction date.
