Further to my earlier post under the same title in oct 2013 aggrieved by the banks harsh actions I filed a securitization application u/s 17 in the DRT requesting for acceptance of our revised OTS proposal by the bank and nullifying the wrong actions taken by the bank under sarfaesi act .DRT directed me to take the prospective buyer to the recovery officials of the bank to settle the matter amicably ,under the revised OTS proposal . The bank officials refused to meet the prospective buyer who was accompanying me for the meeting as directed by the DRT. The bank officials told us verbally that the valuation for Rs 5.50 crore has been done by their approved valuer and threatened to put up the property for auction. We returnedback agonized and empty handed .After few days a friend informed me of the auction notice of my property in the newspaper for a reserve price of Rs. 4 crores to be held on 30/11/13 .It is important to note that we were not sent any information mandatory under the Sarfaesi Act.The said auction failed. The bank again put up my property for auction on revised reserve price of Rs.3.55 crore to be held on 28/2/13 again without informing us. We strongly objected this auction also informed the bank about the statutory liabilities / encumbrance for Rs.1 crore u/r 9(7)&9(9) enforcement rules 2002 vide our letter dated 5/2/14 requesting the bank to issue corrigendum to this effect. The bank neither replied back nor issued any corrigendum. We again sent a reminder for the same to the bank on 22/2/2014 . But no response by the bank. The second auction failed on 28/2/14 . Immediately on 1/3/14 they again put up my property for auction with revised reserve price of Rs 3 crore to be held on 31/3/2014 . It is important to mention here that the inspection date of my property was 24/3/2014 for the said auction . No potential buyer turned to inspect the said property on 24/3/2014 . Sensing no buyer the bank The bank hastily sold my property on 29/3/14 to an ARC , prior to the auction date without informing us. It is important to note that our revised OTS proposal was also of Rs 3 cr fresh as also declared in our SA in DRT. In April,2014 on my follow up with the bank officials about the fate of third auction, I was informed that my property/account was slot to ARC. When I enquired about the sale value no response was given.I fail to understand the following;
1) Can the bank put my property on auction below the valuation done by their approved valuer?
2) Was it not mandatory for the bank to send me notice regarding the auction, 30 days prior to the date of auction?
3) Was it not mandatory for the bank to issue a corrigendum prior to the second auction dated 28/02/2014 when it was informed to them on 05/02/2014 and reminded on 22/02/2104?
4) Can the bank sell my property to an ARC without informing us?
5) Is it not mandatory for the bank to tell me the value at which my property/account is sold? Why is the bank hiding so?
6) How could the bank sell my property to ARC when my OTS proposal of the similar amount of failed third auction was pending with them?
